Finance Minister: High oil prices increased SOFAZ assets

In 2021, the oil price on the world market was higher than envisaged in the state budget of Azerbaijan, and it led to an increase in the assets of the State Oil Fund (SOFAZ), Finance Minister Samir Sharifov said at a meeting of the Parliamentary Committee for Economic Policy, Industries and Enterprising during the discussion of the draft law "On the execution of the state budget for 2021."

"Although the Azerbaijani economy developed steadily last year, there also were negative external influences such as growing inflation. One of the reasons for this was the climb in food prices worldwide. Taking into account these processes, the state decided to pay various subsidies," he noted.