Baku:Approximately 60% of Azerbaijan’s state budget will soon be forecasted through an electronic system, as announced by Finance Minister Sahil Babayev. This declaration was made at the “Digital Financial Ecosystem A New Stage in Governance” conference held in Baku.
According to Azeri-Press news agency, the minister outlined the ongoing efforts in the digitalization of public finance, highlighting the initiation of an electronic accounting component. This system is being implemented in phases, with training sessions conducted since August for employees from over 260 state institutions. The aim is to fully digitalize the accounting reports of these institutions, with more than 2 million inventory items expected to be registered in the electronic accounting system by the end of the year.
Babayev further explained that starting next year, the digitalization process will extend to all state organizations. Over a three-year period, a unified register will be established to ensure comprehensive electronic accounting of public funds and state assets, including non-financial assets. This register is expected to be integrated with the electronic treasury and other public finance systems, thereby enhancing forecasting capabilities.
The minister emphasized that the establishment of this database will allow approximately 60% of the state budget to be forecasted electronically, eliminating the need for individual approaches in this area.