In a statement, the World Bank said the grant of EUR 9.8 million for Public Finance Management aims to support improving economic governance, transparency, and accountability in how public finances are spent.

“Weak management of public finances contributed to Sri Lanka’s economic crisis, so it is crucial to strengthen core public finance institutions and systems to shore up the economic recovery and get the country on a sustainable growth path,” said Chiyo Kanda, World Bank Country Manager for Maldives, and Sri Lanka.

“This project will leverage technology to develop and scale up the government’s nascent e-procurement system (e-GP) and enhance the institutional capacity of the National Audit Office of Sri Lanka, both important steps towards enhancing efficiency and transparency in public procurement and external audits,” Kanda said further.