The Milli Majlis (National Assembly) of Azerbaijan has adopted amendments to the laws "On the Budget System," "On the Chamber of Accounts," and "On Insurance Activity" during its latest extraordinary session. The legislative changes, approved in the third and final reading, significantly broaden the oversight mandate of the Chamber of Accounts.
According to the Operative Information Center-OMM, the new legislation grants the Chamber of Accounts expanded authority regarding the Nakhchivan Autonomous Republic and access to insurance-related data. Under the approved framework, the Chamber is now empowered to provide expert opinions on the draft budget and execution reports of the Nakhchivan Autonomous Republic, as well as on relevant draft laws and annual reports.
Furthermore, the institution's oversight capabilities now extend to extra-budgetary state funds, special-purpose state funds, and the financial resources of public legal entities within the autonomous republic. The Chamber will also monitor funds obtained through state-guaranteed loans, state grants, technical assistance, and the extra-budgetary resources of organizations financed by the state budget. Additionally, the legislation grants the Chamber access to information classified as insurance secrets held by professional participants in the insurance market.
The Chamber of Accounts serves as the supreme audit institution of Azerbaijan, responsible for external financial control over the use of state budget funds and public assets. These amendments are part of ongoing efforts to enhance transparency and financial discipline in public administration across the country, including the Nakhchivan Autonomous Republic.
