A financial package of USD 13million has been granted by the World Bank to the Maldives for public financial management. The financial package was granted in order to strengthen the government’s financial sector.
Minister of Finance, Ahmed Munavvar and World Bank Country Director for Sri Lanka and Maldives, Idah Pswarayi-Riddihough signed the agreement on behalf of both parties.
The Minister exclaimed that the package serves majorly as a grant and will be utilized in strengthening the government or public financial management as well as organizing training camps.
World Bank made the decision to grant the financial package in June, to improve debt and cash management in public financial sector.
Country Director Idah Riddihough noted the Maldives financial management system will see notablel changes following World Bank’s grant.
While World Bank has granted a package to strengthen the local public financial management system, the bank had earlier granted USD17 million for waste management in Maldives as well.