The problem of financial sustainability in the development of the pension system of Azerbaijan: the essence within the system and as the important direction of reforms

Alirzayev Emin Ali

Journal number 3 ∘ Alirzayev Emin Ali ∘
The problem of financial sustainability in the development of the pension system of Azerbaijan: the essence within the system and as the important direction of reforms

10.36172/EKONOMISTI.2021.XVII.03.ALIRZAYEV.EMIN.ALI

Annotation: The article gives a brief overview of the problem of financial sustainability of the pension system which is an important direction for the development of modern pension systems in the prism of the pension system of Azerbaijan. The article discusses the place of financial sustainability as a problem in the development of a modern insurance and pension system in Azerbaijan and the main steps taken to ensure it, their decisive features and the results achieved. At the same time, the author assesses the main problems related to the financial sustainability of the insurance-pension system of Azerbaijan, as well as the areas that need to be taken into account in the further reforms to regulate the pension system in terms of financial sustainability.

Keywords: financial sustainability problem, financial sustainability of pension system, insurance-pension system, mandatory state social insurance contributions, mandatory state social insurance contributions fund, pay-as-you-go (PAYG) system, pension dependecy ratio, pension replacement ratio

Introduction

For pension systems, the expansion of its funding sources and the strengthening of insurance principles in pension provision can be directly linked to the role of the pension system in solving the problem of financial sustainability.

In the field of pension provision, which is a key component of social protection, the concept of "financial sustainability", which is an important assessment factor in accordance with international theoretical principles and is multifaceted in itself, is a separate problem that can be characterized due to capacity to meet system's liabilities by internal financial opportunities.

However, since the financial sustainability of pension systems cannot be measured by any single criterion, its assessment requires a comprehensive approach based on the analysis of various areas of impact on financial sustainability.

In the example of Azerbaijan, where the pension system is based on the principle of solidarity and based entirely on mandatory state social insurance, the problem of financial sustainability of the pension system can be characterized by the possibility of meeting the current and prospective obligations arising from the management of mandatory state social insurance and pension subsystems in the state social insurance system at the expense of financial resources.

In terms of pensions, the main source of regulation of financial opportunities on this issue in a multiplicative economic interdependence is - the income of the population, the wage bill, the number of economically active population, the number of employees in the economically active population, population reproduction, employment level and other economic categories, that are acting as determinants and objects of research.

In the development of the pension system, ensuring the medium and long-term financial sustainability of the pension system is considered to be a key factor in the efficiency and sustainability of its activities and development. In this case, among the sources of financing of the pension system, one of the priority factors is to ensure (or increase the share) of financing the system mainly or entirely at the expense of mandatory state social insurance contributions.

Meanwhile, it should be noted that, according to national legislation in Azerbaijan, the payment of pensions alongside with social benefits (which are financed by collected (by Tax authorities) mandatory state social insurance contributions (fees)) are realized through the State Social Protection Fund under the Ministry of Labor and Social Protection of Population of the Republic of Azerbaijan (hereinafter - SSPF), of wich the revenues and expenditures with the split of concrete directions for both of these parts, are approved within the separate law of Azerbaijan Republic ratified in Parliament in annual base refecting entirely the forecasted amounts in it (Table 1.).

Table 1.Revenue and expenditure structure of SSPF in 2021 (according to budget law document of 2021 year reflecting forecasted figures)

A. Revenue directons	In percent of total	Amount, in million manat
Collected mandatory state social contributions	68,1	3502,5
Means allocted from state budget to SSPF to financiate the state budget obligations (within pension expenditures) in order to balance the budget of SSPF	31,7	1631,5
Revenues from other sources	0,2	12,0
In total		5146,0
B. Expenditure directions
Pension payments	94,8	4880,0
Benefits paid to populations at the expense of collected mandatory state social contributions	2,4	124,8
Maintainance and other management expences	2,7	141,2
In total		5146,0

Source: Implemented by the author

In this sense, the problem of financial sustainability in the provision of pensions in the context of Azerbaijan is reflected in the existing social insurance legislation, including the Laws of the Republic of Azerbaijan "On Social Insurance" and "Labor Pensions" and other normative bases, can be understood as solvency to finance various types of obligations on social insurance accidents in terms of the state social insurance system (this term is often used for the same purpose as the term "insurance-pension system"), including in retirement case, at the expense of internal (own) financial sources. From the point of view of the current legislation in Azerbaijan, the coefficient of financial sustainability of the insurance-pension system in relation to the payment of obligations to the population (pensions and benefits paid at the expense of mandatory state social insurance) can theoretically be given in the following formula:

(where - C_s - sustainability coefficient, F_c- mandatory state social insurance premium (contribution) fund (accumulated funds), M_o - other incomes (mainly receipts at the partial cost of sanatorium resort passes, refunds of pensions and benefits to the population, etc.), P - pension expenses, B - benefits paid at the expense of mandatory state social insurance contributions.

