Cabinet of Ministers spends 68% of Reserve Fund to increase of IBA authorized capital

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# 13:21
22 May 2017

According to Chamber of Account, AZN 831,380,400 had been planned to be allocated by the state budget for the Reserve Fund of the Cabinet of Ministers in 2016, but AZN 828,972,800 was allocated. 77.5% of spend funds fell to share of three structures: IBA (AZN 564 million or 68%), Central Election Commission (AZN 46.103 million or 5.7%) and Defense Ministry (AZN 31.771 million or 3.8%).

 

In January 2017 IBA increased its authorized capital 93.5% to AZN 1,241,287,248.06. Capitalization process happened through additional share issue in the amount of AZN 600 million. So, Finance Ministry’s share in IBA’s authorized capital increased from 54.96% to 76.73%. 

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