Azerbaijan’s Finance Ministry plans to reduce Treasury payment processing to two hours in 2027 as part of a broader digital overhaul of public financial management.
Finance Minister Sahil Babayev announced the target at the “Digital Financial Ecosystem: A New Stage in Management” conference in Baku, according to Vesti Baku.
Babayev said Treasury payments now take an average of no more than 10 hours, compared with at least five working days previously. The two-hour processing time is a goal for 2027 and is not yet in effect.
The minister said an electronic contracts system, a new Treasury module and an electronic accounting system are fully operational. The digital chain now covers the process from signing a public procurement contract through payment and registration of property in the state assets register.
More Than 260 Institutions Joining Digital Accounting
The electronic accounting system is being introduced in stages at more than 260 state institutions. Representatives of the institutions have received training since August, and their financial reporting is being moved into the digital system.
Authorities plan to register more than 2 million state property items in a single system by the end of 2026. Babayev said the president has approved the relevant state program and action plan, while a specialized council has been established to coordinate the work.