Attention to Social Protection of Elderly
A workshop under the European Commission's "Social protection of the elderly" started in Baku.
According to the press release of the Ministry of Labor and Social Welfare, the purpose of the event is the study and evaluation in the field of social services for the elderly, as well as training of international experience.
As Deputy Minister Idris Isayev reported at the opening of the seminar, unlike developed countries, the population of Azerbaijan can be called young at 4% of the elderly. "However, as in most countries of the world, there is a process of relative aging of the population here. With regard to world statistics, in the years 1950-2010 the number of people aged over 65 years increased from 5% to 8%, and by 2050 this figure will be 12%," he said.
According to him, in Azerbaijan, the elderly are persons over the age of 70 years (the base - the law "On Social Services"), and their number is a little more than 390,000 now, with a population of more than 9 million 611 thousand people. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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