Azerbaijan to cut SOFAZ transfers to budget by 10 bln manats in next 4 years

Azerbaijan’s government projects state budget revenues to reach 40.1 billion manats by 2029, the Ministry of Finance said.

According to the forecast, transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the budget will fall by 10.2 billion manats over the next four years, while non-oil and gas revenues are expected to grow to 16.6 billion manats.

Budget expenditures are projected to rise to 43.3 billion manats by 2029, including 26.2 billion manats in current expenses, 14.1 billion manats in capital expenditures and 3 billion manats for debt servicing.

The budget deficit is expected to widen to 3.23 billion manats in four years.