Private Owners Provided Budget Surplus to Social Fund
About half of the revenues of state social security fund in January and February fell to mandatory employer contributions for social insurance. From the collection of 205 million 74.9 million fell to the budget sector, 130.1 million - to the private sector, which provided a budget surplus in the state fund of 14.8 million manats.
The share of budgetary institutions was most (63.4%) of total revenues, reached 439.6 million manat. Transfers from the state budget 137.2 million, other income 300 thousand manats.
SSPF expenses for two months totaled 407.5 million manat. Had on the payment of 401.93 million, of which most were retired - 393.7 million.
Recall that the state fund budget for 2013 was set at 2 billion 632 million 695 thousand manats. - 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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