More than half of the revenues of the State Social Protection Fund (SSPF) in January-May amounted to compulsory employer contributions to social insurance.
There was received a total of 1 billion 091.8 million manat and 594.6 million or 58.3% was exactly on this position (216.1 million occurred in the budgetary organizations, 378.5 million - in the private sector). The remaining income (with a few exceptions) was transfers from the state budget.
The State Fund expenses before June 1 totaled 1 billion 030.9 million manats. For pensions there was directed AZN 1 billion 12.3 million. Payments for benefits for various purposes were 23.7 million manats.
Thus, the achieved performance of the current budget surplus of the state fund was in the amount of 60.9 million manat.
Recall that the state fund's balanced budget for 2013 was set at 2 billion 632 million 695 thousand manats. - 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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