The Country Office of the international lender in a statement said the money will go towards supporting key policy reforms to promote sustainable and inclusive growth and build economic resilience in the country.
Dubbed the ‘Second Productivity and Transparency Support Grant (PTSG-II)’ this funding, the statement adds, will support ongoing reforms to enhance macroeconomic stability, increase productivity in agriculture and fisheries while promoting transparency and
accountability in selected government decision making processes.
Beyond leveraging increased productivity in the real sector, the program also supports the strengthening of economic and political governance, focused on improving government’s treasury management, procurement, promoting transparency in mining sector contracts, and building an effective asset disclosure system to fight corruption and promote public sector accountability, it states.
PTSG-II is the second in a programmatic series of three operations designed to support the implementation of the government’s priorities as articulated in its recently launched National Development Plan.
It covers five policy areas: agriculture, including fisheries and land; energy and extractives; education; public financial management, with particular emphasis on the Treasure Single Account and e-procurement; and asset disclosure.
The goal, says the Bank, is to enhance transparency and accountability in governance.
World Bank officials say the funding was motivated by the new government’s stated commitment to reforms which are expected to have a significant positive social and poverty reduction impact.
“Government’s recent commitments and demonstrated actions to tackle difficult but necessary reforms are positive developments and the World Bank looks forward to continuing its support to the reform process going forward,” said Kemoh Mansaray, World Bank Senior Economist and Task Team Leader.
World Bank Country Manager, Gayle Martin, said the current financing will help resolve fiscal challenges facing the country and improve on the governance with the goal of building resilience and enhancing service delivery to the population.