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Azerbaijan : Ministers of Finance and Education of AZERBAIJAN discuss effectiveness of self-financing in state education

June 30, 2014

The Ministers of Finance and of Education of Azerbaijan have talked about the effectiveness of the system of self-funding in higher educational institutions.

The Ministry of Education informs that presentation entitled "Application of self-financing mechanisms in universities, the current situation and prospect of application of FARABI system (financial accounting and reporting for organizations financed from the budget) in the field of education" has been organised with the participation of Finance Minister Samir Sharifov and Education Minister Mikail Jabbarov.

"The new system will allow universities to treat more effectively the increase in revenue and ensure transition to an effective system of budget planning. In this context, questions of forming the accounting system conforming to the new requirements, payment of professorial teaching staff on ratio of quality, as well as evaluating the level of student scholarship on good progress in university," Sharifov said.

Education Minister Mikail Jabbarov, in turn, said that the new system of funding higher education institutions can be regarded as the formation of corporate governance, optimization of departments, operational organization of the legal status of universities, as well as an opportunity to gather extra finances and the rise in the quality of the teaching staff.

"The FARABI system will allow automating fully the financial system and reporting system of universities at the level of national and international standards, expand financial management capabilities, and the application of a number of new modules in human resource management system," Jabbarov said.

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Source: TendersInfo (India)

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