Despite the fall in world oil prices and the devaluation of the manat, the deficit of the budget of the State Social Protection Fund (SSPF) for 2016 amounted to 3 billion 78 million 570.1 thousand manats. This concerns both the revenue and the expenditure side of the budget.
Yesterday the President of Azerbaijan signed a corresponding decree. According to the document, in the structure of income over a third (AZN 1.1 billion) are transfers from the state budget. As part of the payments on compulsory social insurance it is planned to get 1 billion 978.6 million manats.
Most (95.5% of expenditure) will be spent on payment of pensions - 2 billion 923 million 588 thousand manats, while on social benefits and costs of the central and local administration the State Fund will allocate 155 million manats.
Recall, income and expenses of the balanced budget of State Social Protection Fund was approved at the level of 3 billion 56 million 285.7 thousand manats. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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