The Armenian government is preparing for an important step in improving financial management. At tomorrow's cabinet meeting, the issue of receiving a $2 million grant from the Eurasian Development Bank (EDB) will be discussed.
The grant is intended to fund the project "Enhancing the Quality of Financial Reporting of Public Sector Organizations of the Republic of Armenia." The corresponding agreement was signed on February 6, 2024, between the Government of Armenia and the EDB.
The funds will be allocated from the Eurasian Fund for Stabilization and Development. The main goal of the project is to increase the efficiency of public fund management. This is planned to be achieved through two main avenues: improving the accountability system of ministries and their subordinate organizations, and enhancing the qualifications of employees involved in public sector budget processes.
The implementation of this project is expected to significantly improve the transparency and efficiency of public funds usage in Armenia. This, in turn, may lead to a more rational allocation of budget resources and an improvement in the quality of public services.
The decision to accept the grant will be officially approved at tomorrow's government meeting. Experts note that this step demonstrates Armenia's commitment to improving its financial system and strengthening cooperation with international financial institutions.
