BAKU, Azerbaijan, October 22. Artificial
intelligence will enable analysis and forecasting in the field of
public finance, as well as the automatic detection of potential
anomalies, Azerbaijan’s Minister of Finance Sahil Babayev said at a
conference dedicated to the digital transformation of public
finance in Baku, Trend's correspondent reports from the event.
The minister noted that the creation of unified databases in the
field of public finance opens up new opportunities for the
application of artificial intelligence technologies. These
technologies will create the conditions for more effective analysis
and forecasting, the automatic detection of potential anomalies,
and improvements in the quality and efficiency of government
agencies’ operations.
“Once a database is established, with the support of artificial
intelligence, we can conduct numerous analyses, prepare forecasts,
and automatically detect anomalies. This can significantly improve
the quality, speed, and efficiency of our operations,” he
noted.
Sahil Babaev emphasized that ensuring transparency and openness
in the sphere of public finances is also one of the priority areas.
In this regard, he specifically highlighted the activities of the
Public Council under the Ministry of Finance.
According to the minister, the events organized jointly with the
Public Council serve as an important platform for discussing
reforms in the area of public finance, specific goals,
achievements, and emerging challenges. These discussions serve both
to facilitate an exchange of views among professionals and to
inform the public.
He stated that the Ministry of Finance places particular
emphasis on informing citizens about the state budget and fiscal
policy through online resources and various publications. The
electronic budget guide and the budget guide for citizens play an
important role in this regard.
“Through these publications and guides, both on digital
platforms and in print, we provide citizens with information on the
key parameters of the state budget. We believe that raising every
citizen’s awareness of the budget and state financial policy is
beneficial for all of us,” the minister said.
Babayev noted that consistent measures are also being
implemented to improve the knowledge and skills of government
agency employees. According to him, the key areas of this process
include efforts to certify professional accountants, training on
new electronic systems, and the development of methodological
guides on treasury operations.
The minister stated that the treasury operations manual serves
to establish uniform rules for government agencies and to prevent
ambiguities and technical errors in the execution of
transactions.
According to him, the treasury guidelines were published in the
first half of the year and distributed to all government agencies.
The publication details the rules for conducting treasury
operations, including lists of permitted and prohibited
operations.
Minister, Sahil Babaev emphasized that this approach allows for
the application of uniform standards in the activities of
government agencies, increases the transparency of operations, and
enables more effective organization of treasury processes.
The minister noted that digital transformation is one of the
major challenges of our time, and the future success of nations
will depend significantly on the results achieved in this area.
“The future undoubtedly belongs to those nations that have
succeeded in digitalization. Countries that invest heavily in
digital transformation and artificial intelligence, develop this
sector, and prepare themselves for future challenges have greater
opportunities for success,” he said.
According to Sahil Babayev, government agencies in Azerbaijan
are also taking appropriate steps toward digitalization: “Holding
such conferences is important for coordinating activities in this
area, expanding the exchange of experience and information, and
responding more effectively to future challenges.”
