The State Social Protection Fund (SSPF) completed the first quarter with a budget surplus of 25.8 million manat.
According to the Fund, by April 1, its revenues amounted to 751.5 million manat (+ 5.5% versus the same period last year). The largest share of receipts was on compulsory social insurance (410 million manat or 54.6% of total revenues), while 270 million AZN was obtained at the expense of the private sector.
The expenses were at the level of 725.7 million manat, of which 97.6% was for pensions and another 0.4% was for the payment of benefits.
By April 1, 2015 the number of labor pensioners in Azerbaijan amounted to 1 million 293.2 thousand people. The number of contributors to the mandatory social insurance (employees and private traders) was at the level of 3 million 041.8 thousand people. --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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