209
Financing of very high spending scenario
(revenues in percent of non-oil GDP)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Net borrowing
Additional revenues taken from the Oil Fund over and above the permanent income equivalent
Oil Fund and other oil revenues
Non-oil revenues
Oil fund assets under recommended scenario
0
20
40
60
80
100
120
0506070809101112131415161718192021222324252627282930
C
on
stan
t 2007
man
ats
, b
il
li
on
0%
50%
100%
150%
200%
250%
300%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under very high spending scenario
0
10
20
30
40
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
C
on
s
tan
t 2007
man
ats
, b
il
li
on
-10%
10%
30%
50%
70%
90%
110%
130%
150%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under recommended scenario
0
20
40
60
80
100
120
140
160
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
C
on
stan
t 2007
man
ats
, b
il
li
on
0%
50%
100%
150%
200%
250%
300%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under recommended scenario
0
20
40
60
80
100
120
0506070809101112131415161718192021222324252627282930
C
on
stan
t 2007
man
ats
, b
il
li
on
0%
50%
100%
150%
200%
250%
300%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under very high spending scenario
0
10
20
30
40
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
C
on
s
tan
t 2007
man
ats
, b
il
li
on
-10%
10%
30%
50%
70%
90%
110%
130%
150%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under recommended scenario
0
20
40
60
80
100
120
140
160
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
C
on
stan
t 2007
man
ats
, b
il
li
on
0%
50%
100%
150%
200%
250%
300%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under recommended scenario
0
20
40
60
80
100
120
0506070809101112131415161718192021222324252627282930
C
on
stan
t 2007
man
ats
, b
il
li
on
0%
50%
100%
150%
200%
250%
300%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Oil fund assets under very high spending scenario
0
10
20
30
40
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
C
on
s
tan
t 2007
man
ats
, b
il
li
on
-10%
10%
30%
50%
70%
90%
110%
130%
150%
p
e
r
c
e
n
t of n
on
-oi
l G
D
P
in 2007 manats
in percent of non-oil GDP
Tövsiyə olunan ssenari üzrə Neft Fonunn aktivləri
0
20
40
60
80
100
120
140
160
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
0%
50%
100%
150%
200%
250%
300%
q-n ÜDM-də
faizlə
2007-ci ilin manatı ilə
Qeyri-neft ÜDM-ə nisbətən
Daimi gəlir yanaĢması üzrə tövsiyə
olunan ssenarilərin maliyyələĢməsi
(gəlirlər,q-n ÜDM-də faizlə )
0%
20%
40%
60%
80%
100%
05
07
09
11
13
15
17
19
21
23
25
27
29
Qeyri-neft gəlirləri
Neft Fondu və digər neft gəlirləri
Xalis borclanma
q-n ÜDM-də faizlə
Daimi gəlir yanaĢması üzrə tövsiyə
olunan ssenarilərin maliyyələĢməsi
(gəlirlər,q-n ÜDM-də faizlə )
0%
20%
40%
60%
80%
100%
05
07
09
11
13
15
17
19
21
23
25
27
29
Qeyri-neft gəlirləri
Neft Fondu və digər neft gəlirləri
Xalis borclanma
q-n ÜDM-də faizlə
210
Notes: Oil prices in 2007 US$. Simulations, permanent income is calculated based on the net present value of oil revenues for 2008–24 and
phasing out AIOC from 2025–
2029.
211
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90
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