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.