November 16 (SeeNews) - North Macedonia's parliament approved a draft law that will give the country access to a 20 million euro ($20.8 million) loan from the World Bank, and a 4.9 million euro grant to support the introduction of an Integrated Financial Management Information System (IFMIS), the government said.
The project will be carried out in the course of four years, the government said in a press release on Tuesday.
IFMIS, which is part of the country’s new Budget Law, will monitor budget expenditures and revenues from their planning stage to their execution.
In September, finance minister Fatmir Besimi said that the financing from the World Bank is essential for the implementation of the Budget Law that is a systemic law for reform of public finances. North Macedonia's parliament adopted the Budget Law in September.
($ = 0.9598 euro)