|Approval Date||30 Sep 2011|
|Signature Date||15 Nov 2011|
|Planned Completion Date||30 Dec 2016|
|Last Disbursement Planned Date||30 Dec 2016|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
The Public Financial Management and Business Enabling Support Project (PFMBESP) complements and adds value to Government and other development partners’ efforts to meet the challenges faced by the country. The rationale for the project is three-fold: first, severe organizational weaknesses in the PFM institutions constitute one of the most critical constraints to development, poverty reduction and sustainable peace in Sierra Leone. Hence tackling these weaknesses is a priority for the Government and its development partners. Second, by strengthening the fiduciary systems in government institutions, the proposed project will also help to curb corruption and leakage in public funds. Third, the project will help consolidate gains in financial and economic governance reform supported under the previous project and ongoing PFM reform. The project will build capacity of key institutions to deepen and implement reforms in Public Financial Management (PFM), extractive industries transparency and accountability, and private sector development. It has four main components which are mutually reinforcing: (i) strengthening transparency and accountability in public financial management, (ii) improving extractive industries governance; (iii) improving business enabling environment for private sector development, and (iv) project management.
The project’s broad development objective is to support the effort and plan of the Government to promote inclusive and sustainable economic growth and poverty reduction, through support to PFM reform and private sector development. The specific objectives are to (i) strengthen transparency and accountability in the use of public resources through organizational and human resource capacity building of local councils and oversight and integrity institutions, and (ii) promote private sector development through business enabling reform, and capacity building of Small and Medium Enterprises and private sector support institutions.
In focusing on institutions involved in public financial management and private sector development, the direct beneficiaries are: the Ministry of Finance and Economic Development (MoFED), and the nineteen local councils, the Auditor General (ASSL), the Anti-Corruption Commission (ACC), the Ministry of Trade and Industry (MoTI), the Sierra Leone Extractive Industry Transparency Initiative (SL-EITI), the Ministry of Mineral Resources (MoMR), and the Sierra Leone Investment and Export Promotion Agency (SLIEPA). The indirect beneficiaries are the general population who will benefit from improved PFM and enhanced fiscal space for pro-poor social service delivery; as well as private sector actors who will benefit from improved business environment.
Fragile States Facility
Ministry of Finance and Economic Development
|Last Update||19 Jan 2021|