Charter and Structure of Azerbaijan’s Karabakh Revival Fund Approved
President of Azerbaijan Ilham Aliyev signed a decree on ensuring the activities of the Karabakh Revival Fund, according to Azerbaijan in Focus, reporting Trend News.
The decree envisions approval of the fund’s Charter and structure.
The fund’s authorized capital was set at 1 million manat ($590,000) and is formed at the expense of the state budget.
The Cabinet of Ministers was instructed to resolve issues arising from this decree, and the fund – to approve the payroll taxes, the number of employees and the amount of wages (salaries, salary allowances, bonuses and other payments) of the employees within 1 month, as well as resolve other issues arising from the decree.
The Ministry of Finance was instructed to provide financing in the amount specified in the decree.
The Karabakh Revival Fund was established by the Decree of the President of Azerbaijan, dated January 4, 2021. The fund will provide financial support for the restoration and reconstruction of the Azerbaijani territories liberated from Armenian occupation as a result of the 44-day Patriotic War (from late September through early November 2020).