Azerbaijan to restructure debts on compulsory social insurance

Business Materials 13 January 2011 11:53 (UTC +04:00)

Azerbaijan, Baku, Jan. 13 / Trend U.Ismayilova /

The Azerbaijani State Social Protection Fund (SSPF) placed orders with large enterprises with overdue compulsory social insurance payments, fund head Salim Muslimov said. These companies are registered with the Department for Major Contributors to Social Insurance and 40 percent of these state enterprises are indebted to the state fund.

"The payments by major payers on compulsory social insurance rose by 12.8 percent, or 80 million manat as a result of these sanctions," Muslimov said.

He added that large enterprises do not have debts since 2003. Most paid their debt in full, he said.

Azerbaijani Railways paid its debt. AZAL has a debt of $ 3.2 million manat, which is paid in stages. Azerigaz and Azerkimya have also paid their debts. Azersu also has debt. However, some state enterprises have no revenues to make payments. The Defense Industry Ministry accumulated a debt of $8 million manat over the last 2-3 years, Muslimov said.

Regarding the private sector, Muslimov said there are currently no debts.