The Azerbaijan State Oil Fund (SOFAZ) Board approved the Fund's 2011 budget revenues at 9, 132 billion mantas ($ 11,  559 billion) its expenditures at 6, 886 billion manats ($ 8,716 billion) and the Fund's operating expenditures at 57, 494 million mantas ($ 73,341 million). Transfers from SOFAZ to State budget will be 6, 480 billion mantas ($ 8, 200 billion) which means 95 % of SOFAZ expenditures will be directed to the State Budget. The Supervisory Board recommended the Fund's 2011 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by President of the Republic of Azerbaijan.