BAKU, Azerbaijan, November 22. The rise in
the quantity of switch from Azerbaijan’s State Oil Fund (SOFAZ) to
the state finances is not going to hurt the goals of the finances rule,
which is the idea of the fiscal coverage doc, Finance Minister
Samir Sharifov mentioned, Pattern
experiences.
He spoke on the plenary session of Azerbaijan’s Milli Majlis
(Parliament).
The minister mentioned that at the moment there’s a means of decreasing
Azerbaijan’s oil revenues.
”That is due to two issues. One is the worldwide
decarbonization motion, and the opposite is the drop in manufacturing
at our oil fields. This has an hostile impact on finances revenues.
This lower needs to be offset by income from non-oil sources.
Non-oil revenues have been rising 12 months after 12 months within the draft
finances for subsequent 12 months. Subsequent 12 months, a big enhance can also be
projected. Nevertheless, this is not going to totally compensate for the drop in
oil revenues. We have now vital obstacles on this regard. These
obligations are primarily involved with the restoration of
freed lands and their reintegration into the economic system,” Samir
Sharifov added.
He additionally famous that it will be important that funds are additionally allotted
yearly from the state finances for these functions. On this regard,
the minister believes that the rise within the switch from SOFAZ
is kind of cheap, with out prejudice to macroeconomic
stability.
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