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Amount of funds collected in SOFAZ unveiled

13.03.2020,13:30


March 13, Fineko/abc.az. The main goals of the State Oil Fund of Azerbaijan (SOFAZ), along with the accumulation of reserves for future generations, are macroeconomic stabilization, including the protection of the country's economy from foreign economic influence.

ABC.AZ reports that the relevant statement was made by SOFAZ.

Over the past period SOFAZ has collected more than $43 bn during the period of high crude oil prices, and this indicator has approached to the index of the total volume of the country's economy.

These funds, which grow in the period of favorable economic environment, are used as a “safety cushion" during economic shocks, including fiscal deficits that may occur in the State Budget.