Azerbaijan establishes new body to monitor state-owned enterprises

Azerbaijan has established a new agency to oversee the activities of state-owned enterprises, following a decree signed by President Ilham Aliyev introducing additional measures to improve the operations of the Ministry of Finance.

According to Report, the decree provides for the creation of the Agency for Monitoring State-Owned Enterprises under the Ministry of Finance and approves its statute.

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.