Making sure that World Bank Group funds are applied towards the intended development purposes is part of our contract with our Shareholders.I n the public sector, Financial Management ensures accountability and efficiency in the management of public resources, and in the private sector, it promotes investment and growth. Therefore, the first objective of the Bank's financial management work is to improve borrowing countries' financial management performance. At the same time, if the Bank is to sustain the confidence of its shareholders, other stakeholders, and the public at large, it must be able to show that its funds are used appropriately. Thus the second objective of the Bank's financial management work is to provide acceptable assurance on the use of Bank loan proceeds. For countries, financial management (FM) refers to the budgeting, accounting, internal control, funds flow, financial reporting, and auditing arrangements by which they receive funds, allocate them, and record their use. Good FM is important to a country’s development because it gives assurance to citizens that their taxes are being used appropriately, to donors and lenders that the funds they provide are being used appropriately, and to the private sector that there is an appropriate environment for investment and growth.
Procurement and Financial Management policies and guidelines: Procurement Guidelines are separated into three categories: Goods, Works and Procurement of Consultants. Relevant to the Diaspora community, we have provided below a detailed overview of the procurement of Consultants, in addition to an overview of the overall procurmeent process under IBRD Loans and IDA Credits. Procurement under IBRD Loans and IDA Credits May 2004, Revised October 2006: English; French Procurement of Consultants - Selection and Employment of Consultants by World Bank Borrowers May 2004, Revised October 2006: English; French
Financial Management & Audit Guidelines are also key to the process of lending operations. These policies govern the use and flow of Bank funds, including procurement. The Operations Policy and Country Services Vice Presidency (OPCS) provides guidelines for the procurement of goods and services in Bank projects. The guidelines help ensure that funds are used for their intended purposes, with economy, efficiency, and transparency. They also ensure competitive bidding and help protect Bank-funded projects from fraud and corruption.
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