Azerbaijani MP: “Oil Fund is capable to transfer fund to budget in the same amount, even if we do not have oil revenues for 7 years from now”

Azerbaijani MP: “Oil Fund is capable to transfer fund to budget in the same amount, even if we do not have oil revenues for 7 years from now”
  • Clock-gray 14:08
  • calendar-gray 13 March 2020

“There is no need for extension of the period of full insurance of deposits for three years”, Chairperson of the Committee on Labor and Social Policy Musa Guliyev said at plenary meeting of the Azerbaijani Parliament (Milli Majlis) today, APA reports.

M. Guliyev stated that drop in oil prices is related to coronavirus: “Transfer from Oil Fund to budget makes up 15% of the budget revenues. State Oil Fund reserves allow to transfer fund in the same amount, even if we do not have oil revenues for 7 years from now. Our people should know that there is no need for any concern. National currency is the indicator of our independence. Today you see hundreds of people stand in queue in order to exchange AZN to USD. When there was a danger for rate of Lira in Turkey several years ago, even a pensioner, who had USD 100 changed it to Lira.”

Firuza Vahid

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