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By Trend

The Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) held a meeting chaired by Azerbaijan’s prime minister, head of the SOFAZ Supervisory Board, Novruz Mammadov, where the draft budget of the Fund for 2019 was discussed, Trend reports with reference to SOFAZ.

The Supervisory Board reviewed the draft budget of SOFAZ for 2019, considering the findings of the Chamber of Accounts of Azerbaijan, including the information provided by Executive Director of SOFAZ on the Fund’s management-related expenditures.

At the meeting, it was considered expedient to determine SOFAZ budget revenues in 2019 at the level of 15,450.1 million manats, expenditures at 11,595.2 million manats, including SOFAZ management-related expenditures worth 30.9 million manats.

Following the discussions, the draft SOFAZ budget, including the draft guidelines for the use of funds (including investment policy), and estimates of the SOFAZ annual expenditures for managing funds, together with the conclusion of the Chamber of Accounts, were recommended for submitting to the Azerbaijani president for approval.

At the meeting, amendments to the “Rules for Storage, Placement and Management of SOFAZ Currency Funds”, recommended for submitting for approval to the Azerbaijani president, were adopted.

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