Web Desk February 3, 2021

As a result of transparency in the labor market, receipts from compulsory state social insurance have increased, thereby reducing the dependence of the Azerbaijani State Social Protection Fund on the budget, Azerbaijani Minister of Economy Mikayil Jabbarov wrote in his Twitter account, Trend reports on Feb. 3.

“The share of funding from the budget reached 38.1 percent in 2017, then as of 2020 this figure is less than 25 percent,” Jabbarov said.

Earlier, Jabbarov said that tax revenues from the country’s non-oil sector in 2020 exceeded 5.6 billion manat ($3.3 billion).

The minister previously stressed that Azerbaijan’s task is to double the country’s GDP by 2030 in accordance with the new 10-year development plan, which requires an average annual economic growth rate of seven percent.

In accordance with the instruction of Azerbaijani President Ilham Aliyev, the measures are being taken to diversify the Azerbaijani economy.

 

Source: TREND News Agency

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