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Implementation of project on improvement of financial control system started in Azerbaijan

28 September 2011 10:45 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Today, opening of twinning-project on â€œsupport to State Financial Control Service in improvement of financial control system in Azerbaijanâ€, financed by European Union was held in Baku. Deputy Minister of Finance Azer Bayramov noted that, importance of improvement of control on budget funds was actualized on the background of increase of state budget and quick economic development in Azerbaijan.

According to him, state budget rose by approximately 20 times, during 11 years. But this creates several problems. So that, the control to useful and targeted usage of budget funds must meet the modern standards and several steps were taken for this. Firstly, State Financial Control Service was established under the Ministry of Finance and at present, the works on improvement of this system within the twinning-project will be started.

Note that, partners of the project are Finance Ministry, Estonia Finance Ministry and Germany Federal Finance Ministry. Head of the project Javanshir Yusifov says the main purpose of the project is to develop a strategic concept on development of financial control system.

The project is planned to implement during 18 months and European Union allocates â‚¬800,000 to this.