The State Social Protection Fund (SSPF) reported the results of last year. According to this, there was a budget surplus - the advantage of income over expenditure is expressed in 25.5 million manat.
Total revenues for the state fund last year amounted to 2 billion 894,300,000 manat (223 million manat or 8.3% as of 1 January 2014). Traditionally, the largest share was contributions to compulsory social insurance - 1 billion 744,900,000 manat, 64.6% or 1 billion 126,400,000 manat of which is formed at the expense of the private sector. Proceeds from budget organizations amounted to 618.5 million manat and other expenses were 7.4 million manat. Transfers from the state budget were 1 billion 142 million manat.
The expenses were 2 billion 868,800,000 manat. To finance various types of pensions including labor pensions 2 738 500 000 manat was directed, and other benefits were 70.6 million manat.
The income and expenses of the SSPF in 2014 were approved at the level of 2 billion 928 million 452 thousand manat. --17D-
Economics
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The Azerbaijan-Pakistan Business Forum, held in Baku, showcased the growing economic ties between the two nations, as officials and business leaders discussed enhancing cooperation across key sectors. Ambassador of Pakistan to Azerbaijan, Gasim Mohiuddin, emphasized the long-standing, fraternal relations between the countries, underscoring a shared vision of progress and prosperity.
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Azerbaijan and Brazil have signed a Memorandum of Understanding (MoU) in the agricultural sector, aimed at stimulating the growth of investments and mutual trade, announced Azerbaijan’s Minister of Agriculture Majnun Mammadov on social networks.
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The Asian Development Bank (ADB) has approved a loan of USD 131.5 million to enhance a crucial segment of the North–South Corridor in Azerbaijan, aiming to bolster regional connectivity and strengthen Azerbaijan’s strategic position as a key transport hub between Europe and Asia. The total cost of the project is estimated at USD 160.5 million, with the Government of Azerbaijan contributing USD 29 million.
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The IV meeting of the heads of Energy Ministers from member states and observers of the Organization of Turkic States (OTS) concluded today with the signing of a joint communique aimed at bolstering cooperation in the energy sector. The agreement emphasizes key initiatives including the formation of an OTS Energy Coordinating Committee to streamline regional efforts on energy security and sustainable development.
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