President Ilham Aliyev allocated AZN 6 million for self-employment. Due to the economic crisis, the unemployment rate in Azerbaijan is growing and the government is taking certain measures to promote employment.
These funds are allocated to the Ministry of Labor and Social Protection of Population of Azerbaijan from the President's Reserve Fund in the state budget. The President’s order made no mention of a specific project under this funding. According to official data, during the last 4 months about 40 thousand people lost their jobs.
The interlocutor at the Ministry of Labor and Social Protection of Population told Turan that in each of the 68 areas 20 able-bodied families will be selected and will be provided 4 thousand manat each. With these funds, they will create a small business. Part of the funds allocated from the state budget will be allocated to the insurance of the business property of these families. Experts specially trained with the support of the International Labor Organization will assist these families to start a business.
In Azerbaijan social assistance is received by more than 120 thousand families. According to the analysis of their composition, 55% of them can ensure their employment with certain financial assistance. --08D
Economics
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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.
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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.
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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.
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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.
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