Kazakhstan opens bank accounts for children. And what about Azerbaijan?

Baku/17.02.23/Turan: Next year, Kazakhstan is expected to open a bank account for every newborn. The state must annually contribute certain funds to this account. According to representatives of the government of Kazakhstan, the $3,500 accumulated in such an account when the child reaches the age of majority (that is, when he turns 18) should be used to improve education and living conditions. Azerbaijan, like Kazakhstan, is a post-Soviet oil country. Is this possible in Azerbaijan?

Economist Gubad Ibadoglu comments on this topic in the program "Difficult Question".

According to him, a very short answer can be given to this question - the authorities in Kazakhstan serve the people, while in Azerbaijan they serve themselves, their family, entourage, and team. “There is no government in Azerbaijan that would serve the people. If this were not the case, then at least for the purpose of a fair distribution of oil revenues between generations, it would set aside at least a part of oil revenues for future generations. Unfortunately, over 75% of the oil revenues received in Azerbaijan have already been spent,” the economist said. Gubad Ibadoglu claims that a large part of the oil money is invested in real estate in foreign countries.

“I can say that in some countries there is real estate belonging to the State Oil Fund of the Republic of Azerbaijan. In recent years, it has lost and still continues to lose in price,” the expert noted. He also noted the risk of investing in shares.

“Today, instead of investing in this declining property, investing in a stormy stock market, it would be more correct to invest in human development. “It would be fair from a social point of view – it would make it possible to distribute oil revenues between generations. Oil cannot belong to one generation; it belongs to the whole nation. At the same time, it would be an investment in the future, in the future,” Gubadoglu said.--0--