According to the annual legislation on the budget of the State Social Protection Fund, which finances other payments to the population, it is around 0.3 percent, but at the same time it is not considered as a source of funding, it would be more expedient to give the financial sustainability coefficient as below:

Based on the same approach, it is possible to give the coefficient of financial stability in pension provision in the formula:

Since the reduction of pension expenditures within the pension system will not be considered as a strategic goal, coming closer of above ratio to the figure 1 due to the reduction of pension expenditures for any reason without the expansion of the mandatory state social insurance fund for individual years, which can not be considered as an improvement in the state of financial sustainability (the problem which is complex assessment object), and it can be considered correct to come to this conclusion only as a result of a long-term approach.

Improving the financial sustainability of the pension system with the relevant state programs implemented in the insurance and pension system in Azerbaijan so far has been considered as one of the main goals in the period related to the formation of the insurance and pension system. Implementation of the “Concept of Pension Reform in the Republic of Azerbaijan” approved by the Presidential Decree of July 17, 2001 in 2001-2005, envisaged the establishment of a pension system with progressive and reliable financial security based on insurance principles in Azerbaijan. Since 2006, laying the foundation for an automated pension appointment system, laid the foundation for the further development and deepening of the pension system. Implementation of the “State Program on Development of the Insurance-Pension System in the Republic of Azerbaijan for 2009-2015” approved by the Presidential Decree dated December 30, 2008 was aimed at improving the activity of the insurance-pension system in the country on the basis of actuarial models. It stressed the importance of ensuring the direct financial sustainability of the pension system, the application of the funded component within insurance-pension system, and the development of non-state pension institutions, which were related with finacial sustainability problem itself.

The priority goals of the new stage of pension reform in Azerbaijan are defined by the “Concept of reform of the pension system in Azerbaijan in 2014-2020” (hereinafter the Concept) adopted by the relevant decree of the President of the Republic of Azerbaijan dated November 4, 2014. The concept was developed mainly to take into account international development trends in the formation of the insurance and pension system, to link the insurance and pension system with constantly updated requirements, to achieve the application of actuarial research within the system. Based on the concept, the main task was to improve the functioning of the insurance-pension system, as well as to ensure the long-term sustainable development of the insurance-pension system. The tasks and objectives adopted in connection with the adoption of the concept were directed to increase the long-term financial sustainability of the insurance and pension system using methods such as increasing financial efficiency (rational use of financial instruments, reducing the financial burden on non-insurance liabilities, etc.).

The foundation of the formation of primary insurance-pension relations in Azerbaijan was laid in 1992. As the next stage in the wave of reforms implemented since then to the current stage of development, accompanied by the formation of a progressive pension system based on the principles of individual accounting in the state social insurance system, which represents the proportional relationship between mandatory state social insurance premiums and pensions, the changes made to the labor pension legislation since July 1, 2006 were the most important step in increasing the financial sustainability of the pension system in Azerbaijan. Thus, the main results of this reform phase were the abolition of the basic part of labor pensions and the transition to the calculation of pensions based on pension capital accumulated in the personal accounts of the insured directly, or explained in short - removal of the minimum length of service in terms of pension calculation, the replacement of the "basic part of the labor pension" with the requirement to pension capital, which allows to calculate the amount of the conditional minimum pension under the concept of "minimum pension" (the need for a minimum pension capital, which forms the minimum pension amount when divided by the term (144 months)) brought the situation closer to the strengthening of insurance principles in the pension system. At the same time, according to the amendments to the legislation, the right of persons who have worked for 6 years after the pension to apply for reconsideration of mandatory state social insurance contributions for that period has had a positive impact on increasing pensions and strengthening insurance principles in the system, by creating opportunities for individuals to continue working created additional opportunities for the expansion of the fund of mandatory state social insurance funds as a source of funding for the pension system.

