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.
