BAKU, Azerbaijan, October 22. The digitalization of public finance will help increase transparency, expand citizens’ access to information and strengthen public oversight of budget revenues and expenditures, Eyyub Karimli, a member of the Public Council under Azerbaijan’s Ministry of Finance, said, Trend's correspondent reports from the event.
He made the remarks at a conference on the digital transformation of public finance held in Baku on Thursday.
Karimli said the world was on the threshold of a new information revolution, with digitalization playing a leading role in the process. Digitalization should be viewed not only as a technological innovation but also as a means of making life easier for citizens and enabling them to participate more actively in economic processes.
According to Karimli, one of the main benefits of digitalization is reducing time lost on routine procedures. Electronic systems enable faster transactions, creating additional opportunities for both citizens and the private sector.
He noted that introducing digital solutions in public finance helps reduce human involvement and potential misconduct in payment processes while improving transparency.
“Another important issue is ensuring transparency and access to information. Citizens gain the opportunity to obtain relevant information, monitor the transparency of transactions and access additional details,” he said.
Karimli emphasized that digitalization also helps provide equal access to services for people living in regional areas and those in major cities. Electronic systems make services faster and more accessible.
He added that digitalizing public finance was also important for strengthening public oversight. Making information on budget revenues and expenditures, including open data, accessible would enable further analysis and research.
“Making information on budget revenues and expenditures publicly available and using it for analysis and research will have a significant impact on the exercise of public oversight in the future,” he said.
Furthermore, Karimli added that, more broadly, digitalization accelerates economic activity in both the private sector and among citizens, allowing them to participate in economic processes more efficiently.
