OREANDA-NEWS. January 14, 2010. NBG informed that in compliance with the law, revenues of SOFAZ were approved at the level of AZN 5.96 bn with expenditures in the amount of AZN 5.428 bn it means that in 2010 the fund intends  for the first time over its history to spend almost 91% of its revenues.

“It is necessary to note that the basic share of these expenditures falls on transfers to the state budget (90.5%). It is obvious absolutely that the tendency of transformation of SOFAZ in basic donor of the Azerbaijani state budget of continues growing in the country and the country is on the way of approach to edge of danger for prospects of stable development of economics,” it was informed.

Reason for anxiety is growth of transfers, as well as intention of the  state to spend the basic part of the 2010 budget of the fund.

NBG notes  that  the Decree of Azerbaijan President “On  long-term strategy for use of oil and gas revenues” says that not less than 25% of funds should be accumulated for the future generations in peak of oil and gas revenues.