MPs Add a Tiny Amount to Living Wage
Today's plenary session of the Milli Majlis passed the laws "On Living Wage for 2015" and "On the need criterion for 2015".
According to the first law, the cost of living for 2015 is set at 131 manat, including AZN 140 for able-bodied citizens AZN 108 for pensioners and children. For comparison - this year the cost of living for one person is calculated at 125 manat, including AZN 136 for the working population and AZN 103 for pensioners and children.
Parliamentarians have added five manat to the current need criterion (100 manat). At their will, this figure will be 105 manat next year. Recall that the need criterion is important for determining the amount of targeted social assistance, applicable from January 2006. Its size is determined based on the difference between the "need criterion" and the size of income for each family member. Families, whose income per person, is below this criterion, are the recipients of targeted social assistance. --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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