SSPF Added about 14 Million Manat
State Social Protection Fund (SSPF) in January-September had a budget surplus of 13.7 million or 0.64% of the Fund's income.
According to the report, the income by October 1 totaled 2 billion 152.2 million manat (+ 8.8% per year). Most came from income from compulsory social insurance - 1 billion 243.5 million manat (+ 11%), of which 810.6 million manat or 65.2% was the share of the private sector (+ 14.2%) .
Fund expenses by 1 October were at the level of 2 billion 138.5 million manat, of which 98.1% financed the pensions and benefits.
Milli Majlis and the President approved a non-deficit budget this year at 2 billion 928,452,000 manat. --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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