(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 7. Free funds
of the State Social Protection Fund of Azerbaijan can be used for
investments, trend reports.
This issue was reflected in the bill on amendments to
the law 'On Social insurance', which has been discussed at the
meeting of the Azerbaijani Parliament.
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. They are also transferred to the
next budgetary year as part of the available funds allocated for
investments.
In 2023, the total expenditures of the State Social
Protection Fund are projected at 6.26 billion manat ($3.6 billion).
In 2022, these expenditures were predicted to be 5.6 billion manat
($3.2 billion). The growth of the Fund's expenditures is mainly
related to the financing of labor pensions, which is a significant
financial basis for strengthening the social protection of the
population.
After discussion, the document was put to the vote and
adopted in the third reading.
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