Azernews.Az

Accounting Chamber of Azerbaijan supports the increase in transfers from the State Oil Fund (SOFAZ) to the state budget.

"Azerbaijan's strategic currency reserves are close to double the size of the state budget. One of the challenges in the world today is to optimize the reserves of the state, as today not only the state but also consortia are more interested not in income, but at least in the conservation of these resources when placing their funds," chairman of the Accounting Chamber Heydar Asadov said during the discussions of draft state budget for 2013 and the next three years in parliament on Tuesday.

Tactic of accumulation of public funds, and their directions to finance infrastructure projects is being used in the world in recent years, he added.

"In addition, Azerbaijan when placing reserves tried to keep them not in profitable tools, but more in reliable ones, with high ratings. However, experience shows that to keep resources even in the structures with the highest ratings is accompanied by certain risks in the condition of the recent crisis," Asadov said.

Thus the Chamber fully supports the increase in transfers from the State Oil Fund. According to the Chamber it can play an important role in reducing the burden on the state budget, Asadov noted.

In 2013, 59.3 percent of the revenues of the state budget of Azerbaijan will be provided by transfers from the State Oil Fund. Transfers from the oil fund next year will grow by 14.6 percent, compared with a forecast for 2012, and by 26.1 per cent, compared to the actual performance of 2011. Their share in the total income of the state budget will also increase to 59.3 percent compared to 58.1 percent in 2012 and 57.3 percent in 2011.

Azerbaijan's state budget revenue next year is projected at 19.154 billion manat (34.2 percent of GDP projected for 2013), expenses - 19.81 billion manat (35.2 percent of GDP).

Official exchange rate on November 13 is 0.7850 AZN / USD