Multinational - Strengthening the Pan-African Federation of Accountants and Enhancing Public Financial Management Resilience in Africa

The proposed operation is an institutional support project to be financed from Transition Support Facility (TSF) Pillar III for an amount of UA4.00million (about USD5.2million). The project responds to a request from PAFA in July 2024 for Bank support to address weaknesses in PFM capacities within the accountancy and auditing professions, which have been identified as key drivers of fragility. Inadequate numbers of public sector professional accountants and the associated general weak institutional capacity of professional accountancy organisations are a widely occurring phenomenon on the continent. This will be addressed by providing contextualised learning and support tools that are relevant to the specific countries supported under this project informed by baseline studies to determine legal requirements, capacity needs and institutional framework to support the professionalisation effort in African countries. The project will have an important effect on the quality of state accounting and treasury management systems in countries facing fragility by implementing technical assistance of subcomponent. It is designed along three mutually reinforcing components, namely: (a) Professional Capacity Development in Public Financial Management (b) Strengthening Institutional Capacity of Professional Accounting Organizations (PAOs) and (c) Project coordination monitoring, and reporting. Increased skills in public accounting auditing will help to build a pool of human capacity to address governance issues and build robust PFM systems.