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
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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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