Azerbaijan is planning a full-scale offensive against the negligent employers. Since the beginning of the year the Ministry of Taxes and the State Social Protection Fund (SSPF) joined the fight for the conclusion of individual contracts on employment, and now intensified the Ministry of Labour and Social Protection of Population.
According to Muharram Maharov, the deputy head of the state labor inspectorate of the Ministry of Labor and Social Protection, the pressure will be legal, the amendments to the Labour Code and labor relations are almost ready. The official said that in Azerbaijan employment extends to more than 4.4 million people, but only a third of them work on a contractual basis, which is two times lower than the world average level.
The representative of the inspection said that last year, together with the Ministry of Taxes and the State Fund it became possible to convince employers to sign contracts with 46,735 employees.
The main reason he called a large number of illegal, mostly small businesses. It can be eliminated by making the necessary amendments to the Labor Code, and thereby extending the rules of recognition of a citizen by entrepreneur. - 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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