SOFAZ does not expect deficit-ridden budget

Baku. 10 May. REPORT.AZ/Assets of the State Oil Fund of Azerbaijan (SOFAZ) will not decline by the end of 2016, Fund's budget deficit will grow. Report informs Executive Directorof the State Oil Fund of Azerbaijan Shahmar Movsumov said that.

"The funds of SOFAZ increased by 2% in the first quarter of 2016.

An increase in pricing shows that the Fund's assets will probably not reduce at the end of the year, meaning that there will be no decimal point", - Movsumov said.

Note that during January-March 2016 budget revenues of SOFAZ made 2 0231mln manats, while budget expenditures 1 946,7 mln manats.

Fund's assets as of April 1, 2016 increased by 2 % (33 574,1 mln USD), compared with the beginning of the year and reached to 34 246,0 mln USD.

According to the decree signed by President of Azerbaijan Ilham Aliyev on March 18 to make amendments to the 2016 budget of the State Oil Fund of Azerbaijan budget revenues of the Fund reduced from 6 711564 mln AZN to 4 578,475 mln AZN while budget expenditures increased from 8 181,4 mln AZN to 10 668,934 mln AZN.