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 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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