ADB approves five million dollar policy-based grant

The governments of Australia and New Zealand, the European Union, and the World Bank will provide 16.4 million dollars in co-financing.

The program supports three reform areas and policy actions under the first reform area will help improve the quality of budget systems and support legislation to establish institutions to fight corruption.

Under the second reform area, policy actions will help return the government’s finances to a sustainable track with measures to increase revenue, reduce expenditure, and pay arrears.

Policy actions under the third reform area will support shifting to a more broad-based economy that is competitive and encourages the participation of women in the economy, and a tax system that supports economic growth and is business friendly.

The program is aligned to ADB’s Strategy 2030, particularly the operational priorities related to strengthening governance and institutional capacity, accelerating progress in gender equality, and supporting fragile and conflict affected status and small island developing states.