Azerbaijani President greenlights adjustments to State Oil Fund's 2024 budget

Azerbaijani President Ilham Aliyev has approved changes to the 2024 budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

According to the document, the projected income for SOFAZ was raised from 12.73 billion manats ($7.49 billion) to 14.11 billion manats ($8.30 billion), while the projected expenses were adjusted from 12.90 billion manats ($7.59 billion) to 12.90 billion manats ($7.59 billion), Caliber.Az reports citing the Azerbaijani President’s official website.

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) 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.