Parliament far from the problems of the poor
Azerbaijani parliament on today's plenary session approved the cost of living for the next year in the amount of 116 manats. This represents an 8 manat (7.4%) more than in the year. For the workforce it will be 125 manats (AZN 9 compared with this year), for pensioners - 94 manat (10), for children - 93 manat (+6).
According to experts, the President will approve this bill far from the realities.
Parliament also approved the "criterion of needs" for next year. This means that citizens with incomes below 93 manat (AZN 9 higher than this year), will be eligible for social aid.
Today, this kind of government assistance (effective from January 1, 2006) is used by about 127 thousand people. - 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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