According to the State Social Protection Fund (SSPF) of Azerbaijan, the amendments to the state budget will be reflected in its income. This figure will increase by approximately 7.4% (from the 3,078,570,000 AZN approved by the Azerbaijani President to 3,307.36 million AZN).
As a rule, the bulk of the revenue of the deficit-free budget of the Fund amounts to compulsory social security contributions (4.2% - up to 2 billion 54.99 million), with the main share for the private sector (presumably + 22,540,000 to 1 billion 294.74 million manats).
Transfers from the state budget will also grow - according to expectations, by 13.3% to 1 billion 246 million manats.
Payment of pensions will be spent, supposedly 3 billion 136.1 million manats (the approved figure is 2 billion 923 million 588 thousand manats), and the payment of benefits will be AZN 102.85 million (approved is 87 million 557 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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