Armed Forces Assistance Fund's assets exceed 88M manats
The capital assets of the Azerbaijani Armed Forces Assistance Fund exceeded 88 million manats ($51.77 million) as of January 1, 2018, Defense Ministry reported on January 4.
The capital assets of the Azerbaijani Armed Forces Assistance Fund exceeded 88 million manats ($51.77 million) as of January 1, 2018, Defense Ministry reported on January 4.
The ministry also noted that the Fund’s dollar account has accumulated over $212,873, the euro account reached 9,536 euros, while the ruble account made up 5,000 rubles.
The Armed Forces Assistance Fund, established in 2002, targets to ensure development of the Armed Forces in accordance with the contemporary requirements, strengthening the material and technical base and financing the necessary social measures.
The Armed Forces Assistance Fund is formed on the basis of voluntary donations of individuals and legal entities and at the expense of the other donations not prohibited by the national legislation.
The Azerbaijani Army, which today is considered the most modern army in the Caucasus, consists of Air Force and Air Defense Forces, the Navy, and the Land Forces.
The skills and combat readiness of the Azerbaijani army are growing year by year, as the country’s Armed Forces regularly conduct military exercises. The Azerbaijani army is supplied with modern weapons and technical equipment for maintaining a high level of combat capability.
The army building process is of particular importance for Azerbaijan, as twenty percent of the country’s territory is under Armenian occupation and the country is in a state of war with Armenia.
Not surprisingly, today Azerbaijan leaves behind many CIS and regional countries to take its place among the first 58 strongest militaries of the world, according to the U.S.-based Global Firepower survey center.
The Azerbaijani government provides the national Army with sufficient military budget every year. Defense spending of Azerbaijan determined in the state budget for this year made up 2.74 billion manats ($1.6 billion), which exceeds the spending for 2017.