Guyana signs US$28m loan agreement with IDB
Monday, August 2, 2004
GEORGETOWN, Guyana: Guyanese Minister of
Finance, Sasenarine Kowlessar and representatives of the Inter-American
Development Bank (IDB), Saturday signed a US$28 million soft loan agreement
for the Fiscal and Financial Management Programme (FFMP).
The loan is to support a reform agenda aimed at ensuring continued fiscal
sustainability and the transparency and efficiency with regard to the
management of public finances. This will strengthen the Public Finance
Management of Guyana and will be managed by the Ministry of Finance.
The programme takes the form of a hybrid
lending operation system comprising a policy-based financing component and an
investment component.
The first phase of the programme is aimed at
establishing a modern legislative framework for fiscal and financial
management. Subsequent phases will support the effective implementation of the
reforms.
The IDB, through its dialogue with the
relevant authorities, has provided substantial assistance and guidance
regarding the prioritization and sequencing of the various reforms.
The investment component will involve the investment of resources for the
development and implementation of a comprehensive modernisation plan for the
Guyana Revenue Authority (GRA). In addition, resources will also be invested
for the expansion of an integrated financial management system which was
recently installed with support from the Canadian International Development
Agency (CIDA). The programme will, in
addition, strengthen the role of Parliament in the oversight of fiscal and
financial management while at the same time support the implementation of
constitutional reforms adopted in 2001, in the areas of public audit and
financial and fiduciary oversight. The loan
is for a 40- year period and local counterpart funds total $1.5 million.
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