News Release
2012/001/T&T
WASHINGTON, September 30, 2011 — Françoise Clottes, World Bank Director for the Caribbean, and the Honorable Winston Dookeran, Minister of Finance of the Republic of Trinidad and Tobago, signed a US$3 million agreement where the World Bank will provide over the next two years a series of analytical and advisory services related to public administration reform. The ceremony took place on the sidelines of the World Bank/International Monetary Fund Annual Meetings, which were held this past weekend in Washington, DC and convened Governors and Ministers of Finance from around the world. “I am very pleased that the World Bank with its global knowledge and expertise will assist Trinidad and Tobago to effectively implement major institutional reforms. This process will be an essential step to strengthen our institutional capacity, foster employment, productivity, and encourage inclusive economic growth,” said Minister Dookeran during the signing ceremony. The Bank’s fee-based advisory services will include the following: • Strengthen budget management procedures to allow better budget preparation and execution, as well as the gradual introduction of a performance-informed budgeting system. • Identify areas of improvement in the pension system to achieve a universal and harmonized system that fosters employment, savings and productivity. • Support the country’s institutional capacity in public debt and cash management along the lines of international sound practice. This activity will also provide input for the development of a strategy for a domestic debt market. • Review the policy and institutional framework for investment promotion and special economic zones in order to design a coordination strategy (including capacity building) that improves the quality and effectiveness of the country’s activities in this area. • Define a menu of doing business reform recommendations to improve the regulatory areas related to promoting a better investment climate, stimulating inclusive growth, and enhancing competitiveness. “We look forward to putting our research, analytical and technical capabilities at the service of Trinidad and Tobago to assist the country in adopting modern techniques of public management that can deliver better, more relevant, and simply more public services with better results,‘’ said Clottes.
Fee-Based Services at the World Bank Group An increasing number of governments and state institutions are obtaining expert, global assistance from the World Bank Group through fee-based services — which may be provided following agreement between all parties concerning the terms of reference and cost. There are no preset limits on the contract size or time period allowed for fee-based services support. The Bank’s advisory services offer knowledge, lessons learned and global expertise to its clients. In addition — unlike private sector consulting firms — the Bank’s services are priced at full cost recovery, with no profit for the Bank. Contacts:
In Washington: Melanie Zipperer, (202) 458-2902, mzipperer@worldbank.org
Patricia da Camara (202) 473-4019, pdacamara@worldbank.org
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