Cabinet approves PFMP funding agreement

SANA'A, Jan. 04 (Saba) - The Cabinet
approved on Tuesday a funding agreement for the Public Finance Modernization Project
(PFMP) signed
with the International Development Agency (IDA) on 15 November 2010.
According to the agreement submitted by Minister of Planning and International
Cooperation, the IDA grants Yemen 7.6 million of Special Drawing Rights (SDRs) to
share in
funding the PFMP.
The project aims to improve efficiency and transparency of public financial
management through providing decision-support systems and capacity-building of
public financial
management institutions.
The project consists of five components. The first one is concerning in enhancing
decision-making mechanism on budget management through improving macroeconomic
analysis,
documentation budget and its transparency as well as setting up control procedures
more dynamic to implement the budget.
The second component aims to improve financial management information systems
through widening Accounting and Financial Management Information System (AFMIS).
The third component focuses on enhancing the public procurements institutions'
capacities. The fourth component deals with enhancing institutional capacity
building for
Central Organization for Control and Auditing (COCA), while the fifth one is
relating to the project management.
HA/AF