State Social Protection Fund (SSPF) enlisted the support of the International Monetary Fund (IMF), and their intention to support technically ongoing pension reforms.
According to a press release from the state fund, today held a meeting of the local head of the IMF mission to Raja Almarzogi SSPF chairman Salim Muslimov. It was about the technical support of the country's pension system.
According to R. Almarzogi, local State Fund shows the determination to create the pension-insurance system that meets international standards. IMF welcomes measures to improve success in collecting payments on obligatory state social insurance.
According to Muslimov, the government has presented innovative projects and amendments to the laws of Azerbaijan Republic "On Social Insurance" and "On labor pensions", which will contribute to the rapid advancement of reforms. - 17D -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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