The Accounting Chamber of Azerbaijan intends to strengthen its financial administration. For these purposes two bills have been worked out, said the Chairman of the Chamber Vugar Gulmammadov.
According to him, together with the Ministry of Finance the draft law "On State Financial Control" was worked out, aimed at clarifying the powers of the bodies involved in financial control, and improvement of the relevant legal framework.
"In addition, there is a more modernized version of the law "On the Accounting Chamber" meeting the international standards of reporting," he said.
The Accounting Chamber of Azerbaijan is accountable to the country's parliament, effective since December 7, 2001 as the authority controlling the flow of state budgetary funds in AR.
Senior officials (members of the Bar, which consists of the chairman, his deputy and seven auditors) are elected every 7 years.
This entity is usually limited to generalities about the board meeting, without giving specific figures or data. According to Article 6.0.3 of the Law of AR "On receipt of information" ("Basic principles of information"), disclosure of budget revenues and expenditures is the responsibility of government agencies, including the Accounting Chamber. --17D-
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- Politics
- 23 April 2015 11:19
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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