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SOFAZ to Spend Over AZN 2 billion on Investment Projects in 2013

Finance Minister Samir Sharifov said that for 2013 the State Oil Fund of Azerbaijan (SOFAZ) projects to spend AZN 2.15 billion or $2.74 billion on investment projects.

Speaking at the parliamentary committee's meeting on the 2013 state budget, Sharifov also noted that SOFAZ's transfers to the state budget will amount to AZN 11.35 billion or $14.46 billion, an increase of AZN 1.45 billion or $1.84 billion compared to last year.

For next year, the overall revenues to the state budget are projected to reach AZN 19.15 billion or $24.4 billion – 12.4 percent more than in 2012. Moreover, the state budget expenditures are planned for AZN 19.81 billion or $25.24 billion, which is 12.1 percent more than in 2012.

The budget deficit is projected at 1.17 percent.

Source: AzerTAc

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