Officially, Standard of Living of 97% of Pensioners Satisfactory
Today, the number of able-bodied citizens that provide funds for compulsory social insurance has reached 2 million 581 thousand people. It is 2 times more than in 2003 - said in an interview with the official website Yeni Azerbaijan the chairman of the State Social Protection Fund (SSPF) Salim Muslimov.
According to him, over the past 10 years, the basic part of labor pensions has increased by 7.1 times - up to AZN 100, the average pension reached 170 manat (an increase of 9.2 times). Above the poverty line (the average cost of living is 116 manat, for pensioners - 94 manat) 97 % of the local retirees live - said the senior official.
According to him, over the past 10 years, SSPF revenues increased 7 times. He added that among the CIS countries, Azerbaijan currently ranks third in terms of the basic part of the pension. " In Azerbaijan , the figure is $ 128, in Kazakhstan - $ 185 , in Belarus - $ 129, in the Russian Federation - $ 109.3, in Ukraine - $ 111.8, and in Armenia - $ 31.7 ," he said. - 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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