WASHINGTON, April 26, 2011 - The Board of Executive Directors of the World Bank approved on Tuesday, a credit of US$15 million to enhance the credibility, transparency and accountability in the management and use of central government finances.
According to Fily Sissoko, World Bank Task Team Leader (TTL), the four-year Public Financial Management Technical Assistance (PFM TA) Project aims at "strengthening expenditures policy allocations, and budget execution and reporting processes. It will also support the improvements of the accountability mechanisms, particularly the external audit and parliamentary oversight in the management of public finance".
The PFM TA is a very timely operation for Senegal given the recent adoption by the West African Monetary Union (WAEMU) of six Public Financial Management regulations that will impact significantly budget management practices by focusing on results and principles as opposed to the current rules based model. The project will support the Government of Senegal in the update of the legal framework as well as the organizational and administrative changes required to implement the WAEMU regulations. It will, for instance, focus on the decentralization of commitment authority to line ministries to improve service delivery.
Other areas of focus of the project include the development and implementation of a debt management strategy, the enhancement of the budget management information systems, and the strengthening of internal audit and controls.
Improvements in the transparency and accountability in the management of public resources will also be implemented through support for the Parliamentary Oversight Committee and the Senegalese Supreme Audit Institution, added the TTL.
Fily Sissoko has particularly emphasized that the PFM will also support civil society organizations and the media in enhancing their knowledge in the management of public funds. This will assist them in their mission to implement a "citizen control" as indicated by the World Bank Vice-President for Africa, Ms. Obiageli Ezekwesili during her dialogue with several African civil society organizations on April 8.