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Natural Resource Fund… World Bank to help Guyana overcome key capacity challenges
The Government of Guyana will soon benefit from millions of dollars in World Bank funding to aid in the enhancement of its fiscal management systems.
According to the Bank’s loan agreement with Guyana, the funding which totals US$3.5M, will be crucial to helping Guyana overcome its limited institutional capacity and governance challenges – key obstacles to successful public finance management. It will also be cri
tical to support the efficient management of the Natural Resource Fund (NRF) which will be held at the United States Federal Reserve Bank.
Expounding further, the World Bank said that the Project will support the enhanced role of the Ministry of Finance as regards the NRF legislation, and contribute to a well-functioning investment committee on issues related to the investment strategy of the NRF so as to manage the risks from financial investments. The World Bank was also keen to note that the funding is expected to help Guyana build up the Ministry of Finance’s macro-economic management and fiscal analytical capacity
The financial institution said that this enhancement process will be carried out in close coordination with its economic and governance teams, the International Monetary Fund (IMF), and other donors.
Further to this, the World Bank said that part of the money will be used to help Guyana formulate an Enterprise Architecture (EA) for more effective and transparent management of Guyana’s public finances. It stressed that such a system is critical, considering the significant incoming oil revenues.
This newspaper understands that the EA will be the blueprint for the design and implementation of an Integrated Financial Management Information System (IFMIS), which will allow for more effective control over public finances, enhanced transparency and accountability, and is expected to act as a deterrent to corruption and fraud.
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