Nicaragua: $ 10 Million to Improve Financial Management

The World Bank approved a technical assistance loan for the Plan of Modernization of Public Financial Management.

Wednesday, December 8, 2010

The project will be carried out with the support of the Inter-American Development Bank (IDB), the European Commission and the Kingdom of Netherlands, aiming at improving the accountability process.

"This project will strengthen government with the modernization and professionalization of state institutions and promoting citizen participation," said Camille Nuamah, World Bank Resident Representative in Nicaragua.

With the implementation of this project these results are expected:

The widespread use of a financial management system more accurate and timely throughout the central government making decisions for budget allocation and monitoring, as well as controlling financial flows more efficiently.

Optimization in cash management, treasury operations, public purchases and auditing.

The presentation of public sector financial statements in accordance with international standards, promoting increased confidence in fiscal performance by citizens and investors.

The strengthening of human resources management in the context of civil service reform.

Increased surveillance of public budget performance by civic groups resulting in a more transparent government and results-oriented strategy.

Greater transparency and public access to information which will allow citizens to monitor public administration processes.

This project will be implemented under the Country Partnership Strategy (CPS) and will be coordinated by the Ministry of Finance and Public Credit, to be executed during the period between 2011 and 2014, with a 40 year term and 10 year grace period.

More on this topic

$ 55 Million for Panama's Public Finances

March 2011

The World Bank will provide a loan in order to improve efficiency in Panama´s public sector.

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.

$ 21 Million for Nicaraguan Health Services

December 2010

The World Bank approved an $ 11 Million donation and a $ 10 million loan in order to improve health services.

These funds will strengthen the operational capacity to extend health coverage services offered by the Ministry of Health, the rehabilitation of health units and create a fund for financial support in case of a public health emergency.

Panama: $ 200 Million to Improve Fiscal Management

December 2010

The IDB loan will support the implementation and framework of a modern fiscal policy based on international practices.

The IDB loan will support the implementation and framework of a modern fiscal policy based on international practices.

Panama will reform its tax laws and improve public management expenditures with a loan of U.S. $ 200 million approved by the Inter-American Development Bank (IDB).

$ 74 Million To Balance Honduras' Budget

November 2010

The World Bank approved the loan to support the Government's fiscal program.

The World Bank Board approved a loan for U.S. $ 74.7 million to support the government program designed to address the difficult fiscal situation in the short term and to achieve balanced fiscal accounts, which will bear fruit in the medium and long term, thus, promoting development in the country.

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