On December 28 President Ilham Aliyev approved the law on the application of the law on the budget for 2017 of the State Social Protection Fund of the Ministry of Labor and Social Protection of the Population.
The following year, the Fund’s budget will be 3.4 billion manat, of which 2 billion 125 million manat will be formed at the expense of obligatory state social insurance cards, including 704.3 million manat of the payroll of employees of budgetary organizations, AZN 96 million from organizations financed from the state budget, and AZN 24.7 million from non-budgetary funds of budget organizations.
The non-state sector will provide the State Fund means in the total amount of 1.3 billion manat, of which 54.4 million manat will be provided by individuals engaged in entrepreneurial activities without creating a legal entity.
Transfers from the state budget to the SSPF will amount to 1 billion 270 million manat.
In 2017 the State Fund will pay the population 3 billion 318.2 million manat, including pensions of 3 billion 213.8 million manat.
The unemployed will be paid allowances in the amount of 17.6 million manat.
The Fund's expenses on delivery of pensions to pensioners will be 21 million manat. The SSPF maintenance will amount to 40 million manat. -----08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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