The Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) met to discuss the SOFAZ’s draft budget for 2017 on December 29th.
The Supervisory Board, chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan, recommended the Fund's 2017 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by the President of the Republic of Azerbaijan.
Board members also discussed amendments to the “Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan” and “Rules on the preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan” proposed by the Executive Director of the Fund and recommended the amendments for the approval by the President of the Republic of Azerbaijan.
Established in 1999, SOFAZ is an extra-budgetary, legal and state entity in charge of accumulating, efficiently managing and preserving the oil and gas income of Azerbaijan for present and future generations.
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