PROBLEMS AND PROSPECTS OF FINANCIAL MANAGEMENT DEVELOPMENT IN AZERBAIJAN

After the collapse of the former USSR, Azerbaijan restored its independence, but arose problems related to financial system development, financial services market formation, as well as the need in increase of efficiency of financial resources usage existed, issues that still remain. Considering this, the main aim of the research is to analyze the development and implementation of the strengthening mechanisms of the financial management in Azerbaijan in present conditions. The main method of the research is statistical analysis on financial market development in Azerbaijan, and on this basis the possible effect of financial management was researched. The generalization method was used in determination of the tools of financial strategy of the economy subjects in Azerbaijan and a scheme of this mechanism was given. Under the conditions of the non-stable finances the anti-crisis measures and activity strategy of financial management was explained. The negative impact of Covid-19 pandemic on economics of Azerbaijan is analyzed, focus mainly on the financial sector. By approaching the topic from the global experience in perspective and based on the real results of the state financial policy during the last 20 years, several advices are provided on the acceleration of the financial services market development, improvement of the financial management, and development of the risk mechanisms in implementation of the investment and innovation projects.