Azerbaijan and Kazakhstan discuss cooperation to enhance transparency in public finance

Cooperation between Azerbaijan and Kazakhstan aimed at increasing transparency in public finance was discussed during a meeting between Vuqar Galməmmədov, Chairman of Azerbaijan's Chamber of Accounts, and Alikhan Smailov, Chairman of Kazakhstan's Supreme Audit Chamber, Report informs, citing the Ministry of Finance of Azerbaijan.

The delegation led by Gulmammadov, including representatives from the Ministry of Finance, is currently on a visit to Kazakhstan.

During the meeting, prospects for cooperation between the two supreme audit institutions were reviewed, mutual interests were exchanged, and presentations on the activities of both bodies were given.

The role of cooperation between the supreme audit institutions and the Ministry of Finance in enhancing accountability and transparency in public finance was emphasized. The importance of joint efforts in ensuring budget funds are spent according to their designated purposes was highlighted. The participation of Ministry of Finance representatives in the visit contributes to practical experience exchange and improvements in budget management and financial reporting.

Additionally, a seminar attended by representatives of both countries' supreme audit institutions and finance ministries featured presentations on the state budget drafting and execution, as well as the audit of consolidated financial statements. A broad exchange of experience in financial management took place.

Within the visit framework, discussions were held between the delegation and the Kazakhstan Ministry of Finance on various issues related to the state budget drafting and execution processes, including revenue and expenditure forecasting methodologies, budget fund management, results-based budgeting, and financial accountability.

According to clause 19 of the "Comprehensive Program for the Development of Cooperation between the Republic of Azerbaijan and the Republic of Kazakhstan for 2022–2026," cooperation between the supreme audit institutions of the two countries is to be strengthened. For this purpose, a bilateral cooperation action plan for 2024–2026 was approved last year, and a memorandum of cooperation was renewed. The document envisages parallel audits, organization of training and seminars to enhance staff professionalism, and business trips for the exchange of best practices.