Treasury payments to be cut from five working days to two hours
Azerbaijan's Minister of Finance Sakhil Babayev said the time required for treasury payments is planned to be cut to two hours. Previously, processing took no fewer than five working days.
Gurban Gurbanzadeh1 min read
Azerbaijan's Minister of Finance Sakhil Babayev said the country plans to reduce the time needed to process treasury payments to two hours. According to Milli.Az, he made the statement at the conference “Digital Financial Ecosystem: A New Stage in Management”, which was held in Baku.
Previously, processing payments from the treasury required no fewer than five working days. Currently, according to the minister, payments are carried out within one day, on average within 10 hours at most. The target for next year is to reduce this period to two hours.
Babayev also spoke about the introduction of systems. According to him, alongside the electronic contract system, a new treasury module and an electronic accounting system have been fully put into operation.
The minister explained that these systems cover the entire cycle: from signing a contract for state procurement to processing a payment, as well as recording state assets in the register. They serve to form a single information base of state assets.
Source: news.milli.az
