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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration

Azerbaijani authorities use up Oil fund

Posted on 19 February 2013

The Government of Azerbaijan has turned into a lazy element and the hope and confidence in stability of the State Oil Fund revenues have transformed the government into club of oligarchs and consumers in the same time, the Azerbaijani information portal Haqqin.az says.
“Since last year, the Oil Fund actively purchases properties in overseas. In the near future more than a billion dollars will be spent on the purchase of real estate. Considering the fact that the global economic crisis continues unabated, new waves of crisis occur each year, and experts say that the real improvement will not arrive up to 2020, these steps of the Fund appear to be very risky. As we know, during the crisis the property prices go down in the first place,” the article says……………………………………….Full Article: Source

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