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SOFAZ not to cut expenditures | Sovereign Wealth Funds Briefing
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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration

SOFAZ not to cut expenditures

Posted on 30 December 2015

Azerbaijan’s oil fund SOFAZ has no plans to cut budget expenditures for 2016, the fund told Trend. “The budget of the fund, as well as the state budget, is approved by the decree of the president of Azerbaijan in manats and is a financial document, expenditures of which should be executed,” the fund said. “In this regard, regardless of income level in the next year, SOFAZ is obliged to fulfill the expenditure budgeted.”
The revision of the budget expenditures of the fund due to the fact that expenditures of the SOFAZ are linked to expenditures of the consolidated budget, the limit of which is approved by law on the state budget, will be possible only in case of revision of the state budget of the country, according to the fund………………………………………..Full Article: Source


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