Eswatini - MIC TAF support to PFM Reforms

The proposed Middle Income Countries Technical Assistance Fund (MIC TAF) grant of UA 550,000 aims to strengthen public finance management in Eswatini, thereby contributing to overall economic governance and public sector effectiveness. The Bank's intervention responds to the government's request of 26 June 2024 for support in developing a PFM roadmap, implementing the IFMIS, and undertaking the PEFA assessment. This will be achieved by providing targeted technical assistance and knowledge transfer to facilitate the implementation of the Public Finance Management Act (PFMA) 2017 (as amended). The PEFA assessment will identify key gaps to inform the development of a comprehensive roadmap for PFM reforms, which are essential for the implementation of the Act and its regulations. Supporting the implementation of the IFMIS will improve budget preparation and execution, enhance financial reporting and ensure effective internal controls and audit practices within the Eswatini government, thereby strengthening transparency and accountability. The project will be implemented over a period of three years. It is estimated that the project will become effective by April 2025 and close in March 2028. The MIC grant's total financing is UA 550,000 (USD 732,396.50).