The forecast of revenues and expenditures of the balanced budget of the State Social Protection Fund ( SSPF ) of Azerbaijan for 2014 amounted to 2 billion 928.5 million manat (+11.2 % compared with the data of the year ) .
Less than half (39 % or 1 billion 142 million manats ) SSPF revenues will be generated by transfers from the state budget . Contributions to the state fund of social insurance of employees of budgetary institutions is projected at 541.3 million manat (up 6.1%) .
The remaining revenues of the fund will be provided by contributions for social insurance from the private sector and other income.
Revenues and expenses SSPF for 2013 were approved at 2 billion 632 million 695 thousand manats. - 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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