Ministry of Finance Bolsters Fiscal Initiatives with $5.6 Million World Bank Grant

The Ministry of Finance, Budget, and National Planning has successfully secured a substantial grant of $5.6 million from the World Bank.

The funds, allocated under the State Fiscal Transparency, Accountability, and Sustainability (SFTAS) project, aim to fortify the Home Finance Department’s capabilities through the procurement of essential items.

The multifaceted procurement plan encompasses 21 items, ranging from office stationeries and furniture to solar inverters, office equipment, and vehicles.

This initiative falls under the broader SFTAS project, launched in 2018 to fortify transparency and accountability at the sub-national level.

While the project officially concluded in 2022, its implementation continues to drive positive fiscal changes.

A comprehensive breakdown of the allocated funds reveals a meticulous approach to addressing diverse needs within the ministry.

The Home Finance Department received varying amounts, with $25,713 dedicated to office stationery and supplies and an additional $39,357 for extra office equipment and supplies for the SFTAS Programme Coordinating Unit.

The procurement plan also earmarked $64,190 for furnishing and equipping the SFTAS Public Service Institute space, along with $14,842 for additional office furniture and partitioning of the STFAS office.

Further funds amounting to $24,038 were designated for the procurement of video conferencing equipment, emphasizing the ministry’s commitment to modern communication tools.

Notably, the largest approval of $4.78 million was allotted for providing spatial data to states, underlining the significance of data-driven decision-making in fiscal policies.

Also, $409,638 was allocated for the procurement of project vehicles, reinforcing mobility for the Programme Coordinating Unit and the independent verification agent.

Despite the meticulous planning, the procurement journey faced complexities, with two items canceled, four successfully completed, and one under implementation.

The report indicates that three items are pending implementation, while 11 projects were signed as of the document’s release in December 2023.

This World Bank grant reflects a concerted effort to bolster fiscal initiatives within the Ministry of Finance.

As the procurement process unfolds, the ministry is poised to leverage these resources for sustained fiscal transparency and accountability, ensuring the responsible utilization of the allocated funds.