Azerbaijani parliament on today's plenary session approved the project a balanced budget of the State Social Protection Fund (SSPF) of the following year. The budget is expected to reach 2 billion 632.695 million manats (180 million compared with the expected implementation of the current budget).
According to Salim Muslimov (fund manager), guided by the proposals of deputies in the deliberations of the last meeting of the Milli Majlis, decided to make partial changes in the document.
Thus, the income on contributions for compulsory social insurance should amount to 1 billion 550 million 161.4 thousand manats (private sector will make 860 million manat).
Transfers from the state budget is expected to reach 1 billion 077 million 33.6 thousand manats, other income - 5.5 million manat.
The expenditure will be more branched. While 97.6% of all costs (2 billion 570.271 million manat) will fall on the payment to the population. Pensions will total 2 billion 500.291 million manat, and welfare benefits - 69.98 million manat.
The maintenance of the central administration and local government in the fund will cost 23.2 million manat, 19.7 million of which will absorb the banking services in connection with the payment of pensions to the population.
Muslimov said that at the suggestion of MPs in two settlements of the Shirvan city and one village in the Neftchala district ATMs were installed for pensioners. At the beginning of next year there will be installed an ATM in Tovuz. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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