World Bank grants USD13 mln to strengthen govt. financial sector

World Bank has granted a financial package of USD13 million for public financial management in order to strengthen government's financial sector.

The agreement was signed between Finance Minister Ahmed Munavvar and World Bank Country Director for Sri Lanka and Maldives Idah Pswarayi-Riddihough.

Minister Munavvar noted the financial package from World Bank 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 decided on granting the financial package back in June in hopes of improving 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.