At that time, one of the important changes in the legislation to increase the financial sustainability of the pension system was a revision of the retirement age due to the steady increase in life expectancy in the country (Note: In 2005-2019, life expectancy at birth for men in Azerbaijan ranged from 69.6 to 74 years, for women - from 75.1 to 78.7, in average increased from 72.4 to 76.4 years). Despite the fact that the real life expectancy of women is higher, the retirement age for women in Azerbaijan as of July 1, 2017 was different (lower) than for men. Untill that, the increase of retirment age for men from the 62 to 63, and for women from 57 to 60, has had a positive effect on the regulation of the flow to the pension system and the strengthening of the insurance principle in pension expenditures. Equating the retirement age from July 1, 2017 with an additional 6 months per year on an annual basis until July 1, 2020 in men, and in the same way until July 1, 2026 in women to 65 years is an equivalent decision in relation to increase in life expectancy. The decision to increase it, along with the restoration of gender-based social justice, attracts attention as reasonable and operational step in the direction of financial sustainability.

It should be noted that, under individual legislation, the issue of taking into account only 50% of insurance premiums paid in individual accounts (the rest is allocated to finance the basic part of the pension and insurance accidents under social insurance legislation) is a clear sign of strengthening the insurance principle, resulting in a 90 percent replacement of the said ratio. On this basis, all assigned pensions were recalculated on an individual basis based on the relevant accumulated insurance capital in individual accounts, while the amount of pensions determined as a result of recalculation resulting in less than the minimum pension was also conditionally equal to the minimum pension. As a characteristic feature of these changes, in terms of financial source the liabilities of the pension system was differentiated from liabilities issued on a fully preferential basis, which are not based on the principle of insurance and have a very negative impact on the financial stability of the insurance and pension system. Pension rights acquired before 1992, pension liabilities defined by Articles 19 and 20 of the Law of the Republic of Azerbaijan “On Labor Pensions” which have a preferential nature and are not essentially based on paid insurance premiums (various supplements to the pensions of persons with disabilities under the Article 19, and some special categories of pensioners (supplements to the pensions of judges, prosecutors, etc. under the Article 20) were transferred to the state budget. At the same time, the increase in the length of service requirement for a certain category of persons (civil servants, judicial servants, etc.) for the purpose of pensions under Article 20 of the Law has created additional opportunities for the expansion of the mandatory state social insurance fund. It also put an end to the practice of increasing the insurance part in accordance with the growth rate of the consumer price index, and the base part in political-administrative manner in separate. On the basis of recalculation of all pensions on the basis of pension capital, pensions were converted into amounts consisting only of a single insurance part, and pensions and pension capital accumulated in individual accounts started to be increased according to the annual growth rate of the average monthly nominal salary in the country. The transition to a methodology for increasing the accumulated pension capitals in individual accounts that not have been used yet in pension calculation in line with the growth rate (inflation rate) has laid the groundwork for a rapid increase in pensions, especially after this period.

The amount of 2.5 percent of mandatory state social insurance premiums directed to the management of the insurance-pension system (of mandatory state social insurance, individual accounting, labor pension and other social payments) was determined as management expenses, of which the excess and unused balance was referred to the social insurance reserve, that formed in the amount remaining after deduction of the part of mandatory state social insurance premiums paid to the insurance part of the individual accounts of insured persons (individuals) and management expenses, which was diverted to finance the on the base of pension capital calculated unsifficient amount of pension in order to catch the minimum amount of labor pensions established by the Law, which is aimed at financing the costs of delivery, benefits and other payments at the expense of mandatory state social insurance fees, the rules of use of which are determined by the relevant executive authority and the balance not used by the end of the year was transferred to the next year respectively, was a new and more rational approach to the effective management of the pension system in terms of funding sources and the use of financial resources, which created additional opportunities for the pension system to use mandatory state social insurance premiums.

These and other institutional reforms carried out at this stage have led to an increase in the total amount of pensions as a whole, have had an impact on improving the socio-economic situation of pensioners in the short term, and have allowed these reforms to achieve short-term goals (Table 2).

