TODAY.AZ / Business

President's fund to be established

01 April 2005 [14:25] - TODAY.AZ
An issue on the establishment of the Azerbaijani President's Reserve Fund will be considered during the discussions of the draft law on Budgetary System in a spring session of the Milli Majlis [parliament], Fazil Farajaliyev, the head of the Budget Management Department of the Finance Ministry told Trend.
According to Farajaliyev, under the law it is planned to allot for the President's Fund 2% of the public budget (approx. 20bn manats). The individuals are also allowed to remit funds to the organization.  

The reserves of the Fund will be spent on important socio-economic events of the country, which were not stipulated in the public budget.

The bill also envisages the establishment of a mechanism on transparency of  funds, as the parliament will take once a year a report on the expenses.

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