MINSK, 28 July (BelTA) – With assistance of the International Bank for Reconstruction and Development (IBRD) Belarus will improve the effectiveness of the national system of administration of state finances, the press service of the Belarusian Finance Ministry told BelTA.
The Belarus-IBRD agreement on a loan to modernize the state finance administration system in the Republic of Belarus came into force on 28 July. The agreement's implementation will allow forming an effective and transparent state finance administration system in Belarus on the basis of cutting-edge international practices. The new system will meet all the modern requirements and national development tasks, stressed the source.
The IBRD will lend $10 million to Belarus for the sake of improving the methods of forming and executing the state budget, accounting and bookkeeping, for improving the administration of the state debt, internal financial control and auditing. Apart from that, specifications and the mechanism to implement an integrated information system to manage state finances will be developed.
The purpose of the project is to improve the effectiveness and transparency of the national state finance administration system on the basis of the government-approved strategy for reforming Belarus' state finance administration system. The state finance administration system will be modernized in two stages. The first one will be implemented in 2016-2019 and supported with the IBRD loan.
The agreement was signed in Minsk on 1 April 2016 and ratified by law No. 390-3 of 11 July 2016 on ratifying the agreement between the Republic of Belarus and the International Bank for Reconstruction and Development on a loan for the project to modernize the state finance administration system in the Republic of Belarus.