Table 2. Average amount of monthly pensions (according to the Ministry of Labor and Social Protection, at the beginning of the year, manat)

	1995	2000	2005	2010	2014	2015	2016	2017	2018	2019	2020
The average amount of fixed monthly pensions - total	1,7	13,0	24,0	100,4	170,5	173,4	177,6	192,2	208,4	221,4	263,6
old age	1,7	14,6	25,0	104,4	187,8	192,4	197,6	213,8	233,7	249,3	291,5
disability	1,9	13,5	26,5	98,5	148,4	149,4	150,3	163,2	175,0	185,0	229,7
survival	1,6^x)	7,7	20,9	80,1	126,2	130,0	140,4	153,4	164,1	175,4	210,2
social pension and according to length of service	1,2^x)	9,2	18,8	x	x	x	x	x	x	x	x

^X)The average amount of monthly pensions is calculated for families.
^xx) Including the amount of pensions of servicemen and persons with special ranks.

Source: State Statistics Committee of the Republic of Azerbaijan

In relation to the reforms carried out in the country so far, the significant diversification of sources of pension financing in accordance with the relevant amendments to the legislation in 2017 and the transition to non-insurance pension financing from the state budget should be considered an important step towards solving the problem of financial resources.

At the same time, the progress and practical achievements felt in the real life of the society allow us to say that a lot of work has been done in this area. At the same time, the fulfillment of new tasks in accordance with the new requirements reveals new responsibilities.

Socio-economic and demographic trends at the global level are revealing new forms of struggle for pension system in Azerbaijan. At present, demographic-based processes and trends that are taking place all over the world and have a direct impact on the pension systems of countries are increasingly being felt in our country. This trend is accompanied by an increase in life expectancy (in terms of pensions - the problem of aging) and a decrease in the birth rate, which is accompanied by an increase in the share of the retirement age population segment in Azerbaijan, as well as by the declining increase of the share of the population in working age. Increasing the tendency of the pension system to narrow the source of funding, this can be characterized as a worrying signal regarding the financial sustainability of the pension system for the next period, especially for the long term.

Since the first years of independence, reform measures to reduce the insurance premium rate in mandatory state social insurance from 35% to 25% and systematize the regulatory framework for mandatory state social insurance by improving the social insurance legislation in Azerbaijan have had a positive impact on entrepreneurship development. The fund has given impetus to the expansion of pension resources from both the public and especially from non-public sectors. Development in this area has improved the pension dependency ratio, one of the main indicators used to assess the financial sustainability of the pension system. However, as in similar pension systems based on the principle of global solidarity and financed only by mandatory state social insurance premiums, the existing pension mechanisms in Azerbaijan should focus on increasing or at least maintaining the ratio between pensioners and the number of active insurers (pension dependency ratio). This problem should be more adressed in terms of ensuring financial sustainability through the regulation of long-term deficits in the pension system the demographic problems that become increasingly important in recent years.

Increase in the individual account of the insured in the personal accounting system until the right to a pension based on the inflation rate in the sense of conditional maintenance of the value of capital accumulated in individual accounts, which has played a role in increasing the amount of pensions to date, and assuming that a pension consists of single insurance component the application of the dual indexation methodology, which is in line with the annual growth rates of the average monthly nominal wage, provided that the conditional capital accumulated in individual accounts is converted into future real pension expenditures, also have a costly effect on the system.

If the share of mandatory state social insurance contributions in the cost of payments to the population, including pensions and benefits paid at the expense of the mandatory state social insurance, varied approximately from 63% to 73% in 2016-2020, the progress was a very positive trend in the short term. It also increases the importance of keeping the problem in focus in terms of the above mentioned macro approach.

Achieving a reduction in the use of state budget funds in the financing of pension expenditures is considered a positive factor in financial sustainability. The size of collected mandatory state social insurance contributions have increased significantly in recent years (Graph 2.).

Graph 1. Revenue-expenditure dinamics of SSPF in 2005-2019

Note regarding years: 1-2005, 2-2010, 3-2015, 4-2016, 5 -2017, 6-2018, 7-2019

Source: Implemented (and contained figures calculated) by the author based on released annual report material’s statistics ( https://www.sosial.gov.az/uploads/yhs.pdf).

Due to the first semiannual results of 2020, the share of transfers in the Fund's revenues has dropped from 38% to 26% as a result of measures taken to increase transparency and optimize the pension system in the last two years [13].

