Baku:In Azerbaijan, a significant milestone in digital governance has been achieved with the formalization of 7,500 contracts, valued at over AZN 3 billion, through an electronic contract system. This development was announced by Finance Minister Sahil Babayev during the “Digital Financial Ecosystem A New Stage in Governance” conference held in Baku.
According to Azeri-Press news agency, the electronic contract system, which was launched in April, marks the beginning of a transition towards fully electronic accounting of state obligations in Azerbaijan. The system creates a unified information and price database for contracts signed by various state institutions, enabling the electronic accounting of state obligations. Contracts can now be prepared and signed within a single working day, a significant reduction in time compared to previous methods.
The Finance Minister also noted that bank guarantees have been digitalized. The electronic platform now handles advance payment, performance, and other bank guarantees, simplifying procedures that previously required 5 to 10 working days. Additionally, improvements have been made in the electronic treasury system, further enhancing the digital infrastructure.