The expert answered the following questions:

1. Which models for the use of petrodollars do exist in the world?

2. What kind of experience has been gained in the post-Soviet countries?

3. In general, when do the public start to feel the effectiveness of the spending of oil incomes?

4. If the effect of delusion of oil incomes is set to continue, what implications will be impending over the country?

According to the expert, one of the hot topics on agenda for the entire society is to strengthen civilian oversight of oil incomes. On the other hand, the process of reconstruction of the existing infrastructure and relevant facilities must finish as soon as possible. In this case the Government will get rid of part of the workload it has taken on. As an example, the Government has announced that work on the upgrade of the railway infrastructure, including the construction of new lines, will be over in 2017, and has stated that when the industry was underdeveloped, it had taken 14 months to lay a railway connecting Baku to Tiflis [modern-day Tbilisi]. The question is why the current project has been planned for such a long period of time in the 21st century when the industry seems to be overdeveloped?

The expert carried out a comparative analysis of the accumulation and spending of oil incomes in Azerbaijan, Kazakhstan and Russia. The experience of Azerbaijan is that petrodollars are remitted to the Oil Fund and then part of the accumulated amount is retransferred from that institution to the state budget. The expert has expressed his sorrow by saying that the transfers from the Oil Fund are indicated as a revenue item. According to Mr Shaban, the success of the efforts to eliminate corruption and the securing of petrodollars for future generations is the best way of the management of the oil money.

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Last correction date of the file: 24/7/2008 - 14:59:5

Other language version of the file: /az/