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
-
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.
-
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.
-
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.
-
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.
Leave a review