BELARUS PUBLIC FINANCIAL MANAGEMENT MODERNIZATION PROJECT

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The objective of the Public Financial Management Modernization Project for Belarus is to improve policy alignment of the budget, consolidate cash balances, improve budget transparency and lay foundations for implementation of an Integrated Financial Management Information System (FMIS). There are three components to the project, the first component being budget management regulations and procedures. The Government of Belarus’ PFM Reform Strategy plans to introduce a medium term budget framework and to link state programs and budgeting process through introduction of program budgeting. This sub-component supports this process and will include technical assistance on macroeconomic forecasting, revenue forecasting and tax expenditure analysis, medium term budgeting and program budgeting including monitoring and evaluation of program implementation. The second component is the PFM IT solutions. This component will form a basis for future FMIS implementation by: developing new or revising existing business processes based on the reform initiatives in the areas of PFM reform, including budget planning, execution, debt management, and procurement, accounting and reporting; and preparing tender documentation, including specifications based on the revised business processes. Finally, the third component is the change management. The change management component will support the implementation of regulatory and procedural reforms through a program of capacity building and project management activities. This component will support the operation of the project implementation office, which will: carry out project procurement, financial management activities and organize audit; help the MoF coordinate project activities; and interact with all local and international entities involved in the project.