Transfers from the State Oil Fund to Social Protection Fund accounted for 47 % of its revenues
Revenues of the State Social Protection Fund (SSPF) in January-March of this year amounted to 712 million and its expenditures were AZN 696.8 million. This means a surplus of $ 15.2 million (2.13 % of the income of the fund).
According to the press service of the structure, in the "income" in the lead with 378 million manat is employer contributions under the compulsory insurance (11.6 % as of 1 April last year). Private sector listed 242.2 million and budget organizations - 135.8 million manat.
Almost at the level of deductions were transfers from the state budget - 333.6 million manat. Other income amounted to 0.4 million manat.
Among the additional costs in the first place are payments to the population - 685.2 million manat, including pension payments - 669.9 million (13.2 %) and the payment of benefits - 15.3 million (13.3 %).
Running the office and the branches of SSPF cost 5.06 million manat, payment bank charges in connection with the payment of pensions and benefits to the population - 2.73 million manat , other costs - insignificant.
Income and expenses for 2014 at SSPF were approved at the level of 2 billion 928 452 000 manat. - 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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