The project aligns with Panama´s Government in the search for more efficient spending. The loan will result in more transparent daily operations based on performance and subject to accountability.
The program looks to integrate government sectors and generate a new, more efficient model. This new model might cover 100 percent of government agencies and 90 percent of central government resources, a significant improvement over the current system.
"The ambitious investment program of our Government has benefited from economic growth and increased tax revenue. But to ensure accountability and public support for the plan, we recognize that we must improve the quality and efficiency of that spending," said Felix Adames, investment programming director at the Ministry of Economy and Finance (MEF).
The Government hopes to improve budget presentation to Congress, including classification of programs and goals. In addition, the MEF and the Comptroller General of the Republic (CGR) seek to provide quality financial reports according to the latest accounting and auditing practices. Finally, the government wishes to improve perception by the public and by the private sector.
The project includes four main components:
• Strengthening management and evaluation of budgets based on performance.
• Improve performance, accountability and control through a new model of financial management.
• Strengthen public purchases, increase efficiency and effectiveness of goods and services the government provides to citizens.
• Creation and support of project management skills.
The project is financed by a U.S. $ 55 million loan with a 25 year maturity and a 4 year grace period.
The loan from the Inter-American Development Bank (IDB) will provide more efficiency and transparency in public expenditure.
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 National Economic Council has approved a loan agreement between the Ministry of Economy and Finance and the International Construction Bank, designed to improve fiscal management.
A press release from the Ministry of Economy and Finance reads:
The National Economic Council (CENA) has approved a loan agreement for up to B/.100.000.000.00 million ($100 million), between the Ministry of Economy and Finance (MEF) and the International Construction Bank (BIRF), aimed at improving fiscal management and efficiency in public spending.
I have six building lots in the Punta Leona Resort ready for construction. I am looking for a partner to provide financing and or construction. Wanted partner for financing and/ or construction in the...