Belize will modernize its financial management and improve fiscal sustainability with an $ 8 million loan from the Inter-American Development Bank (IDB).
The loan is part of Belize’s strategy to increase the efficiency of public spending by investing in digitization and increasing transparency, two strategic areas of action that the IDB is prioritizing to help its member countries accelerate their economic recovery in the region. the post-pandemic era.
The IDB loan will finance the adoption of improved methodologies, processes and information technologies that will enable the country to better manage its debt, promote a more efficient allocation of financing resources, as well as strengthen internal surveillance. and external public expenditure. New processes include adopting best internal audit practices and creating a citizen transparency portal.
The project is expected to improve the transparency of the budgeting process and improve the quality of information on expenditure allocated to gender and climate change issues. Belize is also improving its procurement system to enable the use of benchmark price, supplier registry and business intelligence to reduce the costs of acquiring goods and services.
The loan will support staff training, the expansion of a data center at the country’s finance ministry and the implementation of data analysis, measures that will enable the improved public finance management system to be more efficient. faster and more reliable.
The IDB loan has a maturity of 25 years, a grace period of 5.5 years and an interest rate based on LIBOR.
The Inter-American Development Bank is dedicated to improving lives. Established in 1959, the IDB is a major source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides strategic advice, technical assistance and training to public and private sector clients across the region.
IDB – Inter-American Development Bank published this content on 06 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 06 October 2021 20:46:09 UTC.