Friday, July 19 2024 16:08

ArmInfo. The Eurasian Fund for Stabilization and Development (EFSD) held a seminar on effective  procurement and financial management when implementing projects in the Republic of Armenia.

According to the EFSD press service, the event was attended by  representatives of the Ministry of Finance, executive agencies, as  well as project implementation groups in the areas of road  construction, water supply, energy, modernization of social  infrastructure and healthcare.

The use of funds allocated by the EFSD is subject to control, which  is carried out, inter alia, within the framework of the Fund's  regular missions. Procurement of required goods, works and services  during project implementation is carried out according to the Fund's  standards, which are fully consistent with the best global  approaches. To introduce these standards to the representatives of  the Recipient responsible for the implementation of projects is the  main task of the training event.

Compliance with EFSD standards and policies in the field of  procurement and financial management ensures the efficient use of  funds, which is especially important for infrastructure construction,  the acquisition of complex equipment, consumables and high-tech  information technologies, as well as the provision of consulting  services for the development of methodological materials.

During the last seminar, examples of the most complex procedures used  in organizing procurement and financial management were considered.  In addition, a review of violations that are identified by Foundation  employees as part of control activities is provided.

The Republic of Armenia is the founding state of the EFSD. The Fund's  portfolio in the Republic exceeds USD 630 million. EFSD already  supports financing the modernization of irrigation systems, the  fourth stage of the construction of the North-South road corridor,  the construction of an infectious disease center in Vanadzor and the  modernization of 2 regional branches of the National Center for  Disease Control and Prevention, increasing the energy efficiency of  social infrastructure facilities and other projects.

The Eurasian Fund for Stabilization and Development (EFSD) is a  regional financial mechanism with a volume of more than 9 billion US  dollars, which was established in 2009 by the Republic of Armenia,  the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz  Republic, the Russian Federation and the Republic of Tajikistan. The  goals of the EFSD are to promote economic and financial stability in  the Fund's member states, as well as support their sustainable  development.