Saturday, April 20, 2024
spot_img
HomeBusinessEconomyIDB supports efficient and transparent use of public funds in Paraguay

IDB supports efficient and transparent use of public funds in Paraguay

ASUNCION, Paraguay — Paraguay will carry out a program designed to improve the efficiency and transparency of the use of public funds, with the support of a $90 million loan approved by the Inter-American Development Bank (IDB).

Paraguay’s National Development Plan 2030 features among its goals of promoting efficient and transparent public administration. In line with this objective, the IDB-backed program will enhance everyday citizens’ and economic actors’ access to government information and policies. The measures backed by the program include the adoption of the fourth open government action plan, regulations on access to public information for processing applications and an accountability manual for executive branch agencies.

The plan will also serve to enhance the efficiency of public finance management with an emphasis on public investment projects and transparency in procurement and contracts for goods and services. It will include a system for electronic bidding for government purchases and the adoption of a system of transparency and accountability. This will allow for the publishing of the government budget in formats and language that is easily accessible for everyday people.

The program will also feature measures to boost the efficiency of financial oversight and cut transaction costs. The measures being proposed are in line with recommendations made by the Financial Action Task Force (FATF) and include the drafting of a bill to update the system for prevention and mitigation of risks designed to combat money laundering and a legal regime to identify and register end beneficiaries.

Paraguay is working to adopt and institute a legislative and institutional framework of transparency and integrity in line with major international standards and best practices. The end beneficiaries of the program will be citizens, civil society organizations, government employees, oversight agencies and economic agents that deal with the public sector.

The IDB loan for $90 million has a reimbursement period of 20 years, a five-year grace period and an interest rate pegged to the LIBOR.

 

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

PM Pierre expresses concern on the impact of misinformation

By Caribbean News Global TORONTO, Canada - Responding to the negative impact of misinformation, lies and inexactitudes, in the politics of Saint Lucia, Prime...

Global News

IMFC 49th meeting: Global situations have significant impacts on the global economy

- International Monetary and Financial Committee (IMFC) members discussed the global macroeconomic and financial impact of current wars and conflicts including the war in...