The State Social Protection Fund (SSPF) under the Azerbaijani Ministry of Labor and Social Protection of the Population allocated 600 million manats ($352.9 million) for investments by November 1, 2023, and allocated an additional 200 million manats ($117.6 million) in recent days, Minister Sahil Babayev stated during a discussion of the 2024 state budget in the Milli Majlis, Report informs.
“The generated insurance reserve has been used for investments since August 2023 under the decrees and orders signed by the president of the country. We actively cooperate with financial institutions. Funds are primarily allocated to the country's capital market. This means support measures for the development of these markets,” he noted.
Besides, the minister noted that about 20% of the SSPF budget is generated through contributions from the state budget: “The remaining 80% are funds collected through contributions to compulsory state social insurance.”