EFSD to provide $2 mln grant to Armenia for program to improve  quality of financial reporting of public sector organizations

ArmInfo. The Eurasian Fund for Stabilization and Development (EFSD) will provide Armenia with a $2  million grant to implement a program to improve the quality of financial reporting of public sector organizations. At a meeting on July 18, the RA Government approved a draft decree of the RA President approving an agreement with the fund.

As noted in the justification of the draft decision, the funds will  be used to improve the quality of public financial management, the  formation of a universal methodology for consolidating the financial  statements of public sector organizations, introducing the practice  of consolidating financial statements of the RA Ministry of Health  and its subordinate organizations, improving the quality of employees  of public organizations in matters of reporting consolidation.

Within the framework of the program, it is planned to carry out an  examination of the methodology with the introduction of appropriate  additions to it, if necessary, to develop and implement software for  consolidating reporting, and to train employees of public  organizations in preparing consolidated reporting and working with  the software. It is also envisaged to provide assistance to the  Government of the Republic of Armenia in the development of  regulations and/or/ preparation of proposals for the introduction of  new methodology and accounting approaches.