BAKU, Azerbaijan, July 28. Cooperation between Azerbaijan and South Korea on the digitalization of public finances is expanding.
This was reported by the press service of the Azerbaijani Ministry of Finance.
According to the report, Deputy Minister of Finance Himalay Mamishov met with a delegation of the Korean Fiscal Information Service (KFIS) on July 28.
The report noted that during the meeting, the reforms implemented in Azerbaijan's public finance management towards digital transformation, studying Korea's advanced experience in this area, designing digital financial control and treasury systems, and preparing a roadmap were discussed. At the meeting, it was noted that the project envisages assessing existing processes and information systems in public finance management, studying international experience and developing modern digital solutions in line with Azerbaijan's needs.
Mamishov noted that digital transformation in public finance management is one of the important directions of institutional reforms being carried out in the country. He highly appreciated the expert and consulting support of the Korean side and emphasized the importance of continuing cooperation towards concrete results, knowledge and technology transfer, increasing institutional capacity, and forming a modern digital public finance management model.
The meeting recalled that in April of this year, a delegation of the Ministry of Finance got acquainted with the experience of digital management of public finances based on the "dBrain+" system during a working visit to Korea. Also, a memorandum of cooperation in the field of digitalization of public finances was signed during the meeting of the Minister of Finance, Sahil Babayev, with the delegation led by the President of KFIS Seok Ho Yoon. Within the framework of this cooperation, based on the experience of Korea on the "dBrain+" system, an exchange of experience was carried out in the direction of creating a unified Digital Public Finance Information System in our country, centralizing financial data, and increasing transparency, accountability, and efficiency in public finance management.
The next stage of the project, with the consulting support of the Korean side, includes diagnostics of the current situation in public finance management, development of internal financial control mechanisms, integration of interfaces between data and information systems, preparation of fiscal risk analysis models, and role-based management panels. As a result of the project, it is planned to prepare a conceptual design of a digital treasury system and a phased implementation roadmap.
During the meeting, the application of artificial intelligence-based solutions in public finance management, the formation of data-based decision-making mechanisms, budget forecasting and early identification of fiscal risks, the improvement of audit and control infrastructure, as well as strengthening the cybersecurity framework of public financial information systems were identified as priority areas for future cooperation.
At the end of the meeting, a Memorandum of Understanding was signed between the Digital Finance Center of the Ministry of Finance and KFIS on "Designing and preparing a roadmap for Azerbaijan's digital financial control and treasury systems".
