femida.az
The Ministry of Labor and Social Protection of Population presented the activities of the ABAD legal entity of public right (support to family business in the ASAN system).
According to the head of the Ministry, Salim Muslimov, ABAD implements projects that form competitive family farms in support of small and medium-sized businesses.
"We are implementing a program of self-employment, and the organization will be an additional effective support mechanism for the creation of family farms by low-income families," said the Minister.
Recall, the innovation was introduced by order of the President "On additional measures in self-employment" on April 7, 2016. According to the document, AZN 6 million was allocated for these purposes. This is supposed to provide self-employment for some 1,400 families for which small family farms have been created. --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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