LAUNCH OF A PUBLIC FINANCE MANAGEMENT PROJECT
- belizeflaconsular
- Mar 18, 2019
- 1 min read
Belmopan. March 18, 2019. The Government of Belize and the European Union have launched a project aimed at improving the Public Finance Management (PFM) system in Belize. The project commenced on March 6th, 2019 and will run for 36 months until February 2022. This technical assistance project is funded by the European Union under the 11th European Development Fund for a total budget of Euro 1.1 million (BZD $ 2.5 million).
The aim of this project is to assist the Government of Belize, in implementing PFM reforms in core areas where performance has not strengthened significantly as pointed out in the latest Public Expenditure and Financial Transparency Assessment (PEFA). The Technical Assistance Team will provide support to the Ministry of Finance, Office of the Auditor General and Contractor General to implement important activities aimed at improving performance in several PFM areas and to achieve key objectives set in the PFM Action Plan prepared by the country as a result of the PEFA.
The project will among other things support the improvement of the legislative framework for PFM, including performing gap analyses, proposing recommendations and developing legislation and regulations that govern the activities of the Ministry of Finance, Auditor General and Contractor General. The project will strengthen the internal control functions by setting up an Internal Audit Unit. It will support its operation and develop the human resource capacity in the PFM sector through on-the-job coaching, specific training and improving working procedures and practices.
In addition, the project will seek to boost the coordination within the PFM sector amongst and between international development partners and government ministries and departments.
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The launch of Belize's Public Finance Management (PFM) project marks a significant step toward enhancing fiscal transparency and operational efficiency. Central to this initiative is the implementation of a Management Information System (MIS), designed to streamline project oversight and resource allocation. Integrating a robust capacity planning tool within this framework is crucial, as it enables accurate forecasting, optimal resource utilization, and informed decision-making. Such tools not only support the technical aspects of public financial management but also reinforce the government's commitment to accountability and sustainable development.