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".