The Agency for Workforce Development Set Up
The Ministry of Labor and Social Security has prepared a proposal for the establishment of the Agency for Human Resources at the same department.
The position of this structure has been coordinated in the concerned ministries and submitted to the Cabinet.
The press service of the Ministry of Labor told Turan that the main tasks of the new structure will be the effective use of labor, better quality and competitive labor force, labor market research and preparation of necessary personnel. Note that some of these functions today are performed at the State Employment Service of the Ministry of Labor and Social Security. - 08D-
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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