President Aliyev signs order approving budget of State Oil Fund of Azerbaijan for 2020
Azerbaijani President Ilham Aliyev signed an order approving the budget of the State Oil Fund of the Azerbaijan Republic (SOFAZ) for 2020, Trend reports on June 25.
The Supervisory Board of SOFAZ and the Chamber of Accounts of Azerbaijan will make a decision on the report on the execution of the state budget.
It will be made taking into account the feedback and results of the audit of the financial activity of the State Oil Fund, conducted by an international audit organization in accordance with the order approved upon the decree of the president of Azerbaijan dated December 29, 2000 # 434 and "Rules for the preparation and execution of the annual income and expenditure program (budget)" of the State Oil Fund of Azerbaijan Republic, approved upon decree # 579 dated September 12, 2001.
In accordance with the order, the execution of the budget of SOFAZ for 2020 is approved in accordance with revenues at the level of 9.4 billion manat ($5.5 billion) and expenditures at the level of 12.4 billion manat ($7.3 billion), or 119.5 percent in terms of revenues and 99.9 percent in terms of expenditure compared to those envisaged in SOFAZ’s budget for 2020.
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