SOFAZ 2019 budget recommended for approval by President

Baku. 19 December. REPORT.AZ/ Meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on December 18, 2018., Report informs citing SOFAZ.

SOFAZ’s draft budget for 2019 was discussed at the meeting, chaired by Mr. Novruz Mammadov, Prime Minister of Azerbaijan and Chairman of the Supervisory Board.

Taking into account the Opinion of the Chamber of Accounts of the Republic of Azerbaijan, the Supervisory Board considered acceptable the Fund's 2019 draft budget, along with the information submitted by SOFAZ’s Executive Director, where SOFAZ’s draft budget for 2019 was estimated at 15,450.1 million manats, while budget expenditures at 11,595.2 million manats, as well as annual operating costs of the Fund projected at 30.9 million manats. Accordingly, the Supervisory Board recommended SOFAZ’s 2019 draft budget, as well as major directions to SOFAZ’s investment policy, it’s draft annual operating expenditures, including the Opinion of the Chamber of Accounts for the approval by the President of the Republic of Azerbaijan.

While endorsing the amendments to Rules on management of foreign currency assets of SOFAZ, the Supervisory Board recommended the document for the approval by the President of the Republic of Azerbaijan.