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SOFAZ executes budget revenues 123.2 per cent in 2019

Jun 30, 2020 (MENAFN via COMTEX) --

(MENAFN - AzerNews) By Akbar Mammadov

The State Oil Fund of Azerbaijan (SOFAZ) executed budget revenues at the level of $11.2 billion (AZN19.03 billion) or 123.2 per cent, and budget expenditures at the level of $6.82 billion (AZN11.59 billion) or 99.9 per cent, SOFAZ reported on its website on June 30.

The Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) has submitted the fund's budget for 2019 to the President for approval of budget execution.

Thus, the Supervisory Board has accepted the annual report of SOFAZ on its activities in 2019, taking into account the opinion of the independent auditor on the financial activities of SOFAZ in 2019. Here, the independent auditor is PricewaterhouseCoopers Audit Azerbaijan LLC (PwC Azerbaijan).

Based on the opinions of the independent auditor and the Chamber of Accounts of Azerbaijan on the implementation of the budget of SOFAZ for 2019, the Supervisory Board has made this decision.

It should be noted that on 9 December of 2019, Azerbaijan's President signed the order to approve the new members of the SOFAZ Supervisory Board, which consists of seven people.

The Supervisory Board of the SOFAZ is chaired by Prime Minister Ali Asadov. The other members of the board are Adil Aliyev, Deputy Chairman of the Azerbaijani parliament (Milli Majlis), Natig Amirov, the Presidential aide and Head of the Department of Economic Policy and Industrial Affairs of the Presidential Administration, Shahmar Movsumov, the Presidential aide and Head of the Department of Economic Affairs and Innovative Development Policy of the Presidential Administration, Mikayil Jabbarov, Minister of Economy, Samir Sharifov, Minister of Finance, and Elman Rustamov, Chairman of the Central Bank.

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