Based on the obtained formula and a brief structure of at the beginning of the article we can calculate the notional financial sustainability ratio for pension provision system in Azerbaijan in recent 15 year period that can provide an overall view on regulation of financial management within insurance-pension system in the country. But the indicators reflected could not be used as a prove to say that the tendency will remain for the next 15 years too. This may occur, however the assesment of financial sustainibility problem in relation to pension provision system need to take the period of up to next 30-50 years in order to make projections on it.

Graph 2. Financial sustainability ratio (calculated)

(The ratio of financial sustainability in relation to pension provision is calculated based on - own funds of SSPF (the amount of mandatory state social insurance contributions) divided into pension expenditures and the ratio of financial sustainability in relation to SSPF management is calculated based on own funds of SSPF divided into SSPF total expenditures).

Note: The points consequently corresponding to the years: 1.-2005, 2.-2010, 3.-2015, 4.-2016, 5. -2017, 6.-2018, 7.-2019/ Source: Calculated by the author based on released annual report material’s statistics (https://www.sosial.gov.az/uploads/yhs.pdf).

As seen from the graph above, for the timeperiod of near 15 years (2005-2019) the trendline for the ratio of financial sustainability in regard to pension provision tends to increase. But for the period of 2005-2015 the line has a negative inclination. So, as a complex and uncertain phenomen even, the problem of financial sustainability assessment of pension provision requires longterm and multifactoral analyses and calculations to make predictions on it.

Considering that the existing pension system in Azerbaijan still belongs entirely to the category of single-tier pension systems (Pay-as-you-go (PAYG) system) based on mandatory state social insurance premiums, mandatory state social insurance fee fund paid under the state social insurance system can be assessed as a direct factor in the financial sustainability of the pension system within the existing institutions in Azerbaijan. Adequate competence in the organization and management of mandatory state social insurance in the country so far has resulted in a fairly good level of collection of mandatory state social insurance contributions and the absence of a current deficit in the financing of current pension liabilities. Against the background of overall economic growth in Azerbaijan, the dynamic growth of the mandatory state social insurance fund so far, as well as the diversification of sources of pension financing in 2017 due to changes in the above-mentioned pension legislation due to the growing financial capacity of the state budget meeting the part of pension liabilities not financed by mandatory state social insurance premiums at the expense of the state budget did not create a financial burden to the extent that would put pressure on the state budget.

In Azerbaijan, despite the long-term growth dynamics of mandatory state social insurance premiums, the mandatory state social insurance premium fund that still not considerated due to the possibility of evaluating the system as a financial resource in terms of dividends as in international practice (corresponding to the second pension stage) or other private financial sources, the lack of opportunities for voluntary (additional) pension provision with the attraction of funds makes it increasingly important to take measures related to the prospects of financial sustainability of the pension system.

At present, in order to ensure the long-term sustainability of the pension system for the next 30 years or more that requires the application of actuarial-mathematical calculations and methods to forecast the income and expenditure balance of the pension system, which provides optimal options for forecasting the long-term pension system and is considered an indispensable factor for conducting necessary regulatory reforms. In this regard, the experience of cooperation in the framework of the World Bank's PROST project is already an important source of information in determining the main contours of the future of the pension system in Azerbaijan.

International experience in this area proves that it is essential to ensure the financial sustainability of the system and increase its financial capacity in order to maintain the long-term growth rate of the pension system. Thus, only on the basis of the development of a three-tier pension system, it is possible to solve the problems that pension systems will face in the future. Many developing countries have already tested the quality of pension provision and have long-term experience that can improve the well-being of the population. In these countries, along with the level of pension provision based on the system of solidarity based on the mandatory state social insurance system (Pay-AS-You-Go (PAYG) principle), there is a functioning voluntary (additional) pension system, which plays an important role in general pension provision. At the same time, international experience shows that it is very difficult to achieve high pensions with the introduction of a system based only on mandatory state social insurance. The existence of a number of unsuccessful experiences with the mandatory or voluntarily allocation of some part of the mandatory state social insurance contributions in regard to activation of the funded part of pension, which is the second stage of the pension system, is a prudent approach to this element of pensions in Azerbaijan, and further, it is necessary to improve pension provision and achieve higher pension amounts through commercially interested pension institutions based on the use of paid insurance premiums, which set the third stage of the pension system.

