Azerbaijani media reports that accounting Chamber of Azerbaijan supports the increase in transfers from the State Oil Fund (SOFAZ) to the state budget.
As reported, chairman of the Accounting Chamber of Azerbaijan ,Heydar Asadov, during the discussing of draft “state budget for 2013 and the next three years” said the following:
“Azerbaijan’s strategic currency reserves are close to double the size of the state budget. One of the challenges in the world today is to optimize the reserves of the state, as today not only the state but also consortia are more interested not in income, but at least in the conservation of these resources when placing their funds. In addition, Azerbaijan when placing reserves tried to keep them not at a profitable tool, but more in a reliable, with high ratings. However, experience shows that to keep resources even in the structures with the highest ratings is accompanied by certain risks in the condition of recent crisis”.
According to Asadov the Chamber fully supports the increase in transfers from the State Oil Fund. According to the Chamber it can play an important role in reducing the burden on the state budget.
In 2013, 59.3 percent of the revenues of the state budget of Azerbaijan will be provided by transfers from the State Oil Fund of the country. Transfers from the State Oil Fund in 2013 will grow by 14.6 percent, compared with a forecast for 2012, and by 26.1 per cent, compared to the actual performance of 2011.
