This paper is an assessment of the current situation in management of oil revenues in Azerbaijan in order to find solutions for improving it. This policy paper is the result of research conducted by Economic Research Center with the financial support of Revenue Watch Institute in 2012.

In the paper, analysis was carried out on the macroeconomic environment, fiscal rules and legal bases for the management of oil revenues in Azerbaijan, policy of the management of oil revenues was evaluated, assessment was done on participation of policy makers, especially national oil fund and oil company, in the decision making process on the management of oil dividends, and their influences. In some instances the comparative analysis of superior and inferior features of oil revenues management was done taking Kazakhstan and Norway as the reference countries.

The policy paper is concluded with description of various scenarios based on forecasted indicators and with relevant suggestions.

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