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WB unlocks 55 mln USD to improve public finance management in Madagascar

Xinhua, December 12, 2015 Adjust font size:

The World Bank unlocked 55 million U.S. dollars to improve public finance management in Madagascar, a statement from the World Bank office said on Friday.

"The Board of Directors of the World Bank approved a loan of 55 million dollars to Madagascar for a budgetary support," the statement said.

"The fund is aimed at supporting the Ministry of Finance and Budget, in its efforts towards efficiency and effectiveness of public finance management as a way to help the country to regain control," the World Bank statement said.

Coralie Gevers, World Bank Representative to Madagascar said that it is important to expand the fiscal space as a condition in the Systematic Country Diagnostic (SCD) for Madagascar presented to the Board of the World Bank in August 2015.

"Madagascar's government must have the means to make public investments and implement policies such as national strategies for social protection and universal health coverage," Coralie Gevers said.

The new operation was aimed at strengthening communication and the availability of relevant information to assess the effectiveness of public finances; and improving management of pay and the principle of the single treasury account.

We have a strong desire to meet challenges to strengthen the performance of the tax and customs authorities and improve efficiency in the use of public funds, Madagascar's minister of Finance and Budget Gervais Rakotoarimanana said.

"Our goal is to optimize the allocation of resources to sectors having tangible impact to the population such as education, health and infrastructures", the minister said.

The proposed operation supports actions covering elimination of non-eligible persons to the list of senior government and the publication of relevant information that are essential to the enlargement of the fiscal space.

"This information includes technical and financial statements of state-owned companies as JIRAMA and Air Madagascar, which receive transfers from the State, EPZs companies, the laws and regulations of data relating to the implementation of the budget," the World Bank disclosed. Endit