The Government of Belize and the European Union have launched a technical assistance project aimed at improving the Public Finance Management (PFM) system in Belize. The project will assist the Government to address areas of weakness in PFM identified in the latest Public Expenditure and Financial Transparency Assessment (PEFA).
The project is funded by the European Union under the 11th European Development Fund at a cost of Euro 1.1 million (BZD $ 2.5 million) and will run from March 6th, 2019 until February 2022.
Among the changes it will facilitate are implementation of reforms in core areas where performance has not strengthened significantly, improvements to the legislative framework for PFM, including developing legislation and regulations that govern the activities of the Ministry of Finance, the Offices of the Auditor General and Contractor General. It will strengthen the internal control functions by setting-up an Internal Audit Unit and provide support to its operation, as well as seek to develop the human resource capacity in the PFM sector through on-the-job coaching, specific trainings and improving working procedures and practices.
The Technical Assistance Team will provide support to the Ministry of Finance, Office of the Auditor General and Contractor General to implement important activities aimed at improving performance in several PFM areas and to achieve key objectives set in the country's PFM Action Plan.
In addition, the project will seek to boost the coordination within the PFM sector amongst and between international development partners and government's ministries and departments.