Kuwait: WB Affirms Efficient Public Funds Management Necessary for DevelopmentSource: www.export-egypt.com 2/20/2017, Location: Middle East |
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Firas Raad, World Bank Country Manager in Kuwait has affirmed that efficient management of public funds is basic for States' economic development.
Inaugurating a conference for the PEFA (Public Expenditure and Financial Accountability) assessment program,, Raad said the WB had launched, in coordination with specialized development authorities, PEFA to help states conduct studies to assess their public finances . PEFA regulates and ensures public funds' transparency, management of assets liabilities and budgets' auditing, Raad said, adding that a WB special team had worked with PEFA unit in the Kuwaiti Ministry of Finance on executing the program, which had been in use locally since 2010. In 2014 the WB team conducted a study to assess the Kuwaiti public funds management systems, he said, adding that the bank group and ministry officials agreed in 2016 on applying new and advanced systems designed to overhaul the financial sector management. The conference is held as part of the overhaul approach that got started with the 2016 Kuwait-WB financial coordination accord. |
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