For January 1 there are 27,868 migrant workers in Azerbaijan. It is reported that the State Social Protection Fund (SSPF), the growth of foreign employees to the beginning of last year amounted to 23.7%. Most of the migrant workers (87.9%) are male. Total state fund registered foreigners from 116 countries. Traditionally, the largest share of Turkey (13, 797 people), followed by Georgia (3,018) and Russia (1,692). You can also note India (1036), Iran (978), China (856), Great Britain (580), Pakistan (546), Ukraine (456) and Bangladesh (442). Representatives of other countries are much less. Migrant workers deduct part of the wages to individual accounts of mandatory social insurance from 1 January 2006 year. --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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