Azerbaijan begins developing Budget Code draft

By Trend

The requirements of modern times, especially the global economic processes observed in recent years, induce each state to mobilize its resources to achieve its goals and use them more rationally, Trend reports citing the report ‘On the activities of the Chamber of Accounts of Azerbaijan of 2020’.

According to the report, in order to improve and systematize the current legislation in the field of regulating the financial system of the state and develop the Budget Code, which defines the basic principles of the financial and budgetary process and allows for a unified approach to this process, in the previous year, proposals for improving the regulatory and legal acts.

The response letter, submitted to the Chamber of Accounts, talks about the beginning of the development of the draft Budget Code, which allows fully and flexibly regulating the general budgetary process and includes a broad legislative base.

The Chamber of Accounts of Azerbaijan was established by the Parliament of Azerbaijan and began its activities in 2001. The Chamber is the highest financial control body in Azerbaijan.