Tuesday, 02 January 2024 12:17 GMT

Azerbaijan Approves Structural Changes To Set Up Digital Finance Center LLC


(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 1. The Cabinet of Ministers of Azerbaijan has approved changes in the "List of subordinate institutions not included in the structure of the Ministry of Finance of Azerbaijan", Trend reports via the Ministry of Finance.

Today, the Prime Minister of Azerbaijan, Ali Asadov, signed the relevant resolution.

The decision aims to accelerate digitalization in the management of public finance, expand electronic services, and form an institutional structure that meets new functional requirements.

The mentioned changes are being implemented within the framework of fulfilling the tasks arising from the decree of the President of Azerbaijan dated August 25, 2025, "On additional measures related to the organization of efficient management of public finance". By that decree, the creation of the "Digital Public Finance" information system was mandated to ensure more efficient management of public finance areas, including the budget, taxes, customs, state duties, dividends, and other revenues from public legal entities owned by or established on behalf of the state, on a unified platform.

In this direction, ensuring electronic exchange of financial documents between state bodies and organizations, conducting public procurements based on electronic contracts, and implementing new digital solutions have been identified as key tasks.

The resolution also formalizes in the legal framework the institutional changes made to the status of the Information-Computing Center operating under the Ministry of Finance, and the center will henceforth operate under the name Digital Finance Center LLC.

“The new structure will create conditions for the effective organization of the development, operation, modernization, and uninterrupted functioning of financial information systems; the application and strengthening of management mechanisms in line with existing information-security standards; the uninterrupted operation of primary and backup data centers; as well as the more flexible and integrated management of financial operations in an electronic environment.

The approved amendments will make an important contribution to increasing transparency, efficiency, and digitalization in public finance management,” the information notes.

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Trend News Agency

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