Azerbaijan Creates New Authority to Oversee State-Owned Enterprises

Azerbaijan has set up a new agency to supervise state-owned enterprises after President Ilham Aliyev signed a decree introducing further measures to enhance the functioning of the Ministry of Finance.

the decree provides for the creation of the Agency for Monitoring State-Owned Enterprises under the Ministry of Finance and approves its statute, The Caspian Post reports, citing AZERTAC.

Under the document, the new agency will be responsible for monitoring projects and forecasts of annual and medium-term budgets, as well as overseeing the execution of annual income and expenditure estimates of legal entities owned by the state, companies in which the state holds a controlling stake, and public legal entities established on behalf of the state.