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New Pension System for Azerbaijan Will Ensure Needs of Poorest Layers of Population: US Ambassador

Business Materials 25 February 2008 15:29
New Pension System for   Azerbaijan Will Ensure Needs of Poorest Layers of Population: US Ambassador

Azerbaijan, Baku, 25 February /corr. Trend U.Ismaylova / Funds allocated by the US Trade and Development Agency (USTDA) will be used to fund technical assistance to pension reforms and design a national pension system in Azerbaijan, said the US Ambassador to Azerbaijan, Anne E. Derse, on 25 February.

"Today signing the grant agreement is guarantee of US obligations before Azerbaijan to enable all citizens to gain profit from energy resources and long-term development of the country," Derse said.

On 25 February the State Social Protection Fund of Azerbaijan and the USTDA signed a $600,000 grant agreement for the project on pension system reforms in Azerbaijan. The gross cost of the project is $1.114mln. The reforms envisage designing an accumulative pension system in Azerbaijan.

According to Derse, designing a new pension system in Azerbaijan will ensure the needs of the poorest layers of the population and create conditions to ensure pensions for future generations.

The correspondent can be contacted at: [email protected]

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