IDB funding helps revamp financial sector

Apr 25, 2009 News

The Fiscal and Financial Management Programme, a US$28M investment that was facilitated through a hybrid instrument, speaks to the first of two strategic areas within the Inter-American Development Bank’s country strategy.
This is according to IDB country representative, Marco Nicola, who on Thursday told participants of the FFMP exit workshop at Grand Coastal Inn, that the objective of the programme was to assist the administration in implementing a reform programme intended to improve the management of public finances.
This, he said, will provide a ‘strong’ fiscal basis for sustained growth.

The programme is also aimed at improving the efficiency and equity standards of the tax system and contributes to a more efficient use of public resources by strengthening the public sector financial management and the public audit and fiduciary oversight.
These elements underpin the fiscal basis for sustained economic growth, demonstrating compatibility with the bank’s strategy in the area of Modernization of the State, he said.

He noted that the design of the programme was directed towards strengthening the fiscal capacity of the state and improving the efficiency and transparency in expenditure management.
The Project is one of the ‘most successful stories’ within the bank’s portfolio, Nicola said, within the past four years.
“Indeed it can be regarded as a signature project for similar projects in the Region, since it is the only such project in which execution was completed within time and budget.”
Among the achievements realized by the programme are the increases in revenue collected between 2004 and 2008 and the total taxes as a percentage of the Gross Domestic Product at market prices increased over the past four years.

The programme was coordinated with other creditors and donors with close cooperation with the World Bank and IMF.
Thursday’s workshop dealt with tax policy and administration, financial administration, audit and fiduciary oversight.
Minister of Finance, Dr. Ashni Singh, told participants that there was need for legislation and institution framework for proper management of public resources.

He noted that the new stating order that addresses requirements that were not in the parliament guidelines or the law addresses the improvement in the effectiveness of how public monies are expended.
Among the many advantages of the effects of the new legislation was a simplification of the tax system, a broadening of the tax base and tax administration.
These were facilitated by the adoption of presumptive measures to determine the taxable income of the self-employed.
The Inland Revenue Department benefited from restructuring and is now positioned to realize enhanced efficiencies through a re-engineering of several processes.

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IDB funding helps revamp financial sector

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