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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Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
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Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
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Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
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Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
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