Accounting Chamber of Azerbaijan Suggests Improving Budget Expenditures

Azerbaijan, Baku, 3 May /corr. Trend I.Khalilova / The Accounting Chamber (AC) of Azerbaijan will begin discussions with the Ministry of Finance regarding suggestions on efficient use of the budget funds, said the AC Chairman, Heydar Asadov.

The Accounting Chamber considers that large part of the funds come to the Public budget in foreign currency. These funds are allocated in certain proportion to regulate the currency market in the Country. Due to fall of the USD in relevant to manat, rate difference appears gradually and they are included in the expenses. The AC considers that according to the new financial accountability standards, it would be right to take into account these expenses as accounting losses or include them in the budget through decreasing other incomes.

The researches of the Accounting Chamber showed that several ministries create cost-accounting organizations which implement economic functions, but their activities are being financed from the Public budget. As cost-accounting organizations, they do not have treasurer accounts and carry out accounts via independent banking accounts.

"It leads to the issue that their expenses remain outside treasurer control," Asadov said.

The Chamber suggested to consider the possibility to transfer them to the treasurer service to avoid excessive and uncontrolled expenses.

The Head of the Chamber suggested to, in co-operation with the Ministry of Finances, improve the budget classification in accordance with the current realities to disclose the essence of separate articles of expenses. The suggestion of the Chamber also deals with expediency of improvement of legislation with regards to agrarian sector, especially State purchases which delay for five months and it decreases their efficiency.

Asadov considers that it needs to change the mechanism of accounting repair works being carried out at the expense of Public budget because several of them are carried out within both Public budget and Public investment programs. According to him, unification of these expenses in the financial accounts creates problems. Especially, 95-99% of the expenses of theatres are born by the Public budget and therefore, it would be expedient to formalize them as subsidies. In the world practice, the expenses of such facilities are born through own profits.

The Accounting Chamber has prepared tens of such suggestions, which will discuss with the Ministry of Finances.

The correspondent can be contacted at: [email protected]

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