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Minister of Finance of the Republic of Azerbaijan Samir Sharifov made a business visit to the Islamic Republic of Pakistan, the United Arab Emirates (UAE) and India on February 19-21***As of January 1st, 2018, the external public debt of the Republic of Azerbaijan constituted 9,398.3 million US dollars (equivalent 15,978.1 million manat). The Debt to the Gross Domestic Product ratio stands at 22.8 percent (based on 2017 GDP of AZN 70,135.1 mln)******

State Treasury Agency - Statute

Schedule III
Approved

by Decree №48 of the President of the Republic of Azerbaijan
dated 9 February 2009

Regulations of the State Treasury Agency of the Finance Ministry of the Republic of Azerbaijan

I. General
1. The State Treasury Agency of the Finance Ministry of the Republic of Azerbaijan (hereinafter referred to as “Agency”) is an executive authority carrying out cash execution of the state budget and maintaining the record of such financial transactions, accepting obligations before budget organizations on behalf of the state on budget expenditures, and current control of administration of financial resources belonging to the state in the Republic of Azerbaijan from a single centre, and receipt of such facilities and expedient spending thereof.
2. The Agency shall be guided, in its activities, by the Constitution of the Republic of Azerbaijan, laws of the Republic of Azerbaijan, decrees and resolutions of the President of the Republic of Azerbaijan, decisions and resolutions of the Cabinet of Ministers of the Republic of Azerbaijan, international treaties the Republic of Azerbaijan is a party, the Regulations of the Finance Ministry of the Republic of Azerbaijan, orders and resolutions of the finance minister of the Republic of Azerbaijan, and these Regulations.
3. The Agency shall exercise its rights and perform obligations provided herein on the whole territory of the Republic of Azerbaijan directly and through treasury structures and regional (zonal) treasury bodies of regional and city financial departments and divisions.
4. The Agency shall, while performing its duties and exercising its rights, act directly and, within the framework of its authorities, in interaction with central, local executive authorities and local self-government bodies, as well as international and nongovernment organizations.
5. The Agency shall have an independent balance, state property, treasury and bank accounts being at its disposal in accordance with the legislation, a seal with a picture of the State Emblem of the Republic of Azerbaijan, the name of the Finance Ministry of the Republic of Azerbaijan and its own name, and relevant stamps and letterheaded papers.
6. Costs associated with maintaining and activity of the Agency shall be financed from the state budget of the Republic of Azerbaijan and other sources as provided by the legislation.
7. The Agency is located in the city of Baku.

II. Directions of the Agency’s activity
8. The Agency’s directions of activity shall be as follows:
8.1.   undertake preliminary state(budget) obligations for goods purchased, works and services received by budget organizations, and carry out payment of credit debts generated by purchases within these obligations;
8.2.   ensure payment of budget revenues into the budget and targeted use of expenditures in accordance with single budget classification, by fulfilling execution of the state budget;
8.3.   ensure development of the state budget, administration of a single treasury account and giving orders on writing off facilities from this account;
8.4.   act in other directions as defined by the legislation.

III. Duties of the Agency
9. The Agency shall carry out the following duties in accordance with the directions of activity defined by these regulations:
9.1.   participate in preparation of indices of the state budget and summary budget each year for the following year, and a summary budget for following three years, prepare reporting documents related to budget execution, and carry out cash execution of the state budget;
9.2.   carry out methodical managing of the organization of works on accounting and reporting of treasury transactions on the state budget;
9.3.   carry out financial transactions on payments to the state budget, extra-budget fees (payments) extra-budget state funds (with the exception of the revenues of the State Oil Fund of the Republic of Azerbaijan, transaction costs, and costs associated with placing facilities into international banks and other financial institutions), targeted budget funds, and credits received under state’s assurance to cover the state budget deficit, as well as other state financial transactions in accordance with the legislation;
9.4.   finance expenditures provided in the state budget approved depending on the condition of payments into the budget and taking the account of the state deficit (with the exception of protected cost items);
9.5.   carry out financial planning with a view to ensuring the efficiency of the state budget facilities’ administration, including the use of resources provided on centralized expenditures;
9.6.   to undertake obligations before budget organizations on behalf of the state on the budget expenditures, as specified, provided that such undertakings do not exceed the indices of the approved state budget, and accept goods, works and services purchased within these undertakings, and carry out cash-desk spending;
9.7. ensure that facilities from the reserve funds are directed according to purposes as defined by the President of the Republic of Azerbaijan and the cabinet of Ministers of the Republic of Azerbaijan;
9.8.   carry out financing of organizations financed from the state budget according to their order and expenditure schedules to the extent of the facilities provided in their estimate of costs;
9.9.   use financing sources provided in the state budget to cover the budget deficit ;
9.10. with a view to ensuring transparency in the use of the state financing, to keep accounting of financial transactions on all departments, enterprises and organizations being financed from the state budget in compliance with the relevant accounting rules;
9.11. prepare draft report on state budget’s execution and summary report;
9.12. carry out current control of using facilities allocated on financing of events provided in the state budget as targeted, as well as use of extra-budget facilities in accordance with the approved expenses in the process of cash-desk execution of the state budget;
9.13. ensure efficient control of building treasury works in treasury structures of district and city financial departments and divisions and regional (zonal) treasury bodies in accordance with corresponding rules, correct reflection of budget facilities movement in treasury statements, observance of the principle of watching the current credit resource and budget limit extent, and compliance of evidencing documents being the basis for payment with the existing legislation;
9.14. verify the execution condition of organization and performance of treasury works in accordance with the requirements of the standard documents;
9.15. ensure the application of achievements of scientific and technological achievements, considering international advanced practice;
9.16. carry out circular reconciliation of financial resources moving between the budget organizations being served by the agency and treasury structures of district, city financial departments and divisions and regional (zonal) treasury bodies;
9.17. take necessary actions in accordance with the legislation for the protection of state secret and confidentiality regime, as well as safety measures according to the directions of activity;
9.18. provide practical support to provision of the treasury structures of district and city financial departments and divisions and regional (zonal) treasury bodies with software;
9.19. keep record of goods, works and services purchased by budget organizations in treasury books;
9.20. give proposals to the Finance Ministry of the Republic of Azerbaijan with regard to carrying out normative regulation in the sphere of state treasury management;
9.21. carry out other duties as provided by the legislation, according to the directions of activity.

