The Ministry of Labor will thoroughly consider social problems
The appointment of key "reformist" positions in the Ministry of Labor and Social Protection of Azerbaijan is going on. The Director of Research and Training Centre on Labor and Social Issues is the former head of the department of social protection policies for disabled people, Vugar Hasanov.
According to the Ministry spokesman Elman Babayev, this is due to the need to develop a theoretical framework, which is one of the main activities of the center, which has strong ties with such influential organizations as the United Nations Population Fund, the European Training Foundation, the World Bank and others.
According to the new idea of the ministry, the Center, along with the study of advanced experience in the field of labor and social protection, will develop projects and proposals to reform this sector, taking into account the world experience. - 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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