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Salim Muslimov: Azerbaijan should be cautious about the establishment of private pension funds amid global financial crisis

11 December 2008 15:06 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. Against the backdrop of global financial crisis Azerbaijan should be cautious about the establishment of private pension funds, said Salim Muslimov, Chairman of he State Social Protection Fund.
He added private pension funds a number of countries suffered large losses as a result of the crisis.
According to him, the loss was more than $1 trillion in the United States alone.
â€œFunds in Russia, Kazakhstan and other countries are not in a better situation either. This proves Azerbaijanâ€™s delaying the establishment of private pension funds was a wise move. It would have been difficult to raise funds during the financial crisis,â€ he added.