17:05 - 21.12.2020

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December 21, Fineko/abc.az. The revenues of the State Oil Fund of Azerbaijan (SOFAZ) have declined, and the funds may be exhausted.

ABC.AZ reports that this is indicated in the Draft State Budget for 2021.

It was noted that the cause of this is low oil prices on the world market. It follows from the document that, despite the ongoing work on the development of the non-oil sector and measures in this area, the oil sector has a decisive impact on the country's economy.

Thus, for the first 9 months of 2020 the share of value added created in the oil & gas sector of Azerbaijan in GDP made up 30.2%, in State Budget revenues 54.6%, in the country's exports 87.2%.

Given this, the impact of changes in oil prices on macroeconomic and fiscal indicators is inevitable.