Business news

MINSK, 24 February (BelTA) – The World Bank recommends Belarus to make the budget more transparent for citizens, Adrian Fozzard, Manager of the World Bank’s Governance Global Practice (GGP), told reporters on 24 February, BelTA has learned.

“The World Bank and the Finance Ministry are working out new instruments and tools of government finance management, and we know that Belarus is taking measures to step up control in the financial sector. The main areas of focus are the transparency of the budget structure and an open access to the information about it. As a result, the population will be able to analyze the efficiency of the state policy regarding expenses. People should know and realize how the budget funds are used. Everybody should have an opportunity to look through with this information,” Adrian Fozzard noted. In his opinion, Belarus has already made progress in this area, and the World Bank will continue supporting further steps of the country.

The expert stressed that the cost of loans for the countries providing information and unveiling risks connected with state finance management is lower than for the countries concealing this information.

Minsk hosts the annual plenary meeting of Public Expenditure Management Peer Assisted Learning (PEMPAL) on 24 February. The meeting is focused on the use of budget rules for ensuring budget efficiency and sustainability. Partaking in the forum ate the representatives of more than 20 countries and the experts of international organizations such as the World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development.