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Baku hosts international conference on transparency in financial resources management in post-crisis economy

16 October 2009 13:05 (UTC +04:00)

Baku. Rashad Suleymanov - APA-ECONOMICS. A two-day conference on â€œThe Role of Transparency in Financial Resources Management in Post-Crisis Economyâ€ has today kicked off in Baku.

Ziyad Samadzade, head of Azerbaijan Economists Union and chairman of a parliamentary committee on economic policy, hailed Azerbaijan as one of the top economic reformers in the world.

According to him, the government has several programs to promote transparency in the financial resources and spending.

"This kind of financial control plays a big role in insuring the countryâ€™s economy against negative effects, particularly in the context of economic crisis", he added.

Heydar Asadov, Chairman of the Accounting Chamber of Azerbaijan, noted that the country has created new financial resources supervision mechanism.

He described the measures taken by the Accounting Chamber in the field of financial control.

Shahmar Movsumov, Executive Director of the State Oil Fund of Azerbaijan (SOFAR), spoke about the activities of SOFAZ, saying that the public is regularly updated of SOFAZâ€™s revenue and expenditure.

He briefed the participants about Azerbaijanâ€™s achievements as part of the Extractive Industries Transparency Initiative (EITI).

Sahil Mammadkhanov, Deputy Minister of Taxes, spoke about tax system reforms and a two-year rpogramme to introduce an electronic audit system in the short term.

In his words, the use of the state-of-the-art information technologies will allow transferring data from cash registers to the central database through GPS.

Representatives from Russia, Uzbekistan and Turkey also made reports at the event.

Note that the 2-day conference will hear reports on the topics such as "Current problems in the formulation and implementation of the state budget", "The role of the public financial control in transparency and efficiency", etc.

The event is organized by the Parliamentary Committee on Economic Policy Committee, the State Oil Fund, Ministry of Finance, Ministry of Taxation, the Accounting Chamber, Azerbaijan Economists Union and Chamber of Auditors.

The conference is being attended by representatives of more than 15 countries and several international organizations.