Approximately 60% of Azerbaijan's state budget will be able to be forecast through an electronic system, 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, as part of the digitalization of public finance, the creation of an electronic accounting component has begun, and the system is being introduced in stages.
"Since August, relevant training sessions have been held for employees of more than 260 state institutions. The full digitalization of accounting reports of state institutions has already begun. We believe that by the end of the year, more than 2 million inventory items will be registered in the electronic accounting system," the minister said.
Sahil Babayev noted that starting next year, the process will cover all state organizations.
According to him, over a three-year period, it is planned to establish a unified register that will ensure the full electronic accounting of public funds and state assets, including non-financial assets.
The minister emphasized that the integration of this register with the electronic treasury and other public finance systems will expand forecasting capabilities.
"We believe that once the relevant database is established, approximately 60% of the state budget will be able to be forecast electronically. There will no longer be a need for a separate individual approach for this," Sahil Babayev added.
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