SOFAZ reveals its forecasted revenues, expenditures for 2023

By Trend

The draft budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2023 revenues are provided in the amount of about $8.9 billion, and expenditures - more than 11.392 billion manats ($6.7 billion), Assistant to Executive Director of SOFAZ Bahruz Bahramov told Trend.

According to him, the predicted price of one barrel of oil in the Fund's budget for 2023 is set at $50 per barrel.

"Revenues in the amount of 7.4 billion manat ($4.3 billion) are planned to be raised through the implementation of oil and gas agreements. At the same time, an income of 1.599 billion manat ($940 million) is projected from the fund's management. In addition, I would like to note that 11.28 billion manat ($6.6 billion) is planned to be transferred to the state budget," he said.

"Within the implementation of these budget forecasts, the budget deficit for 2023 is expected to exceed 2.401 billion manat ($1.41 billion). Considering these rates, by the end of 2023, it is expected that the Fund's assets will amount to $45.4 billion," Bahramov said.