The results-based budgeting model developed in Azerbaijan could become one of the country's internationally recognized successful practices, like ASAN Service, in the future, Ilham Karimov, Head of the Results-Based Budget Policy Department of the Ministry of Finance, said at the conference titled "Digital Financial Ecosystem: A New Stage in Governance" held in Baku, APA-Economics reports.
According to him, during the development of the results-based budgeting mechanism in Azerbaijan, international experience was extensively studied, methodologies applied by various countries were examined, and national characteristics were taken into account.
"We studied international experience and the approaches of various countries. We spent approximately one year on this and eventually launched the pilot phase. During the pilot period, the advantages and shortcomings of the applied methodology became apparent. During this period, we developed our own mechanism adapted to Azerbaijan," I. Karimov said.
He noted that the developed mechanism differs in certain features from models existing in international practice and can be considered a unique Azerbaijani model.
"I believe that after some time, Azerbaijan's results-based budgeting model could also become one of our country's internationally recognized brands, like ASAN Service," the ministry official emphasized.
According to I. Karimov, digitalization will play an important role in implementing this model. The development of electronic systems is one of the necessary conditions not only for accelerating and improving budget processes but also for implementing results-based budget management.
He stated that the application of digital solutions will enable more efficient organization of budget processes and the formation of new approaches to public financial management.
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