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IDB Program to improve fiscal and social management

17
Sep '08
Nicaragua will modernize its revenue collection and expenditure management system with a series of three fast-disbursing Inter-American Development Bank operations. The first one, for US$20 million loan, has been approved by the IDB Board of Executive Directors.

The program will improve fiscal and social management through operations that promote efficiency and transparency, in order to contribute to sustained economic growth and poverty reduction.

“This program will help maintain the macroeconomic framework and increase revenue collection by improving the administration of the internal revenue service and customs administration,” said IDB team leader Sandra Bartels. “It will also improve results-oriented public expenditure management and increase efficiency of spending on poverty reduction.”

“The first operation will promote improved transparency through an electronic procurement system for 32 public entities to foster greater transparency, participation and competitiveness,” said Bartels.

“This operation will also support the government's efforts to increase allocations to poverty reduction in 2007-2010 as a percentage of the gross domestic product,” added Bartels. “Priority will be given to initiatives for the most vulnerable social groups and a system for monitoring and evaluation of basic social services will help progress towards the United Nations Millennium Development Goals to reduce poverty by half by the year 2015.”

This first IDB financing includes a US$10 million loan for a 30-year term, with a 5.5-year grace period, at a variable interest rate; and a US$10 million concessional loan from the IDB Fund for Special Operations for a 40-year term and grace-period, at a 0.25% interest rate.

Inter-American Development Bank


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