The World Bank has approved a USD 25 million loan to Sri Lanka to improve the transparency of core government and public financial management functions.
The Public Sector Efficiency Strengthening Project (PSEP) is meant to help strengthen the institutional capacity of the Ministry of Finance in Sri Lanka to improve efficiency and deliver better services. The use of information technology and greater human resource capabilities will be the key drivers of this 5-year project.
The European Union will be a partner in PSEP with a technical assistance grant of EUR 10 million to help strengthen core public finance and accountability institutions. The USD 25 million loan from the International Bank for Reconstruction and Development (IBRD), has a final maturity of 28 years including a grace period of 11 years.
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