Minister: Azerbaijan to digitize forecasting of 60% of state budget

Around 60% of Azerbaijan's state budget will be forecast digitally in the coming years, according to Azerbaijani Finance Minister Sahil Babayev, Report informs.

Speaking at the conference under the theme Digital Financial Ecosystem: A New Stage in Governance, held in Baku, the minister noted that within approximately three years, a unified digital registry will be created for Azerbaijan's public funds, state assets, non-financial assets, and other assets.

"This registry will make it possible to fully integrate this information with digital contract, digital treasury, and digital budget systems. Once forecasting is carried out on the basis of the registry, around 60% of the state budget in the coming years will be formed through digital forecasting. After the necessary data is generated, there will no longer be a need for an individual approach," he said.

Babayev also pointed out that the digital handover and acceptance mechanism will soon become fully operational.

"At present, advance, performance, and other bank guarantees are processed through an electronic platform. This has completely eliminated delays of five to ten working days. The mechanism is already in its final stage and will be fully launched in the coming days. This innovation will further improve the work of financial departments," he added.