COLOMBO, Dec. 18 (Xinhua) -- The World Bank has approved a 25 million U.S. dollar loan to Sri Lanka to improve the transparency and efficiency of core government and public financial management functions, a statement released by the World Bank said here Wednesday.
The bank said the Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and deliver better services, with better use of IT and human talent.
"PSEP builds on long-standing collaborative government and World Bank work in the area of public financial management and supports the priority reform areas of the Government of Sri Lanka" World Bank Country Director for Nepal, Sri Lanka and Maldives Idah Pswarayi-Riddihough said.
"The use of smart technology-based systems such as e-procurement will enhance efficiency, improve transparency and accountability of public institutions through the simplification of procedures," she added.
The 25 million dollar loan from the International Bank for Reconstruction and Development (IBRD), one of the World Bank member institutions, has a final maturity of 28 years including a grace period of 11 years.
Sri Lankan President Gotabaya Rajapaksa last week vowed to bridge the gap in finances by strengthening the public sector and eradicating corruption in the island country.
