The World Bank has approved a $25 million loan to the
Government of Sri Lanka to improve the transparency and efficiency of core
government and public financial management functions on 17th December 2019.
The Public Sector Efficiency Strengthening Project (PSESP)
will help strengthen the institutional capacity of the Ministry of Finance to
improve efficiency and deliver better services. The use of information
technology and greater human resource capabilities will be the key drivers of
this 5-year project. The European Union will be a partner in PSEP with a
technical assistance grant of Euro 10 million to help strengthen core public
finance and accountability institutions.
"PSEP builds on long-standing collaborative government and
World Bank work in the area of public financial management and supports the
priority reform areas of the Government of Sri Lanka" said Idah Z.
Pswarayi-Riddihough, World Bank Country Director for Nepal, Sri Lanka and
Maldives. "The use of smart technology-based systems such as e-procurement
will enhance efficiency, improve transparency and accountability of public
institutions through the simplification of procedures." she further added.
"The project will also leverage international
experience in public financial management to increase the impacts of the
outcome" said Mohan Gopalakrishnan, Senior Financial
Management Specialist and World Banks Task Team Leader for the
project.
The $25 million loan from the International Bank of
Reconstruction and Development (IBRD) has a final maturity of 28 years
including a grace period of 11 years.
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