In Azerbaijan, 7,500 contracts worth more than AZN 3 billion have been formalized electronically through the electronic contract system launched in April of this year, Finance Minister Sahil Babayev said at the conference titled "Digital Financial Ecosystem: A New Stage in Governance" held in Baku, APA-Economics reports.
According to the minister, this marks the beginning of the transition to fully electronic accounting of state obligations in Azerbaijan.
"The electronic contract system enables the creation of a unified information and price database of contracts signed by various state institutions and the electronic accounting of state obligations. The process of preparing and signing contracts can now be completed within just one working day," the minister noted.
Sahil Babayev stated that bank guarantees have also been digitalized. Advance payment, performance, and other bank guarantees are formalized through an electronic platform. This has significantly simplified procedures that previously required 5–10 working days.
The minister also highlighted that significant results have been achieved in improving the electronic treasury system.
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