Over six months of the year more than half of the revenues of the state Social Protection Fund (SSPF) totaled compulsory employer contributions for social insurance need.
Of the received a total of 1 billion 306.6 million manat (+ 34.2 million compared to July 1 last year) 723.8 million or 55.4% were exactly for this position (261 million for the budget organization, 462.8 million for the private sector.) The remaining income (with a few exceptions are transfers from the state budget.)
State Fund expenses before June 1 totaled 1 billion 241.9 million manats. On the payment of pensions and allowances were directed 1 billion 219 million manat (pensions - 1 billion 190.6 million manat, payments on benefits for various purposes - 28.4 million manat.)
Thus, the achieved current budget surplus of the State Fund is 64.7 million manat.
The deficit-free budget of the State Fund for 2013 was set at 2 billion 632 million 695 thousand manat. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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