Funds allocated from Azerbaijani state budget for social benefits & pensions to be doubled

By  Trend

Expenses for social benefits and pensions in Azerbaijan’s state budget for 2020 are projected at 3.244 billion manat ($1.912 billion), which is by 770.5 million manat ($454.169 million) or by 31.1 percent more than in 2019, Trend reports Oct. 18.

These figures are reflected in the drafts state and consolidated budgets for 2020 published by Azerbaijan's Finance Ministry.

In accordance with the document, the special weight of the expenses provided for financing the costs for social protection and social security in the total budget expenditures for next year will be 12.1 percent, which is 2.3 percent higher than in 2019. In relation to GDP, these expenses will amount to 3.9 percent, which is 0.8 percent higher than in 2019.

Funds worth about 1.427 billion manat ($841.146 million) that will be allocated in 2020 for social protection and social security expenses will be directed to finance Azerbaijani state budget liabilities to balance the budget of the State Social Protection Fund under the Ministry of Labor and Social Protection of the Population, which is by 74.2 million manat ($43.737 million) or by 5.5 percent more than in 2019.

In 2020, more than 1.398 billion manat ($824.052 million) will be spent to finance social benefits, pensions and other social payments, which is by 716.1 million manat ($422.106 million) or twice more than in 2019.

($1 = 1.7 manat on Oct. 18)