Account Chamber of Azerbaijan Initiates Preparing Budget Code

Business Materials 6 February 2007 16:30 (UTC +04:00)

The Account Chamber of Azerbaijan (AC) considers it expedient to prepare Budget Code to more effectively implement the economical functions of the country. It should include all aspects of the financial provision, Trend reports with reference to Rasim Hasanov, Head of the AC Apparat.

According to him, the Budget Code should include the legal and economical forecast for the social-economical development of the country and assessment of the results and effectiveness of the financial-economical activities of the budget and off-budget state organizations. In addition it should define the norms for assessing the potential of the state organizations, mechanism and supplies of management of their impact on social-economical development, mechanism of ensuring the efficiency of the state expenditures. The necessity for the Code emerges due to the increase of the number of the financial institutions.

The Finance Minister of Azerbaijan, Samir Sharifov, considers that the law On budget system needs improvement. According to him, it is already high time to work out the Budget Code. The Ministry of Finance is interested in improving the budget process and prepares medium-term forecasting system, within which at least 3-year forecasts on budget expenditures will be prepared. The Chairman of the Azerbaijani Parliament Commission on Economic Policy, Ziyad Samadzade, supported the idea of creating Budget Code, which will allow assessing the social-economical situation of the country and ensuring the transparency.