PIIE: SOFAZ enters TOP-5 of most transparent sovereign wealth funds
The State Oil Fund of Azerbaijan (SOFAZ) ranked fifth in the list of 64 most transparent sovereign funds in the world, informs, citing the Peterson Institute for International Economics (PIIE).
The State Oil Fund of Azerbaijan scored 92 points in the 2019 transparency and accountability table on sovereign wealth funds published in February 2021.
The 2019 scoreboard was generated based on the assessment of various areas such as global sovereign wealth fund management, governance, sustainability, transparency and accountability, and the application of the Santiago principles. SOFAZ scored almost the maximum points for each category in the 2019 assessment.
As of January 1, 2021, SOFAZ’s assets amounted to over $43.56 billion, which is 0.6% more than on January 1, 2020.
Although the fund’s budget expenditures exceeded revenues due to the fall in oil prices amid the global economic recession caused by the coronavirus pandemic, the increase in assets was linked to extra-budgetary receipts and the management of funds ($3.2 billion).