The model PROST (Pension Reform Options Simulation Toolkit) was presented to the local pension-insurance system in Baku.
As told reporters the deputy chairman of the State Social Protection Fund (SSPF) Zakir Babayev, forecasting prospects for the development of the pension system on the basis of actuarial modeling is one of the tasks defined by the "Concept of reforming the pension system in Azerbaijan for 2014-2020".
"To this end, the SSPF started the implementation of multilateral action plan on various strategic areas. Initially to improve the Fund's structural and institutional platform the corresponding structural unit and the actuarial group were formed. In addition, to improve the internal technical and institutional capacity of the Fund, trainings were agreed with donor organizations (World Bank, European Union)," he said.
According to the head of the SSPF department of forecasting Farid Bakhshiyev at the briefing dedicated to the presentation of the model, its implementation will be finalized in May. The advantage of PROST, in his opinion, is the ability to flexibly adapt to the pension systems of different countries. --17D-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review