Swiss Government Joins Public Financial Management Trust Fund

Swiss Government Joins Public Financial Management Trust Fund

Sept. 18, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -7 September. 12- 2014 (Bhadra 27, 2071)

The Government of the Swiss Confederation, acting through the State Secretariat for Economic Affairs, joined the Multi-Donor Trust Fund (MDTF) for Public Financial Management (PFM) on September 12, 2014. The Administrative Agreement was signed by World Bank Country Director for Nepal, Johannes Zutt and ambassador Urs Herren from the Swiss Government for the amount of CHF 3000,000 (equivalent to USD $3.19 million).

"The contribution shall be used to finance the activities under the Multi- Donor Trust Fund, which is administered by the World Bank and jointly funded by five donors: the European Union (EU), UK Department for International Development (DFID), the Governments of Norway and Denmark, and the Australian Government Department of Foreign Affairs and Trade (DFAT). Established in December 2010, the objective of the MDTF is to strengthen the performance, transparency, and accountability of Public Financial Management in Nepal," said a press release issued by the World Bank Nepal country office.

On the supply side, the MDTF works on strengthening PFM systems and processes. It has rolled out the treasury single account (TSA) system to all 75 districts, resulting in the generation of timely budget financial reports reflecting the government expenditures and revenues. It will also pilot the newly designed Revenue Management Information Systems (RMIS) module, preparation of financial statements for two pilot ministries following the International Public Sector Accounting Standards (IPSAS). The MDTF has also continued the support to the Office of the Auditor General (OAG).

 On the demand side, the MDTF works on strengthening the use of social accountability to improve Public Financial Management through awareness-raising on local budgeting, pro-poor and gender budgeting.

 

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