15.09.2015 - Sharp reduction of budget transfer not to save Azerbaijan’s Oil Fund from 22% deficit in 2016
The Law on State Budget 2016 drafted with the oil export price forecast of $50 a barrel suggests that the State Oil Fund (SOFAZ) will have its own budget deficit at the level of 22.2% of revenues. In the presentation of the budget message the Finance Ministry informs that next year SOFAZ revenues are estimated at AZN 6.7 bn and expenditures at AZN 8.2 bn. As a result, the SOFAZ budget deficit will reach AZN 1.488 bn. "At that, SOFAZ transfer to the State Budget will be reduced to AZN 6 bn in 2016," the Ministry reported. The State Budget itself was suggested with deficit of AZN 1.698 bn and the consolidated budget AZN 3.188 bn...............................................Full Article: Source
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