oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Second Meeting of SOFAZ Supervisory Board

16 Nov 2002 07:00:00

Second Meeting of SOFAZ Supervisory Board

16 Nov 2002 07:00:00
The Second Meeting of the State Oil Fund of Azerbaijan's (SOFAZ) Supervisory Board was held on Nov 16, 2002 in Baku. After extensive discussion, the Supervisory Board, chaired by Prime-Minister Arthur Rasizadeh, the Board's Chairman, endorsed the draft 2003 Annual Budget of SOFAZ as submitted by the SOFAZ Executive Director, and recommended it for approval by H.E. Mr. Heydar Aliyev, President of the Republic of Azerbaijan. Members of the Board expressed the view that the 2003 budget of SOFAZ, being an integral part of the country's 2003 consolidated (state budget plus budgets of extrabudgetary funds) budget, reflects the long-term priorities of socio-economic development of Azerbaijan aiming at alleviating poverty and improving economic conditions of the most vulnerable layers of the population, promoting competition in the non-oil sector and implementing comprehensive structural reforms while ensuring balanced development of traditional oil and gas sector and maintaining macroeconomic and financial stability.

The Board also discussed a report by the Executive Director of SOFAZ on management of the Fund's hard currency assets and took up the issue of currency composition of SOFAZ's assets. The Board took note of the report and recommended to diversify the Fund's holdings to achieve an asset currency composition of 65 percent US Dollar, 30 percent Euro and 5 percent Sterling Pound.

Prime-Minister A. Rasizadeh was reelected as Chairman-in-Office of the SOFAZ Supervisory Board.

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