The Inter-American Develo-pment Bank (IDB) says Guyana’s financial management has improved and the budget is transparent, at the close of the workshop for the Fiscal and Financial Management Programme (FFMP).

IDB Resident Represen-tative Marco Nicola said the Bank was particularly pleased with several achievements realized from the programme. According to a Government Informa-tion Agency (GINA) press release Nicola said, “financial management has been improved, the budget has gained in transparency and the Bank is confident that these advances would be consolidated and the goal of achieving full integration will be realized in the near future.”

The Bank has written off substantial amounts of Guyana’s debt under the Heavily Indebted Poor Country initiative. Nicola said this is a clear indication of the IDB’s confidence in the government’s ability to sustain the stable macro-economic environment that has resulted from the significant progress made in structural adjustment reforms in the financial sector.

Minister of Finance Dr Ashni Singh reaffirmed government’s commitment to build and improve on the successes of the FFMP. The US$28M programme allowed for both institutional and administrative reform in tax policy administration, public sector financial management and fiscal and fiduciary oversight.

It aimed at assisting government in implementing elements that underpin the fiscal basis for sustained economic growth. These include improving the management of public finances, efficiency and equity standards tax system and contributing to a more efficient use of public resources by strengthening the public audit and fiduciary oversight.

Both Singh and Nicola described the FFMP as a “resounding success” and a “signature” programme. The minister said these assessments were not only based on the fact that the programme was executed within the stipulated time and budget, but also due to the many critical reforms that have been implemented. Many of the measures that were included in the programme are supported by the Poverty Reduction and Growth Facility, Nicola said. Singh said the project was a historic one as all of its objectives were achieved. He also explained that its disbursement rate surpassed the rate of most projects countrywide and similar projects in the wider Region.

The minister said the project saw the implementation of consistent legislative and institutional frameworks at all levels that were conducive to effective and efficient management of public resources in an optimal fashion that promoted the country’s economic growth and poverty reduction agenda. These included strengthening Parliamentary oversight through Constitutional amendments.

“In 2001 Constitutional amendments were enacted that literally transformed the landscape for fiscal and fiduciary oversight and the effectiveness with which the Parliament would serve,” the minister said. Several oversight committees were also introduced such as the Public Accounts, Economic Services and Natural Resources committees mandated to call Ministers of Government before them. Other changes included reforms at the Auditor General’s office making it a semi-autonomous body. These changes signalled improved public accountability and transparency.