February 3, 2023

Available Funds Of Azerbaijan's State Social Protection Fund May Be Used For Investments (UPDATE)

(MENAFN– Trend News Agency)

Details added (first published: 12:24)

BAKU, Azerbaijan, February 3. The
available funds of Azerbaijan’s State Social Protection Fund may be
used as investments, trend reports.

In this regard, it is proposed to amend the law ‘On
Unemployment Insurance’.

According to the proposed amendments, the body
(institution) determined by the relevant executive authority may
direct the available funds of the State Social Protection Fund for
investments. Available funds, investment income, and unused
balances of funds allocated for investments are collected into an
account opened at the Central Bank of Azerbaijan, and their
accounting is kept separately.

The budget of the State Social Protection Fund under
the Ministry of Labor and Social Protection of the Population of
Azerbaijan will amount to 6.26 billion manat ($3.68 billion) in
2023, which is 657.7 million manat ($386.8 million) or 11.7 percent
more than in 2022.

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