The Ministry of Finance of Azerbaijan Republic () is a governmental agency within the Cabinet of Azerbaijan in charge of regulating the financial sector in Azerbaijan Republic. The ministry is headed by Samir Sharifov.
History
The office of Minister of Finance was established on May 18, 1918, when Azerbaijan Democratic Republic declared independence. The Minister of Finance was one of members of the first cabinet. The Ministry of Finance itself, however, was formally established on October 21, 1918. With incorporation of Azerbaijan into USSR, the Ministry of Finance was subdued to Soviet Ministry of Finances. On August 4, 1956, and October 29, 1971, the statute of the ministry was revised by Council of Ministers decrees No. 385 and No. 358, respectively. The main functions of the ministry were collection of financial means to be distributed within the economic sector of Azerbaijan SSR. The current activity of the Ministry of Finance is regulated by the Statute about the Ministry of Finance of the Republic of Azerbaijan approved by Presidential Decree No. 271 on February 4, 2000.
Structure
The Ministry of Finance is the central executive power body within the borders of the Republic of Azerbaijan which implements the financial policy of the state and arranges the controlling of state finance. According to Decree 48 of February 9, 2009 of the President of the Republic of Azerbaijan, the ministry carrying out its duties. Ministry's apparatus, State Financial Control Service, Public Debt Management Agency, State Insurance Control Service, State Treasury Agency, State Service controlling Precious Metals and Stones, local agencies and other subordinate departments of the Ministry and the corresponding institution of the Autonomous Republic of Nakhchivan constitute the system the Ministry of Finance. Based on Decision 55 of April 6, 2010 of the Cabinet of Ministers of the Republic of Azerbaijan, the ministry does not involve Data Centre and ‘Finance and Accounting Magazine Editorial Office’ LLC, Financial Science and Education Center which are considered as the dependent bodies of the Ministry of Finance. The ministry is headed by the minister and two deputy ministers. Functions of the ministry are improvement of state policies on finance, budgeting and taxes; ensuring stability of state finances and development of financial markets in the country; attracting foreign creditors to Azerbaijani economy; improvement of budgeting, tax forecasting, financial mechanisms; ensuring financial control over budgetary funds and spending; provision of state budget funds management and controlling movement of funds within Azerbaijan.
Duties
The Ministry of Finance of the Republic of Azerbaijan implementing the duties mentioned below;
Recommending on management of united finance, budget, and taxes policy of the government and implementation of it; Establishment and arrangement of the project of state budget; Making state finance more stable and taking required actions in order to develop financial market; Attracting foreign credit to the economy of the Republic Azerbaijan, recommending on the implementation of the accounting of their spending and payments; Improving budgetary system, budget-taxes prognosis, financing mechanisms, and accounting and reporting regulations; Ensuring financial control on spending of budgetary funds, targeted budget funds, funds of budgetary entities (outside the budget), including internal and external loans taken under governmental guarantee; Making state budget management more productive and providing its appropriate allocation; Carrying of standards supervision within the territory of the Republic of Azerbaijan.