Rwanda, World Bank sign $20 million agreement to support public financial management reforms
The Government of Rwanda and the World Bank Group have signed a $20 million credit agreement to improve budget reliability and control of funds for service delivery, enhance budget transparency.
The Public Financial Management Reform Project (PFMRP) will support the Ministry of Finance in expansion of the Integrated Financial Management Information System (IFMIS) coverage and Electronic Government Procurement System (e-GP) as well as provide IT backbone to all decision-making processes in the country.
After the signing, Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana noted that:“Building on the results of the Governance Program-for-Reforms, and successful implementation of the FMIS and e-Government Procurement by the Government, this component will help stabilize the systems, expand their functionality and support the IFMIS roll out to service delivery units by enhancing functionality and stability of the system.”
World Bank Group Country Manager, Yasser El- Gammal said: “This agreement will support the Government to have more reliable medium term budget, and support human capital that is involved in the public financial management space.”
The project will also increase professionalization of public finance officials by funding a mass scale professionalization program for the public finance officials in the areas of accounting and audit, budgeting, procurement.
Beneficiaries of this project include the management and officials of Ministry pf Finance and Economic Planning, Rwanda Public Procurement Authority, Institute of Certified Public Accountants of Rwanda.
It will also benefit the private sector and households who through improvements in transparency and more efficient management of public resources which will ultimately lead to improvements in the volume and quality of public services.