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World Bank Grant For Strengthening Systems In Maldives

The World Bank Board has approved a grant of $ 6.5 million to support the strengthening of the Public Financial Management (PFM) System in Maldives.

The project is intended to help strengthen the government institutions to make informed decisions on fiscal adjustments in an efficient manner which will impact the economy of the country positively.

"A key challenge for the country will be to ensure that the government's social and economic goals are fully consistent with the urgent need for fiscal consolidation to restore fiscal and debt sustainability" said Francoise Clottes, Country Director, Sri Lanka and Maldives.

"We are happy to assist the government in this endeavor with both financial and technical support" added Clottes.

According to the World Bank, the project will help enhance budget credibility, transparency, and financial reporting of central government finances.

by RTT Staff Writer

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