IMF backs Azerbaijan's attempts aimed at improving social insurance

The International Monetary Fund (IMF) is always ready to provide technical assistance to reforms on the creation of an insurance pension system in Azerbaijan that totally meets international standards.

This was stated by the head of the IMF mission to Azerbaijan Raja Al Marzugi during a meeting with the administration of the Azerbaijani State Social Protection Fund (SSPF) in Baku, the fund report stated on Wednesday.

According to him, the IMF supports the measures implemented in Azerbaijan aimed at improving the situation on the fees for compulsory social insurance.

According to the SSPF chairman Salim Muslimov, the main goal for the development of insurance pension system in Azerbaijan in the near future is to increase the cash flow of funds by a full registration of insurers and legalisation of wages.

"Significant progress has been made in increasing the fees for compulsory social insurance and joint work is being conducted with other relevant stakeholders to address the problems in this area," Muslimov said.

According to him, development of draft laws on a number of changes and amendments to the laws 'On labour pensions' and 'On Social Insurance' is underway.


/Trend/