WB to allot $26.7m for social project
On Friday, the Azerbaijani government and the World
Bank signed a loan covenant as part of a $54.6 million project to
boost social security development in the country.
Under the project, to be implemented through 2013, $26.7m of the amount will be allocated by the World Bank, while $27.9m will be provided by the state.
The document was co-signed by Fizuli Alakbarov, Minister of Labor and Social Security and Gregori Yedzherchak, Head of the WB office in Baku.
Alakbarov said the goal of the project was to improve the allocation of direct social assistance and the provision of social services to Azerbaijani citizens, as well as to fully automate the work process and streamline the pension system.
The minister noted that a social security fund would be set up as part of the project.
"Two-thirds of the people in Azerbaijan work without registration. Ultimately, this causes problems with the provision of pensions. On the other hand, social rights of the employed population are not properly protected," Alakbarov said.
Under the project, to be implemented through 2013, $26.7m of the amount will be allocated by the World Bank, while $27.9m will be provided by the state.
The document was co-signed by Fizuli Alakbarov, Minister of Labor and Social Security and Gregori Yedzherchak, Head of the WB office in Baku.
Alakbarov said the goal of the project was to improve the allocation of direct social assistance and the provision of social services to Azerbaijani citizens, as well as to fully automate the work process and streamline the pension system.
The minister noted that a social security fund would be set up as part of the project.
"Two-thirds of the people in Azerbaijan work without registration. Ultimately, this causes problems with the provision of pensions. On the other hand, social rights of the employed population are not properly protected," Alakbarov said.
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