Today the deputies of the Parliament of Azerbaijan listened to the draft budget for 2013 by the Chairman of the State Social Protection Fund Salim Muslimov.
According to him, the total revenue and expenditure structure is expected to reach 2 billion 632 million 695 thousand manats. The non-deficit budget will be provided by 1.55 billion manat on obligatory state social insurance, 539.19 million revenues from budgetary organizations, 73 million 526.2 thousand manats from employees of public organizations, and 77.44 mln AZN of budgetary allocations and subsidies. Transfers from the state budget are expected to reach 1.08 billion manat.
The costs will consist of the following items. Payment of the basic part of labor pensions will make up 1 billion 358.48 million manat, and the insurance part - 1 billion 141.81 million manat. Compulsory state social benefits will total 69.98 million manat, including 18 million manat for disability, 22 million AZN for childbirth of the poor, 4.5 million AZN for newly born babies, 8 million AZN for the care of children under 3 years of age, 12.67 million for funeral services, and 4.81 million AZN for the dole. For banking services it is planned to allocate 20 million manat. - 17D -
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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