19 December 2019 12:01 am
The World Bank (WB) has approved a US $ 25 million loan to the Government of Sri Lanka (GOSL) to improve the transparency and efficiency of core government and public financial management functions.
The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Finance Ministry to improve efficiency and deliver better services. The use of information technology and greater human resource capabilities will be the key drivers of this five-year project.
The European Union (EU) will be a partner in the PSEP with a technical assistance grant of 10 million euros to help strengthen the core public finance and accountability institutions.
“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,” World Bank Country Director for Nepal, Sri Lanka and the Maldives Idah Z. Pswarayi-Riddihough said.
“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 Bank’s Task Team Leader for the project.
The US $ 25 million loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 28 years, including a grace period of 11 years.