The Ministry of Finance approved the forecast of revenues and expenditures of the balanced budget of the State Social Protection Fund (SSPF) of Azerbaijan for 2016.
The forecast income is provided at the level of 3 billion 78.6 million manats (+0.7% to the expectations this year). The share of transfers from the state budget will be 35.6% or AZN 1.1 billion, as it is this year. The bulk of the revenues (64.4%) is made by mandatory contributions under the state social security and other income - 1 billion 978.6 million manats (1.4%).
The outlook on the expenditure side is that most (95.5%) will be absorbed by labor pensions - 2 billion 923.6 million manats, social benefits and costs of the central administration and local offices of the State Fund - 155 million AZN (4.5% of the costs).
Recall, income and expenses of the balanced budget of the State Fund for 2015 were approved at the level of 3 billion 56 million 285.7 thousand manats. --17D-
Economics
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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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