State Social Protection Fund (SSPF) has decided to pay the money taken nine years ago at the World Bank.
The Bank in June 2004 approved a loan for Azerbaijan in the amount of $ 10 million for the project "Support to the reform of the pension system and the system of targeted social assistance." The loan is designed for 35 years, the first 10 of which are a grace period at the rate of 0.75% per year.
As Turan reported from the Fund, from January next year there will begin repayment of principal amount of the loan - 231 thousand manats for the entire year. Difficulties would not arise as the means are included into the balanced budget of SSPF.
The project consists of two components, each of which is equal to $ 5 million. The first part, the beneficiary of which is the SSPF, provides support for the reform of the pension system, coupled with the introduction of individual registration of social insurance. The second part (the beneficiary - the Ministry of Labor and Social Welfare) is to improve the system of targeted social assistance. - 17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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