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Ulviyya Poladova

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On July 28, Azerbaijani Deputy Minister of Finance Himalay Mamishov met with a delegation from the Korea Fiscal Information Service (KFIS), AzerNEWS reports.

According to the Ministry of Finance’s Press Service, the meeting focused on reforms aimed at the digital transformation of public financial management in Azerbaijan, the study of Korea’s advanced experience in this field, and the design of digital financial control and treasury systems, as well as the preparation of a roadmap for their implementation.

The project is expected to include an assessment of existing public financial management processes and information systems, the study of international best practices, and the development of modern digital solutions tailored to Azerbaijan’s needs.

Mamishov said that digital transformation in public finance management is one of the important directions of institutional reforms being carried out in the country. He highly appreciated the expert and consulting support of the Korean side and emphasized the importance of continuing cooperation towards concrete results, knowledge and technology transfer, increasing institutional capacity, and forming a modern digital public finance management model.

It was noted that in April this year, a delegation from the Azerbaijani Ministry of Finance visited the Republic of Korea, where it studied the country’s experience in digital public financial management based on the dBrain+ system.

Earlier, during a meeting between Azerbaijani Finance Minister Sahil Babayev and a KFIS delegation led by its President Seok Ho Yoon, a memorandum of understanding on cooperation in the digitalization of public financial management was signed.

As part of this cooperation, Azerbaijan plans to draw on Korea’s experience with the dBrain+ system to establish a unified Digital Public Finance Information System, centralize financial data, and improve transparency, accountability and efficiency in public financial management.

During the meeting, the application of artificial intelligence-based solutions in public finance management, the formation of data-based decision-making mechanisms, budget forecasting and early identification of fiscal risks, the improvement of audit and control infrastructure, as well as strengthening the cybersecurity framework of public financial information systems were identified as priority areas for future cooperation.

At the end of the meeting, a Memorandum of Understanding was signed between the Digital Finance Center of the Ministry of Finance and KFIS on "Designing and preparing a roadmap for Azerbaijan's digital financial control and treasury systems".