OREANDA-NEWS. May 12, 2010. SSPFA chairperson Salim Muslimov stated that the major part on the project is to create a model on the basis of actuary settlements (surveys).

“We’ve already announced a tender procedure for creation of an actuary and first three members for the group have been selected. An international consultant will be chosen soon as well with whom the group will work for certain period and continue work independently further. We expect that the group will compose eight members,” Muslimov said.

The project budget allocates about USD14 million for the project works on the Fund.

“Today the chief task is to register as more working people as possible   and legalization of salaries. The second task is to run actuary settlements and define further direction of the system itself,” Muslimov said.

On Saturday the WB overview mission on the project started work.

As a whole, the project aims to assist to ensuring financial stability of country’s pension system. PSAP is only a part and aims to support large program of reforms in social sector of Azerbaijan.

While the total project budget is USD 54.6 million, the WB extended USD 26.7 million on the conditions of the International Development Association and USD 27.9 million will be financed by the government. Project period is 4/5 years.

The project is aimed at reducing poverty level in the country, creating social expertise to establish invalidity level and conduct structural changes, and staff training.

PSAP also composes a component setting a goal to support the SSPFA. This USD 11.5 million component includes actuary settlements, estimate of the available system, financing of the system in the future, etc.

WB orients PSAP on improvement of both social security and a programme of labour market policy. The Project stipulates a programme of social services with purpose of social system improvement, introduction of social rehabilitation programme.