Ministry of Finance and Treasury has welcomed the decision approved by the World Bank Board of Directors to finance additional USD 12 million for Maldives Public Financial Management System Strengthening Project (PFM Project). Current PFM project with an initial funding of USD 6.5 million was initiated in 2014 and was designed to enhance and modernise the public finance systems and to improve budget credibility and fiscal transparency.
The additional financing will utilise to further strengthen these areas and will extend the PFM project to develop areas such as statistics and roll out additional modules for the SAP Software to cover further aspects of budget management, according to the Ministry.
Finance Ministry said public finance systems must embrace modern practices and technology to provide the public with the most efficient and transparent public finance systems.
Moreover, the Ministry also stated over the past few years, it have engaged in key projects to modernize various processes of the public finance system which includes automation of budget preparation, publication of budgetary on a dedicate budget website, mobile applications and the automation of vendor information service.