Azerbaijan, South Korea deepen cooperation on digital public finance PHOTO

Azerbaijan's Digital Finance Centre and South Korea's Korea Fiscal Information Service (KFIS) have signed a memorandum of understanding on the design of Azerbaijan's digital financial control and treasury systems, as well as the development of a roadmap for their implementation.

The document was signed during a meeting between Deputy Finance Minister Himalay Mamishov and a KFIS delegation, Caliber.Az reports, citing Azerbaijan’s Finance Ministry.

The sides discussed Azerbaijan's ongoing reforms aimed at digitally transforming its public financial management system, studying South Korea's best practices, designing digital financial control and treasury systems, and preparing an implementation roadmap.

Mamishov said the digitalisation of public financial management is one of the country's key institutional reform priorities. He stressed the importance of continuing cooperation with the South Korean side to exchange expertise and technologies, strengthen institutional capacity, and build a modern digital governance model.

It was also noted that in April this year, a delegation from Azerbaijan's Ministry of Finance visited South Korea to study the dBrain+ public financial management system. Earlier, Finance Minister Sahil Babayev and KFIS President Seok-Ho Yoon signed a separate memorandum on cooperation in the digitalisation of public finance.

The next phase of the project will include an assessment of Azerbaijan's existing public financial management system, the development of internal financial control mechanisms, the integration of information systems, the creation of fiscal risk analysis models, and the design of a digital treasury system with a phased implementation roadmap.

The two sides also identified artificial intelligence-based solutions, data-driven decision-making, budget forecasting, and early fiscal risk detection among the priorities for future cooperation.

By Jeyhun Aghazada