Azerbaijan Creates New Agency to Oversee State-Owned Enterprises

Azerbaijan has established a new agency to supervise state-owned enterprises after President Ilham Aliyev signed a decree aimed at strengthening the operations of the Ministry of Finance.

According to media reports citing the state news agency AZERTAC, 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 decree, the agency will be tasked with monitoring projects and forecasts for annual and medium-term budgets, as well as overseeing the execution of annual revenue and expenditure plans of state-owned legal entities, companies in which the government holds a controlling stake, and other public legal entities established on behalf of the state.