January 25 (SeeNews) - North Macedonia's finance ministry said on Wednesday it signed a 20 million euro ($21.8 million) loan agreement with the World Bank to support the introduction of an Integrated Financial Management Information System (IFMIS).
An additional 4.9 million euro EU grant will be provived for the implementation of the system, the finance ministry said in a statement.
"The World Bank's cooperation with North Macedonia sees the strengthening of fiscal management and the management of public finances as a key priority. The newly signed deal will continue to take a comprehensive approach to strengthen both the expenditure and revenue sides of the public finance management cycle," Massimiliano Paolucci, World Bank Country Manager for North Macedonia and Kosovo was quoted as saying.
In November, North Macedonia's parliament approved a draft law giving the country access to the World Bank loan and the EU grant. The project will be carried out in the course of four years. IFMIS, which is part of the country’s new Budget Law, will monitor budget expenditures and revenues from their planning stage to their execution.
($ = 0.917 euro)