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.”