Economics&Finance 2017
No Public Control over Oil Funds Use - Expert

No Public Control over Oil Funds Use - Expert

2017 January 11 ( Wednesday )  13:02:54

The Accounting Chamber does not submit an opinion on the budget of the State Oil Fund (SOFAZ), which is contrary to the law, the economist, chairman of the Movement for Democracy and Welfare (MDW) Gubad Ibadoglu said.

In compliance with Article 12 of the Law "On the internal charter of the Accounting Chamber of Azerbaijan», this structure represents the conclusion of the draft state budget and off-budget state funds (institutions) and this is one of its responsibilities. According to paragraph 1.3 of the "Regulations on the State Oil Fund of Azerbaijan," it is a non-budgetary institution.

According to the expert, the limited capacity of parliamentary control, the monopoly role of the executive power in deciding on spending SOFAZ pose serious problems of effective implementation of the Fund expenditure.

There is also no public control over SOFAZ, although in accordance with paragraph 5.4 of the provisions, the Supervisory Board is also formed with the participation of representatives of civil society organizations. Since the beginning of the formation of the Supervisory Board in its composition there was not a single representative of NGOs.

These and other factors, including the spending of oil revenues, rapidly render impossible a fair distribution of the State Oil Fund between future generations, summed Gubad Ibadoglu. ---08D



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