Conclusion

In this article, we list some of the main problems related to pension provision as the main goal of the insurance-pension system in Azerbaijan. The main strategic directions should be identified around the following issues, focusing on the issue of financial sustainability at this stage, taking into account the factors affecting the financial sustainability of the pension system in a complex intersectoral relationship:

- reconsideration of the regulation of non-insurance pension expenses, preferential guarantees or expenses related to pension provision;

- taking measures to achieve a favorable pension dependency ratio in relation to pensioners and insured persons (individuals who is active in terms of contributions payment), who are the main driving force or participants of the pension system;

- Ensuring the dividend of investment-oriented use of funds left over from the use of mandatory state social insurance funds and the use of the proceeds to improve the pension system and pension security;

- non-insurance expenditures create an increasing (expected) financial burden for the long-term financial sustainability of the pension system, ant its share in pension expenditures has not yet been reduced to a minimum, thus preventing an increase in the tendency to deviate from the principle of social justice among pensioners;

- Adaptation of the population's pension provision to modern requirements increasing in quantity and quality, and at the same time to create a three-tier pension system in accordance with international requirements by activating the funded part of labor pensions, but has not been implemented yet, which was conceptually envisaged at the time of laying the pension legislation in 2006, in order to achieve the solution of the problem (task) of ensuring the long-term sustainability of pension systems as a result of its establishment;

- Achieving the solution of the problem (task) of ensuring the long-term sustainability of pension systems, as a result of adapting the pension provision of the population conceptually envisaged in the social insurance and pension legislation to modern requirements of increasing quantity and quality and at the same time establishing a three-tier pension system in accordance with international requirements that will lead to expansion of financial market segments as a result of the creation of a new economic infrastructure ring in the country as an external effect, thus contributing to the development of the financial market itself, achieving the development of investment-oriented management of the insurance-pension system;

- As a result of comprehensive and consistent reforms, although the insurance-pension system still does not face problems in financing the costs, but the trends surrounding the system (expected growth of demographic aging, weakening of the financial capacity of the pension system, changes in the nature of labor relations, global challenges, etc.) requires to control the system as a whole through long-term forecasting of the pension system (for the next 30-50 years) by achieving the creation of an adequate decision-making mechanism through the assessment of long-term effects.

References:

Concept of pension reform in the Republic of Azerbaijan approved by the Order of the President of the Republic of Azerbaijan No. 767 dated July 17, 2001 (in aze. language);
“State Program on Development of Insurance and Pension System in the Republic of Azerbaijan for 2009-2015” approved by the Presidential Decree dated December 30, 2008 (in aze.);
“Concept of pension system reform in the Republic of Azerbaijan in 2014-2020” approved by the Order of the President of the Republic of Azerbaijan dated November 4, 2014 (in aze.);
Law of the Republic of Azerbaijan No. 221-IIQ of February 27, 2001"On individual accounting in the state social insurance system"
"Instructıons on the rules of collection of compulsory state social insurance premiums" approved by the decision of the Board of the State Social Protection Fund of the Republic of Azerbaijan dated July 9, 1997 N 7/1 (in aze).
Law of the Republic of Azerbaijan "On Social Insurance" dated February 18, 1997 № 250-IQ (in aze.)
Law of the Republic of Azerbaijan No. 54-IIIQ of February 7, 2006 "On Labor Pensions" (in aze.)
Law of the Republic of Azerbaijan No. 1378-IVQ of October 20, 2015 "On the budget of the State Social Protection Fund of the Republic of Azerbaijan for 2016"
Law of the Republic of Azerbaijan No. 449-VQ of December 16, 2016 “On the 2017 budget of the relevant executive authority implementing social security and protection” (in aze.);
Law of the Republic of Azerbaijan No. 904-VQ of December 1, 2017 "On the 2018 budget of the relevant executive authority implementing social security and protection" (in aze.);
Law of the Republic of Azerbaijan No. 1350-VQ of November 30, 2018 “On the 2019 budget of the relevant executive authority implementing social security and protection” (in aze.);
Law of the Republic of Azerbaijan No. 1697-VQ of November 29, 2019 “On the 2020 budget of the body (institution) determined by the relevant executive authority implementing social security and protection” (in aze.);
https://www.sosial.gov.az/post_360210 (27.07.2020)