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Sovereign Wealth Funds Briefing - Categorized | Financials, Trends

Azerbaijan ready to use Oil Fund to finance imports

Posted on 29 June 2012

The State Oil Fund of Azerbaijan (SOFAZ) can be used for financing of imports. Today in Baku Deputy Economic Development Minister Sevinj Hasanova has stated that SOFAZ foreign exchange reserves will enable to ensure financing the country’s imports for 4 or 5 years in case of oil production is reduced.
“Today, the potential of oil production in Azerbaijan reached its peak, and production is now 700,000-800,000 bpd. However, condition of the oil sector does not have a significant impact on economic growth. Azerbaijan, due to rational distribution of oil revenues, has been successfully developing the non-oil potential,” Hasanova said………………………………………..Full Article: Source


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