A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on December 29, 2016. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ’s draft budget for 2017.

The Supervisory Board recommended the Fund's 2017 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by the President of the Republic of Azerbaijan.

Board members had also discussed amendments to the “Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan” and “Rules on the preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan” proposed by the Executive Director of the Fund and recommended the amendments for the approval by the President of the Republic of Azerbaijan.