Azerbaijan's Oil Fund exceeds budget forecast by 73% in Jan-Jun 2022

Azerbaijan's State Oil Fund (SOFAR) has fulfilled the budget forecast in the first half of the year by 73 per cent.

In the first half of 2022, the State Oil Fund (SOFAR) transferred 4,648 million manats [$2,735 million] to the state budget, Report informs, quoting the Finance Ministry.

This is 26.9 per cent less than the forecast and 1 per cent less than in the same period last year.

"The positive dynamics of budget revenues from tax and customs authorities observed in the reporting period made it possible to reduce the transfer from the fund to the budget by 1,712 million manats [$1,007 million]," the ministry said.