Azerbaijani President signs decree on State Oil Fund’s budget for 2023

Azerbaijani President Ilham Aliyev issued a decree regarding the implementation of the State Oil Fund of the Republic of Azerbaijan's budget for 2023.

According to the document, SOFAZ's revenues for 2023 were approved at 21.66 billion manats ($12.74 billion), while expenses were set at 11.83 billion manats ($6.96 billion). Therefore, the revenue target was achieved at 132.6 per cent, and expenses were met at 99.9 per cent, Caliber.Az reports citing the Azerbaijani President’s official website.

The State Oil Fund of the Republic of Azerbaijan is a sovereign wealth fund established in 1999. It operates under the authority of the President of Azerbaijan and is responsible for managing the country's oil and gas revenues to ensure sustainable development and support economic growth beyond the oil sector.