The Public Finance Monitoring Center (PFMC) started its activity in Azerbaijan on June 1, 2003. PFMC seeks to achieve the following goals:
- promoting efficient management of public finances and ensuring transparency of that process;
- contributing in creation opportunities for rational use of public funds;
- encouraging individual citizens and associations to take active part in overseeing the use of public funds.
The key task of PFMC is to trace the flow of public finance mainly in three directions:
- Monitoring of oil revenues, which are mostly concentrated in the State Oil Fund of Azerbaijan (SOFAZ);
- Implementation of permanent budget monitoring though tracing the efficient development of the state budget and correct use of its resources (on appointment);
- Monitoring of financial activities of the state-run enterprises under natural monopoly (mostly the Fuel and Energy Complex) and international credits, attracted for investment projects under governmental guarantees.
The PFMC is a non-governmental organization, which combines research work in the sphere of pubic finance with different events on advocacy, with regard to increased public awareness on the status and movement of public finance in Azerbaijan.
A group of strong experts as well as several research projects implemented in this direction enables the PFMC to have a relevant resource base.
The PFMC possesses unique data base on the state and dynamic of different segments of the public finance (oil revenues, public budget and international credits), which provides comprehensive information on chronology and statistics on public finance, as well as appropriate analytical materials, dating to the period of independence of Azerbaijan.