Cabinet nod to raise funds for improving public sector efficiency

Monday, 21 October 2019 00:23 - - {{hitsCtrl.values.hits}}

$ 25 m loan to be obtained from IBRD of World Bank
Fin. Min. to enter into Financing Agreement with IBRD in consultation with CB

Cabinet has approved a proposal to obtain a loan of $ 25 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank for the implementation of the Public Sector Efficiency Strengthening Project (PSEP).

Cabinet gave approval to the proposal made by Finance Minister Mangala Samaraweera to authorise his Ministry to enter into a Financing Agreement with the IBRD and in consultation with the Monetary Board of the Central Bank of Sri Lanka, as well, on the monetary implications of the loan facility, to borrow a loan amounting to $ 25 million, which has several favourable financing terms. The approval was given last week.

The funds will go towards improving the transparency and the efficiency of core Government and the public financial management functions, through the introduction of the e‑Government Procurement system, Public Financial Management system and the Excise Revenue Management system as priority information systems.

The Government, the World Bank and the EU plan to implement the collectively designed PSEP.