Azernews.Az

The European Union (EU) and Azerbaijani Finance Ministry launched a Twinning project "Support to the State Financial Control Service to improve financial controls". The project was presented in Baku on Wednesday.

The German Federal Ministry of Finance and Estonian Finance Ministry are partners in the project realization. The project is aimed to support Azerbaijan in the development of the financial control system in accordance with international standards. The project is planned for 18 months and its budget amounts to 800,000 euros.

"One of the main areas of activity within the project is the improvement of legislation in the financial control sphere.

Therefore, the EU support will help to accelerate this process and implement best practices in the country in this sphere," Deputy Finance Minister Azer Bayramov said.

Bayramov said the high economic growth rates and annual increases in the state budget are the main reasons conditioning to improve the country's financial control system.

The project includes four components - preparation of a strategy and action plan to improve the effectiveness of control systems; preparation of proposals on improving legislation; improvement of the interaction between structures; creation of training programs based on best practices and international standards.

Charge d'Affaires at the EU Delegation Jerome Pons said the EU has allocated 7 million euros to Azerbaijan for the implementation of ten twinning projects since 2006.

"These projects covered the ministries of taxes, education and agriculture, as well as parliament, government committees and the office of the Ombudsman," he said.