IV. Rights of the Agency
10. The Agency shall have the following rights while executing its duties:
10.1.    receive necessary documents from budget organizations to carry out current control within its authorities in the process of cash desk execution of centralized expenditures, financial planning and financing of expenditures from the state budget;
10.2.    require from ministries, committees, companies, central departments and departments being financed from centralized expenditures timely submission of statements, in connection with the execution of the state budget, and summarize them;
10.3.    open transit accounts at Agent-Banks chosen in the relevant order for the provision of banking service to carry out treasury transactions of treasury structures of district and city financial departments and divisions and regional (zonal) treasury bodies;
10.4.    in cases of discovering failure to spend allocated budgetary funds as targeted, or no relevant statements being submitted on spending of the funds, give recommendations to the Finance Ministry of the Republic of Azerbaijan to limit financing of such organizations, by warning the management of the relevant budget organization;
10.5.    participate in audits and inspections carried out at departments, enterprises and organizations as well as analysis of the financial and economic activity of these organizations based on court orders and requests addressed to law-enforcement bodies, as provided for by the legislation;
10.6.    give written permits to organizations being financed from the state budget and the budget of the Nakhchivan Autonomous Republic to open bank accounts or use such accounts, and recall previously issued permits in cases and order defined by the legislation;
10.7.    receive statements from budget organizations and other organizations receiving financial aids from the sate budget monthly, quarterly, from the beginning of a year with a growing total, by functional, economic and administrative classification on the use of facilities in an established order;
10.8.    make an inquiry to state and local self-government bodies, natural and legal persons on the sphere of activity about necessary information (documents) and receive such information (documents) from them;
10.9.    cooperate with relevant international organizations, concerned state bodies of foreign states as determined by the legislation, and hold exchange of practice;
10.10. give opinion according to the directions of activity, conduct analysis and generalization, prepare analytical materials, conduct researches on the management of the Agency, and give recommendations;
10.11. exercise other rights in accordance with the direction of activity as provided for by the legislation.

V. Organization of the Agency’s activity
11. The Agency shall be headed by a director to be appointed to and dismissed from the position by a finance minister of the Republic of Azerbaijan.
12. Director shall personally be responsible for the fulfilment of duties assigned to the Agency.
13. Director shall have two deputy directors to be appointed to and dismissed from the position by a finance minister of the Republic of Azerbaijan.
14. Director of the Agency shall:
14.1.    organize and manage the activities of the Agency;
14.2.    within the payroll fund determined and number of the employees, submit the structure of the Agency’s machinery and regional (zonal) treasury bodies, the staff list and estimate of expenditures within the allocated budgetary advance-money to the Finance Ministry of the republic of Azerbaijan for approval;
14.3.    with the exception of deputy directors of the Agency, head of the Agency machinery’s structural divisions and Agency’s regional (zonal) bodies, appoint other employees of the Agency to and dismiss from positions, take encouraging and punishing measures in relation thereof;
14.4.    give orders for the use of allocated funds in accordance with the Agency’s estimate of costs;
14.5.    take appropriate actions to ensure employees’ professional training, including additional education;
14.6.    give orders and instructions, within its authorities, to subordinating entities, requiring mandatory execution;
14.7. represent the Agency without a power of attorney in relation to all state bodies, local self-government bodies, legal and natural persons;
14.8.   provide regular report to the Finance Ministry of the Republic of Azerbaijan on the Agency’s activities;
14.9.   carry out other authorities in accordance with the legislation of the Republic of Azerbaijan.

Printed in the “Collection of Legislation of the Republic of Azerbaijan” (28 February 2009, № 2 (140), Article 61)