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WB, EU, France grant Rs. 3600 Mn to enhance e-Procurement

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The World Bank, the European Union (EU) and France’s official development assistance have stepped in to grant Rs.3,600 million rupees (Euro 9.88 million) to strengthen Sri Lanka’s public financial management.

Finance State Minister Shehan Semasinghe said that the Government of Sri Lanka, the World Bank, the European Union (EU) and France’s official development assistance have signed financial agreements to strengthen the public financial management of Sri Lanka.

The State Minister has mentioned this in a tweet posted on his official account. He added that the purpose of providing a grant of Euros 9.88 million for public financial management is to support the improvement of economic control, transparency and accountability on how public money is spent.

The project focuses on developing and scaling the Government’s new e-Procurement (e-GP) system and leveraging technology to enhance the institutional capacity of the National Audit Office of Sri Lanka. The public sector is the largest buyer of goods, works and non-consulting services in Sri Lanka’s domestic market. The procurement of these goods and services is often delayed due to cumbersome and outdated procedures and processes, limited understanding of market approaches, and the need for capacity and empowerment of procurement decision makers.

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