Azernews.Az

Under the leadership of President Ilham Aliyev, Azerbaijan's financial system has rapidly adapted to global challenges, becoming a crucial driving force for the national economy and forming a resilient financial system against global and domestic risks. As a result of achievements in the financial sector and targeted reforms, Azerbaijan's economy is rapidly developing today, with significant increases in the non-oil sector and non-oil exports, improving the socio-economic welfare of the population. Azerbaijan's swift entry into the group of high-income countries and its minimal losses from global crises further confirm this progress.

Azernews reports that these remarks were made by Fuad Najafli, the authorized representative of the President of the Republic of Azerbaijan in the Nakhchivan Autonomous Republic, during his speech at the Financial Forum held in Nakhchivan.

"In the past two years, reforms in the application of new management methods in the autonomous republic have also covered the financial sector. I must particularly note that, in accordance with the President's instructions, consistent work is being carried out to strengthen financial discipline, properly draft and execute the budget, increase local revenues, and reduce subsidies. One fact to highlight is that if local revenues in the budget of the Nakhchivan Autonomous Republic were 20-25% two years ago, by the end of this year, the volume of local revenues will exceed 50%. Over the past two years, systematic work has also been carried out in the application of public procurement in accordance with legislative requirements, ensuring the proper use of state funds," the authorized representative stated.