BUDGET OF SOCIAL FUNDS FOR 2004 INCREASED
Chairman of the standing committee of the Parliament on economic policy Sattar Safarov said that Parliament should discuss two non-budget funds. One of them is State Oil Fund, as an internal part of consolidated budget and general incomes of state. Therefore, the State Oil Fund independently is not discussed. Today, the Fund accumulates $800 million. As to budget of the state fund for social security, it has been independently discussing for several years. Key goal of the Fund is to increase the life level of population, in particular, of the vulnerable. President Ilham Aliyev signed a large Decree connected with the actions for acceleration of socio-economic development in Azerbaijan. The Decree determines priorities of opening new working places, rise of capital investment in the economy, rational use of internal and external financial sources for development of regions. The document will also serve growth of revenues to the State Social Security Fund.
Before elaboration of the bill on State social security Fund, were taken into account the requirements resulting from the decrees and executive orders, issued by nationwide leader Heydar Aliyev, connected with rise of pensions and allowances, improvement of life conditions of the vulnerable. The bill comprises 12 articles, which point macro-economic indices of the Fund, volume of incomes and expenses, rules of accumulation of revenues.
In comparison with the pervious year, incomes and expenses of budget of the Social Security Fund for 2004 have been increased by 10 percent.
Speakers stressed the necessity of strengthening of legal base connected with improvement of living conditions of the vulnerable.
There are 1 million 300 thousand pensioners in the country. Revenues of budget of the state social security Fund for 2004 was defined as 1 trillion 970 billion 520 million manat. Ratio of the Fund’s revenues and GDP is 5,2%.
Revenues of the Fund mainly will be financed from two sources. The Fund will receive 1 trillion 285 billion 520 million manat from the State social security Fund and 685 billion manat from the assignments of state budget.
Expenses of the Fund in accordance with the revenues was established at amount 1 trillion 970 billion 520 million manat.
After a number of proposals, the draft was adopted.
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