Azerbaijan's mortgage and credit guarantee funds merge
President Ilham Aliyev has signed a decree amending the Decree on Establishment of the Azerbaijan Mortgage Fund OJSC, dated Oct. 27, 2015.
In accordance with the decree, the Azerbaijan Mortgage Fund OJSC and the Credit Guarantee Fund have merged.
Thus, the newly established Azerbaijan Mortgage and Credit Guarantee Fund is a legal successor of the Azerbaijan Mortgage Fund OJSC and the Credit Guarantee Fund, and all their rights and responsibilities, as well as property are transferred to the Azerbaijan Mortgage and Credit Guarantee Fund.
The Fund is responsible for creating a mechanism of providing the population with living space through long-term mortgage lending, assisting in attracting local and foreign financial resources for mortgage lending, as well as provision of guarantees to entrepreneurs for manat loans taken from authorized banks, and granting subsidies for manat loans.
By his other decrees, Ilham Aliyev amended the “Decree on ensuring activity of Azerbaijan’s Credit Guarantee Fund OJSC,” dated Nov. 29, 2017, and the “Decree on additional measures on providing state support to empower entrepreneurs for the access to financial resources,” dated Sept.15, 2017.
Azerbaijani president increases living wage for 2018
Azerbaijani President Ilham Aliyev signed a decree approving the amount of the living wage for 2018.
According to the decree, the living wage is set at 173 manats for 2018.
The amount will be 183 manats for the working age population, 144 manats for pensioners, and 154 manats for children.
This year, the living wage is 155 manats - 164.5 manats for the working age population, 130.2 manats for pensioners, and 136.6 manats for children.
Ilham Aliyev appoints chairman to Mortgage and Credit Guarantee Fund's Management Board
Azerbaijan's President Ilham Aliyev has signed an order appointing Fakhri Kazimov as the chairman of the Management Board of the Mortgage and Credit Guarantee Fund.
Cabinet of Ministers was tasked to prepare proposals on bringing the acts of the president of Azerbaijan in compliance with this order within two months and submit them to the president.
President Aliyev has also signed an order appointing members of the Board of Trustees of the Mortgage and Credit Guarantee Fund.
Under the decree, the following persons have been appointed as members of the Board of Trustees of the Mortgage and Credit Guarantee Fund:
Sevinj Hasanova – Deputy Economy Minister of Azerbaijan;
Emin Huseynov – First Deputy Finance Minister of Azerbaijan;
Idris Isayev – Deputy Minister of Labor and Social Protection of Population of Azerbaijan;
Vadim Khubanov – Deputy Chairman of the Central Bank of Azerbaijan;
Kamil Heydarov – Head of the Sector for Monetary and Fiscal Policy Issues of the Department for Economic Policy and Industrial Issues of the Azerbaijani President’s Administration.
Azerbaijan approves 2018 budget of unemployment insurance fund
Azerbaijani President Ilham Aliyev has signed an order approving budget of the country’s unemployment insurance fund for 2018.
The fund’s revenues and expenditures for the next year are approved at 89.04 million manats, according to the order.
Of the total expenditures of the fund, 35.802 million manats will be allocated for organization of events for self-employment, 33.478 million manats - for unemployment insurance benefits, 13.709 million manats - for maintaining administration of the employment service and its local bodies, 1.788 million manats - for paid public work, 1.613 million manats - for professional training and additional education, 1.38 million manats - for co-financing (together with an insurer) of a part of salary of those insured for a certain period, 1.15 million manats - for career counseling, 120,000 manats - for organization of labor fairs and stock exchanges.
The fund’s revenues are formed from insurance payments of budget organizations and their employees (17.726 million manats), insurance payments of other insurers (53.567 million manats) and other incomes (20,000 manats).
Azerbaijan approves 2018 budget of State Social Protection Fund
Azerbaijani President Ilham Aliyev has signed an order approving the 2018 budget of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population.
According to the order, revenues and expenditures of the Fund are approved at 3,578.76 million manats in 2018.
In the Fund’s revenues for 2018, 2.273 billion manats will account for transfers on mandatory state social insurance; social payments to population will total 3,495.1 million manats.
Some 3.407 billion manats will be allocated for the payment of labor pensions next year and 88.1 million manats will be allocated for social payments and benefits.
Azerbaijan approves needs criterion for 2018
Azerbaijani President Ilham Aliyev has signed an order approving the needs criterion for 2018.
The needs criterion, used to set the amount of targeted social assistance, will amount to 130 manats in 2018.
This is while the needs criterion for 2017 amounts to 116 manats.
Ilham Aliyev approves main directions for using SOFAZ funds in 2018
Azerbaijani President Ilham Aliyev has signed a decree approving the main directions for using the funds and investment policy of the State Oil Fund (SOFAZ) for 2018.
According to the decree, the forecast aggregate value (weighted average volume) of investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for 2018 is set at 60.67 billion manats.
In 2018, SOFAZ funds will be mainly used for financing some measures related to accommodation and improvement of social and living conditions of refugees and IDPs; transfers to the state budget of 2018; transfers to the Central Bank of Azerbaijan to ensure financial stability; financing reconstruction of the Samur-Absheron irrigation system; financing the Baku-Tbilisi-Kars railway project; financing the state program on education of Azerbaijani youth in foreign countries in 2007-2015; financing Azerbaijan’s share in the Southern Gas Corridor projects.
Under the decree, the currency structure of SOFAZ’s investment portfolio is as follows: up to 50 percent of assets can be in US dollars, 35 percent in euros, 5 percent in British pounds, and 10 percent in other currencies.
Meanwhile, SOFAZ’s investment portfolio can consist of four sub-portfolios: a portfolio of debt instruments and money market instruments (60 percent of total portfolio value), a portfolio of shares (25 percent), a portfolio of real estate (10 percent), and a portfolio of gold (5 percent).
Azerbaijan's Economy Ministry to ensure financial support to trade missions
Azerbaijani President Ilham Aliyev signed a decree to include the offices of trade missions at Azerbaijan's embassies and consulates abroad into the structure of the Ministry of Economy.
According to the decree, the Ministry of Economy is responsible for ensuring material, technical and financial support to the offices of trade missions at Azerbaijan's embassies and consulates abroad.
President Aliyev approves “Law on Restriction of Use of Tobacco Products”
Azerbaijani President Ilham Aliyev has signed a decree on the application of the “Law on Restriction of Use of Tobacco Products”, dated Dec. 1, 2017.
In accordance with the law, smoking of cigarettes, hookah and electronic cigarettes in healthcare, science and education institutions, museums, libraries, cinemas, theaters, circus buildings, exhibition halls, sports venues, concerts and other mass events is prohibited.
It is also prohibited to smoke in trade and social service facilities, in the administrative buildings of airports and sea (river) ports, at railway stations, bus stations, bus stops, in public transport used for both international and domestic passenger transportation, in taxis, elevators of apartment buildings, common areas, playgrounds and within the territories of beaches.
Smoking is also prohibited in educational institutions and in their territories, in sanatorium and resort facilities and in their territories, at all enterprises, institutions and organizations, at workplaces regardless of the form of ownership and organizational and legal form, at public catering facilities, including cafes and bars, in hotels, underground and above-ground crossings, in vestibules, on platforms and in crossings of metro stations, in railcars.
In accordance with the law, an employer will allocate places for smoking. Municipalities will also take steps to restrict the use of tobacco products.