The contributions for compulsory social insurance was 58.8% of the total revenues in the State Social Protection Fund of Azerbaijan (DSMF). As of August 1, for the first time in the individual accounts of employees settled 975,700,000 manat, they told Turan in the Fund, linking it to the identification of new "gray" employers.
In total, according to the Fund, for 7 months of this year, its revenues amounted to 1 billion 660 million manat with almost identical costs - 1 658 800 000 manat. There is a small surplus - 1.2 million manat.
On the Law on State Social Protection Fund deficit budget for this year revenues and expenses are provided at the level of 2,928,452,000 manat. Transfers from the state budget revenues will amount to 1,142,033,600 manat.
Among the most significant items of expenditure there is payment of pensions (2 788 619 000), social security contributions for the mandatory insurance (73 176 000) and grants for various purposes (73 million). The running of the central and local offices of SSPF will cost 25.534 million manat. --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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