Thursday, April 7 2016 12:39
Alexandr Avanesov

IBRD to lend 21 mln USD to Armenia for Third Public Sector Modernization Project

IBRD to lend 21 mln USD to Armenia for Third Public Sector Modernization Project

ArmInfo. The International Bank for Reconstruction and Development (IBRD) will lend 21 million USD to Armenia for Third Public Sector Modernization Project. The relevant agreement was ratified by the National Assembly of Armenia on April 7. 

Vakhtang Mirumyan, Deputy Chairman of the State Revenue Committee, said that the document was signed on November 15, 2015.       

To recall, the World Bank Board of Executive Directors today approved a US$21 million loan for the Third Public Sector Modernization Project (PSMP III) for Armenia. This project will further assist the Government of Armenia in its on-going efforts to improve quality of the public financial reporting and to improve access to selected enhanced e- government services.

PSMP III supports three main components: (i) Public Financial Management Information Systems; (ii) e- Governance Solutions for Improved Service Delivery; and (iii) Capacity Building and Small Capacity Building Interventions.

The first component will assist the Government to improve the efficiency, effectiveness and comprehensiveness of its financial management and accounting through the development of a Government Financial Management Information System (GFMIS). The proposed GFMIS modules will include improvement, among others, in budget planning, budget execution, public procurement, debt management, accounting, budget reporting, and the general ledger.

The second component will support the implementation of select priorities as identified in Armenia's e- Governance Strategy. Key elements will include: development of the enabling environment by strengthening policy, regulatory frameworks and building institutions and capacity within the government to undertake introduction of e-governance platforms, and introduction of foundational platforms and infrastructure necessary for government-wide e-services.

Other sub-components are focused on developing: e-Transport modules to improve efficiency and the quality of transportation services in Yerevan; additional modules to the current e-Consular system, including a consular registration process for travelers and issuing e-visas; and upgrading the current e- Licensing system through automation of the simplified procedure of licenses issued on behalf of the Ministry of Finance, management of electronic license registry, and streamlined reports and notifications.

The third component seeks to strengthen the capacity of the Civil Service Council and Armenian Academy of Public Administration to modernize the training system for public servants and raise the quality of trainings.

PSMP III continues the reforms supported under PSMP I and PSMP II (on-going).  PSMP-I, implemented between 2004 and 2011, supported institutional reforms in the areas of policy formulation, local government and civil service, together with Public Financial Management interventions in the areas of public procurement and external and internal audit.

The World Bank will provide a US$21 million IBRD fixed spread loan with a 14.5-year grace period and a total repayment term of 25 years.  


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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000