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Thursday, May 23, 2024

World Bank Pledges to Decorate Outstanding Councils

By Glory Msowoya, Mana

As one way promoting proper district councils’ financial management, the World Bank has drawn in a challenge for outstanding councils to walk away with a special recognition.

Chimenya- There is an opportunity for council’s to get additional funds from world bank

This comes against the background that most district councils have been in financial deep mismanagement scandals.

However, to contain the past financial mismanagement, especially in releasing their financial statements, councils, through their respective finance directors are currently using new recommended international financial system called International Public Sector Standard (IPSAS).

Speaking to Mana on Friday, Chief Accountant for Ministry of Finance, Steve Chimenya said with the use of the new system (IPSAS) in place, World Bank has pledged to award councils that will shine out in their financial statements of 2020/2021 financial year.

“Having understood that the financial reporting is essential in management, the World Bank has promised to give additional development resources to councils that will get a nod from auditor general to have properly managed their finances.

“The World Bank is in the process of preparing a project which, if all goes well, will rollout this financial year.

“The program has put in a minimum condition of only those councils that will come out with successful financial reporting will get additional financial resources for developmental projects,” said Chimenya.

He further urged councils in the country to utilise the opportunity to get the easy funding from World Bank.

“Councils should make sure that their financial statements are well presented so that World Bank can fund them on different projects like schools, hospitals and roads, just to mention a few.

“It’s a simple condition from World Bank. I am calling on councils to treat this opportunity with the seriousness it deserves,” he added.

The Office of the Auditor General ordered all district councils to be using new the international recommended financial reporting system (IPSAS).

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