Significant changes are underway in Armenia's public financial management system. On December 19, the government approved an additional agreement to the existing grant contract with the Eurasian Fund for Stabilization and Development (EFSD), aimed at improving financial reporting in the public sector.
The primary grant, totaling $2 million, became effective in August 2024 and is dedicated to implementing modern financial reporting standards in public organizations. The program includes the development of a new methodology for consolidating financial reports and the creation of specialized software, starting with a pilot implementation within the Ministry of Health.
The need for the additional agreement arose due to the simultaneous launch of a new Public Financial Management Information System in Armenia. The adjustments are designed to ensure synchronization between these two key projects and facilitate their effective integration.
