Artificial intelligence will be used to analyze and forecast Azerbaijan's public finances and to automatically detect possible anomalies, Finance Minister Sahil Babayev said, FinFly reports.
According to the minister, the creation of unified databases in the public finance sector opens up new opportunities for using artificial intelligence technologies. This will increase the efficiency of analytical work and forecasting, enable automatic detection of anomalies, and improve the quality and speed of government agencies' work.
"When forming the database, we will be able to use artificial intelligence to conduct numerous analytical studies, prepare forecasts and automatically detect anomalies. This can significantly improve the quality, speed and efficiency of our work," he said.
Sahil Babayev stressed that ensuring transparency and openness in public finance is also a priority. In this regard, he highlighted the work of the Public Council under the Ministry of Finance.
According to the minister, events organized jointly with the Public Council serve as an important platform for discussing reforms in public finance, goals set, results achieved and challenges that arise. Such discussions facilitate the exchange of views with the participation of relevant specialists and inform the public.
He said the Ministry of Finance pays special attention to informing citizens about the state budget and financial 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, we provide citizens with information on the main parameters of the state budget both on electronic platforms and in printed materials. We believe that raising every citizen's awareness of the budget and state financial policy is beneficial for all of us," the minister said.
Sahil Babayev noted that measures to improve the qualifications of government agency employees are also being consistently implemented. The main areas of this work include preparation for obtaining a professional accountant certificate, training in the use of new electronic systems and the development of methodological manuals on treasury operations.
The minister said the treasury operations guide is intended to establish uniform rules for government agencies and prevent discrepancies and technical errors in transactions.
According to him, the guide was published in the first half of the year and distributed to all government agencies. It sets out in detail the rules for conducting treasury operations, including a list of permitted and prohibited operations.
Sahil Babayev stressed that this approach allows uniform standards to be applied in the activities of government agencies, increases the transparency of operations and makes treasury processes more efficient.
The minister noted that digitalization is one of the key challenges of our time and the future success of states will largely depend on results achieved in this area.
"The future certainly belongs to states that succeed in digitalization. States that invest significantly in digitalization and artificial intelligence, develop this area and prepare for future challenges have far more opportunities to succeed," he said.
According to Sahil Babayev, Azerbaijan's government agencies 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 improving the effectiveness of responses to future challenges," the minister said.
