BELMOPAN, Belize, Mar 19, CMC – The Belize government says it has launched a three-year project aimed at improving the Public Finance Management (PFM) system in the country.
It said that the Euro 1.1 million (One Euro=US$1.29 cents) project will end in February 2022 and is being funded by the European Union under the 11th European Development Fund (EDF).
“The aim of this project is to assist the government of Belize, in implementing PFM reforms in core areas where performance has not strengthened significantly as pointed out in the latest Public Expenditure and Financial Transparency Assessment (PEFA).
“The Technical Assistance Team will provide support to the Ministry of Finance, Office of the Auditor General and Contractor General to implement important activities aimed at improving performance in several PFM areas and to achieve key objectives set in the PFM Action Plan prepared by the country as a result of the PEFA,” the government said in a statement.
It said the project, will among other things, support the improvement of the legislative framework for PFM, including performing gap analyses, proposing recommendations and developing legislation and regulations that govern the activities of the Ministry of Finance, Auditor General and Contractor General. It will also strengthen the internal control functions by setting up an Internal Audit Unit. It will support its operation and develop the human resource capacity in the PFM sector through on-the-job coaching, specific training and improving working procedures and practices.
In addition, the project will seek to boost the coordination within the PFM sector amongst and between international development partners and government ministries and departments, the government statement added.