World Bank and the Republic of the Marshall Islands Launch New Public Financial Management Project
MAJURO, November 29, 2018 – A new project to improve the efficiency and effectiveness of budgeting and reporting in Marshall Islands was today launched by the World Bank’s Regional Vice President for East Asia and the Pacific, Victoria Kwakwa and the Minister of Finance for the Republic of the Marshall Islands, Honorable Brenson S. Wase in the Marshallese capital, Majuro.
The Project to Strengthen Budget Execution and Financial Reporting Systems will provide the government of the Marshall Islands with the tools to strengthen public financial management and procurement, and to improve transparency across government.
“Public financial management is an essential part of supporting our development priorities and ensuring healthy government budgets will improve the delivery of essential public services, such as health and education,” said Minister of Finance for the Republic of the Marshall Islands, Brenson S. Wase.
The project will include the installation of a new Financial Management Information System while also modernizing regulations to embrace new technologies, introduce procurement reforms for greater transparency. These new technologies will allow employees to learn new skills. This will ensure government staff are equipped with necessary skills to ensure budgets and financial management systems will be sustained into the future.
“This new system comes at an important time, with the World Bank’s funding for the Marshall Islands quadrupling to USD63 million since 2017. The improved reporting efficiency on budgets and disbursements will help to ensure critical investments in essential services – health, education, infrastructure and resilience – are carefully managed, accounted to meet the needs of Marshallese citizens,” said Victoria Kwakwa, World Bank Vice President for East Asia and the Pacific.
Ms Kwakwa said the project’s focus on strengthening the capacity of Marshallese government systems and staff skills would deliver long-term, sustainable benefits to the country, and is in line with the World Bank’s focus on supporting countries to develop their Human Capital.
“I am also pleased that the project focuses on developing Human Capital, including exploring partnerships with national educational institutions, to provide Marshallese with skills in areas such as revenue management, planning and budgeting, accounting, reporting and auditing,” said Kwakwa.
The Project to Strengthen Budget Execution and Financial Reporting Systems is funded through a US$9.5 million grant from the International Development Association, the World Bank’s fund for the world’s most in-need countries.
The project will include the installation of a new Financial Management Information System while also modernizing regulations to embrace new technologies, and introduce procurement reforms for greater transparency.