16:43 - 18.12.2024

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December 18, Fineko/abc.az. The share of local revenues in the budget of the Nakhchivan Autonomous Republic will exceed 50% by the end of this year, whereas it has been 20-25% for the last two years, ABC.AZ informs, quoting President’s Plenipotentiary Representative in Nakhchivan Fuad Najafli, as saying this at the Financial Forum.

He noted that in the last two years, reforms aimed at introducing new management methods have also affected the financial sector of Nakhchivan.

"In accordance with president’s tasks, consistent work is underway to strengthen financial discipline, correct budget preparation and execution, increase local revenues and reduce subsidies. Systematic work is also underway in Nakhchivan to conduct public procurement in accordance with legislative requirements, which ensures the targeted use of public funds. We are confident that this forum will help define new goals and will be useful for the effective implementation of financial policy in the autonomous republic," Najafli said.