The World Bank Board on Tuesday, July 16, approved an International Development Association (IDA) grant of US$19 million equivalent to improve domestic revenue mobilization (DRM) systems and strengthen financial control and accountability in public finances. According to a World Bank release, this grant financing will be executed under the Public Financial Management Reforms for Institutional Strengthening (PFMRIS) Project.
The PFMRIS project will address financial management and governance issues, as well as deepen and institutionalize PFM reforms achieved to date to ensure sustainability, through a human capital (HC) lens. It will also address the importance of broadening the revenue base in an equitable manner to revert the worsening HC indices through the provision of public services in education and health.
“Transparency and accountability in the public sector are critical for the Liberian Government to assist in mobilizing additional revenue to deliver needed services, particularly in education and health. Boost in the country’s human capital development will put Liberia on the path to prosperity and sustainable development,” said Larisa Leshchenko, World Bank Country Manager for Liberia. Read more…
