World Bank allocates $10m loan to Belarus for public financial management modernisation project, notes WB Office in the Republic
The project aims to improve the policy alignment of the budget, consolidating cash balances, improving budget transparency and laying foundations for implementation of an Integrated Financial Management Information System (FMIS).
“The government’s public financial management reform strategy, prepared by the Finance Ministry in 2015, relies on evaluating public spending and financial accountability and involves an ambitious reform programme in the areas of medium-term budgeting, programme budgeting, treasury, debt management, and public sector accounting,” notes the World Bank.
WB Country Manager for Belarus Young Chul Kim, states, “The World Bank has helped the Government to outline key structural reforms, to improve competitiveness, long-term economic growth, and shared prosperity in Belarus. Budget planning and execution is a key foundation for public sector reform, to improve service delivery and efficient use of public resources.” He adds that the Belarusian Government ‘recognises that changes are needed in management of public finances’ and stresses that the WB is ready to assist in this endeavour.
The new project relies on a phased approach to public financial management modernisation. It supports institutional reform, improving the legislative and organisational framework for the public financial management system, redesigning core business processes and investing in capacity development.
By Vladimir Velikhov