EU to Help Azerbaijan in Development of Social Services
The presentation of the new EU twinning-project "Development of social services in Azerbaijan" was held in Baku.
According to Deputy Minister of Labor and Social Protection Ilgar Rahimov, the project is focused on the formation of legislation in the field of inclusive social services, as well as to improve institutional mechanisms.
"1,182 citizens get full state social services, another 12,853 citizens get social and personal services. At the same time, non-governmental organizations provide social services to 1.5 thousand children," he said.
An Austrian organization is the partner of the Ministry of Labor in the implementation of the project. --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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