16:45 - 10.06.2022

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June 10, Fineko/abc.az. Despite the fact that last year the execution of the budget of the State Oil Fund (SOFAZ) was projected with deficit, against the background of excess of the net oil price from revenues, a positive trend in the revenues of the administration, as well as low execution of expenditures compared to the forecast, the Fund's budget ended with surplus.

ABC.AZ reports that this is stated in Accounting Chamber’s Conclusion on the annual report on the execution of SOFAZ budget for 2021.

The Conclusion says that as of 1 January 2021, SOFAZ finances amounted to AZN 73.49 bn ($43.56 bn). The total amount of SOFAZ’s budget revenue in manat terms for 2021 reached AZN 15.985 bn and was executed at the level of 199.8% relative to the budget (AZN 8.001 bn).

SOFAZ budget expenditures in 2021 amounted to AZN 11.38 bn and were executed at the level of 92.9% relative to those provided for in the budget (AZN 12.249 bn). By the end of 2021, a surplus of AZN 4.6 bn ($2.707 bn) was formed in the SOFAZ budget (as of 2020, the deficit amounted to AZN 3.06 bn or $1.8 bn)," the document says.