Prime Minister Novruz Mammadov chairs meeting of SOFAZ Supervisory Board

Baku, December 19, AZERTAC Prime Minister Novruz Mammadov has chaired a meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ). SOFAZ’s draft budget for 2019 was discussed at the meeting. Taking into account the Opinion of the Chamber of Accounts of the Republic of Azerbaijan, the Supervisory Board considered acceptable the Fund's 2019 draft budget, along with the information submitted by SOFAZ’s Executive Director, where SOFAZ’s draft budget for 2019 was estimated at 15 450.1 million manats, while budget expenditures at 11 595.2 million manats, as well as annual operating costs of the Fund projected at 30.9 million manats. Accordingly, the Supervisory Board recommended SOFAZ’s 2019 draft budget, as well as major directions to SOFAZ’s investment policy, it’s draft annual operating expenditures, including the Opinion of the Chamber of Accounts for the approval by the President of the Republic of Azerbaijan. While endorsing the amendments to Rules on management of foreign currency assets of SOFAZ, the Supervisory Board recommended the document for the approval by the President of the Republic of Azerbaijan.