The African Development Bank (AfDB) has approved a grant of $6.12 million to help strengthen public finance governance in low-income African countries.

The bank, in a statement on Monday, noted that the funding is for phase two of the Regional Institutional Support Project in Public Finance Governance (RISPFG).

This, according to AfDB, will be implemented by two pan-African institutions: the African Tax Administration Forum (ATAF) and the Collaborative Africa Budget Reform Initiative (CABRI).

The bank said $3.90 million will go to support the continent’s tax administration reforms and domestic resource mobilisation efforts through support to ATAF, while $2.22 million is earmarked to support budget reforms and strengthen public finance management through CABRI.

The project’s overall objective is to improve domestic resource mobilisation and public financial management in recipient countries, and help strengthen their efforts towards sustainable, inclusive growth and development.

Specifically, it aims to improve African tax systems through technical capacity building, strengthening public financial management capacities and the integration of gender and climate change into taxation and public financial management.

The Director of the Governance and Public Financial Management Coordination Office at AfDB, Abdoulaye Coulibaly, said the project also aims to strengthen the resilience of national systems to various shocks, improve disaster preparedness and encourage the transition to low-carbon economies.

‘The project will contribute to strengthening the actions of the Public Financial Management Academy, a virtual capacity-building platform for African countries across the cycle and ecosystem of public financial management created in August 2022 by the Bank’, Coulibaly said.

Development Diaries also gathered that the three-year project is designed to contribute to the development outcomes of the African continent and the achievement of various commitments.

Source: AfDB

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