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According to the decree, several new subordinate bodies will be established under the Ministry of Finance, among them the Public Debt Management Agency, Public Financial Control Service and the State Insurance Supervision Service.
Besides, the Main State Treasury will be converted into the State Treasury Agency and the State Assaying Chamber will be converted into the State Service for Control over Precious Metals and Stones. The statues of the newly established bodies have been approved.
The Ministry of Finance said the Public Debt Management Agency will implement the public borrowing in accordance with the law, manage the Guarantee Fund for the accumulation of balance funds in the treasury account, perform the issue of government securities, and keep a register of the government debt, government guarantees and debts owed to Azerbaijan by foreign countries.
The Public Financial Control Service will oversee efficient and purposeful spending of budget funds, extra-budgetary funds of budgetary organizations and government-secured loans.
The State Insurance Supervision Service is to regulate and control the insurance business.
The State Treasury Agency will implement the cash execution of the state budget and accounting of financial transactions, and will receive obligations to the budgetary institutions and manage the state-owned financial funds.
The State Service for Control over Precious Metals and Stones will oversee assaying, production, use, transportation and storage of precious metals and stones.
