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World Bank approves IDA credit to finance 7th PRSC7

07
May '08
The World Bank Board of Executive Directors approved an International Development Association (IDA) credit of US$200 million to finance the seventh Poverty Reduction Support Operation (PRSC7) over financial years 2007/08 and 2008/09.

PRSC7 is the third and final annual budget support operation that supports Uganda's third Poverty Eradication Action Plan (PEAP), which covers the period 2005 to 2008. PRSC7 was developed jointly with the Government of Uganda in close cooperation with other development partners, including the African Development Bank, Germany, Ireland, the Netherlands, Norway, Sweden, and the United Kingdom.

“The number of Ugandan households living in poverty has fallen significantly from 38 per cent in 2002 to 31.5 per cent today, which can be attributed to the steady progress in implementing the PEAP as well as the recovery of the prices of Uganda's key exports. We expect PRSC7 to support the Government in delivering better services on the ground and creating a better environment for growth and further poverty reduction.

This operation is, therefore, focusing on improving the capacity of the public sector to deliver services, building public infrastructure assets, improving accountability, and facilitating the growth of the private sector through better prioritization and stronger focus on results,” explained Young Chul Kim, Senior Country Economist for Uganda and Task Team Leader for the Operation.

The PRSC7 will support four of the five pillars of the third PEAP, and can be grouped broadly into four areas: reforms to enhance productivity and competitiveness (investment climate and rural development); effective delivery of social services (health, education, water sector programs, and decentralization); public sector management (budget execution, public financial management, procurement, and anti-corruption); and gender, infant and maternal mortality, and population growth.


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