Nicaragua will improve the efficiency and transparency of public expenditure and modernize the process and management systems of state finances with the help of a loan of U.S. $ 10 million from the Inter-American Development Bank (IDB).
The funds will help mobilize additional $ 10 million from the World Bank and U.S. $ 2.4 million from the European Union, which will implement a new management model for the public finance sector.
The adoption of the Integrated Administrative and Financial Management (SIGAF) will cut in half the time for preparation and publication of financial statements of the central administration, reducing the cost of government purchases, expanding public access to key fiscal information.
Under this system, all state agencies will be connected to the central communications network. This will allow the budget data, which is now published quarterly, a monthly disclosure on the website of the Ministry of Finance.
A $40.5 million loan will prevent deterioration of fiscal situation due to the global recession.
The Inter-American Development Bank approved a $40.5 million loan to that will provide budget support for Nicaragua and help finance measures that will increase revenue collection and efficiency and transparency of budget execution.
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