SOFAZ to inject over AZN 2bn to investment projects in 2013

Tue 06 November 2012 10:23 GMT | 15:23 Local Time

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In 2013, the State Oil Fund of Azerbaijan (SOFAZ) will direct AZN 2,149bn for investment projects.

This was announced by Finance Minister Samir Sharifov at a meeting of the parliamentary committee on the state budget for 2012.

He also noted that, in general, in 2013 SOFAZ transfers to the state budget will amount to AZN 11.350bn. He stressed that, in comparison with 2012, SOFAZ transfers to the state budget will increase by AZN 1,445 bn.

Overall revenues to the state budget in 2013 are projected at AZN 19,154bn, which is 12.4% more than in 2012, and the state budget expenditures will amount to AZN 19,810 bn, which is 12.1% more than in 2012. The budget deficit is projected to be 1.17%.

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