September 19 (SeeNews) - North Macedonia's finance ministry said that the World Bank is expected to provide some $80 million (80.2 million euro) to support the introduction of an Integrated Financial Management Information System (IFMIS), which is part of the country’s new Budget Law.
Finance minister Fatmir Besimi said at a meeting with representatives of the World Bank in the Bosnian capital Sarajevo that IFMIS will monitor budget expenditures and revenues from their planning stage to their execution, and noted that the financing from the bank is essential for the implementation of the Budget Law that is a systemic law for reform of public finances, according to a press release issued by the finance ministry on Friday.
N. Macedonia's Parliament adopted the new Budget Law earlier this month.
The World Bank and the country's government are also working on a $50 million project for the sustainable development of municipalities in North Macedonia, according to the press release.
The current portfolio of the World Bank in North Macedonia consists of nine projects worth a total of some $480 million, most of which are in the field of infrastructure, the finance ministry said.
($ = 1.0025 euro)