Azerbaijan ready to use Oil Fund to finance imports
Baku, Fineko/abc.az. 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 countrys 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.
Today, the countrys foreign exchange assets are estimated at $43 billion, and about three quarters of them are accumulated in SOFAZ.
The statement about the fate of SOFAZ is of interest in the context of recent findings of Morgan Stanley that the cycle of extremely high commodity prices is over and the bubble will burst in a little while and complicate life of the countries who win due to grown high oil prices and breath life into importing countries.
Morgan Stanley considers the victims of the collapse of the oil "bubble” such countries as Russia and Brazil and relates to the "beneficiaries" such states as the USA, India, China and Turkey.
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