The State Social Protection Fund (SSPF) of Azerbaijan in January-August this year, received income of 1 billion 624.6 million manat - 287.1 million (21.5%) more than the same time last year. The expenses amounted to 1,602.6 million manat.
According to the press service of the State Social Protection Fund, the one-month budget surplus of the Fund reached AZN 22 million (in the first quarter it was AZN 82 million).
The social insurance contributions received made up 891.9 million manat (15.2%), which also included contributions from non-budgetary sector (536.9 million manat).
Most of the costs of SSPF were on pensions - 1,571.8 million manat. -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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