A new strategy for the development of digital economy and modernization of Azerbaijan’s financial sector is being implemented in accordance with the decree of President Ilham Aliyev on the approval of the Digital Public Finance system, writes “Azerbaijani View”.
According to the decree, measures should be taken to host, maintain and improve the system in the “Government Cloud” (G-cloud). It also envisages inclusion of the system in the “Unified Register of State Information Resources, Systems and Electronic Services” and in the State Register of Personal Data Information Systems.
Unified financial brain
The smart platform will act as a living link for all the state’s cash flows: from the moment taxes and fines are received to long-term planning of the state debt and control over the construction of large facilities, says the Caspian newspaper.
According to experts, the state’s “unified financial brain” is designed to radically increase the transparency and efficiency of each operation, replacing disparate and largely outdated approaches with a common intellectual mechanism.
The transition is based on 13 specialized subsystems. They cover everything from electronic budget planning to control over expenditures of state companies and state debt management.
Electronic contracts, digital accounting and automated payment systems give additional impetus to the reform. All these tools consistently narrow the opportunities for shadow operations and make financial reporting as transparent as possible.
Azerbaijan’s Ministries of Finance and Digital Development are working to make the system as efficient as possible. And the World Bank is assessing the readiness of the country’s financial system to implement AI to assess risks and fight corruption.
