18 December 2019 01:48 pm
The World Bank has approved a USD 25 million loan for Sri Lanka to improve the transparency and efficiency of core government and public financial management functions.
A statement issued by the World Bank yesterday said this Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and deliver better services.
It said 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.
World Bank Country Director for Nepal, Sri Lanka and the Maldives, Idah Z. Pswarayi-Riddihough said the 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.
“The use of smart technology-based systems such as e-procurement will enhance efficiency, improves transparency and accountability of public institutions through the simplification of procedures,” she said.