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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)******

Afghanistan learns Azerbaijani practice

Afghanistan learns Azerbaijani practice

13.09.2017

The official delegation of the Islamic Republic of Afghanistan is paying a business visit to Azerbaijan. The visit aims at in-place study of the application of technologies – ERP (“enterprise resource planning”) and electronic documentation with the Ministry of Finance on the automated information system of financial and accounting reporting (FARABI) in budget organizations.

All accounting papers are submitted to the Ministry of Finance in electronic format via the FARABI system applied in Azerbaijan within the World Bank’s “Corporate and public sector accountability” project. The system was put into use in over 150 public organizations, as well as many high schools in Azerbaijan during recent years.
The FARABI system has been set up on the “cloud” technologies by the Azerbaijan-based company – SINAM with the order of the Ministry of Finance. The FARABI system has been highly appreciated by the World Bank for its efficiency and technological advantages, and a documentary was dedicated to the system by this international financial institutions to introduce Azerbaijani practice to international community.
The Ministry of Finance of Afghanistan intends to apply the analogue of Azerbaijan’s FARABI system in its country and considers involvement of assistance from the Republic of Azerbaijan, as well as the World Bank or other international financial institutions for the application of this large-scale and complex project in the country.
Meetings will be arranged in several public organizations using the FARABI system in line of the visit of the delegation of the Ministry of Finance of Afghanistan due to last till September 15.