Revenues of State Oil Fund expected to grow by 2.4-fold in 2017

Baku. 30 November. REPORT.AZ/ Budget revenues of the State Oil Fund for 2017 expected to make 8 370,6 mln AZN, which is 2.4 times or 4 889,1 mln AZN more compared with 2016.

Report informs, Finance Minister Samir Sharifov said at today's joint meeting of committees gathered to discuss the 2017 state draft budget.

SOFAZ budget expenditure for 2017 will amount 6 951,3 mln AZN, which is less by 3685.0 mln AZN or 34.6% compared to 2016.

6 100,0 mln AZN or 87.8% of Fund expenses allocated for transfer to the state budget, 822.0 mln AZN or 11.8% for financing of a number of infrastructure projects (measures related to the social and housing issues of refugees and internally displaced persons, reconstruction of the Samur-Absheron irrigation system, Baku-Tbilisi-Kars railway, Azerbaijan's share in Southern Gas Corridor projects), 29.3 mln AZN or 0.4% for the implementation of thestate program on education of Azerbaijani youth abroad in the years2007-2015.

Revenues and expendituresof StateSocial Protection Fund under the Ministry of Labour and Social Protection forecasted at 3 400,0 mln AZN.

37.4% or 1 270,0 mln AZN of Fund's expenses accounted for direct transfers from the state budget, 62.6% or 2130.0 mln AZN accounted for compulsory state social insurance fees and other revenues.

State Social Protection Fund (SSPF) will allocate 3 213,82 mln AZN for payments to the pensioners next year.

According to the document, pension expenses will increase by 2.5% or 77.72 mln AZN compared with this year.