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IDB approves $5 million to modernize and strengthen Brazil's federal court of accounts

The Inter-American Development Bank today announced the approval of a $5 million loan to support the strengthening and modernization of Brazil’s Federal Court of Accounts, the auditing arm of the legislative branch of government with jurisdiction over the entire country.

The resources will enable the court to modernize audit methods, improve existing tools and developing new ones. The court will also be better prepared to expand into new activities, such as ensuring fiscal responsibility in the administration of federal resources and controlling utilities regulation.

The program will consolidate a management outcomes model adopting the principles of total quality management, strategic planning, results-based management and other modern management tools that will help the court respond more effectively to society’s demands.

Investments will be made in staff development, information dissemination and strengthening integration with the National Congress, territorial public officials and civil society.

The Federal Court of Accounts* is responsible for financial, budgetary, operational and accrual accounting of the national government, including indirect government agencies. Its jurisdiction extends to the expenditure of federal funds in the 26 states, the Federal District and 5,561 municipalities.

The Court of Accounts modernization program reflects the IDB strategy of promoting transparency and accountability through reform of the state. The Bank has supported the strengthening and modernization of audit institutions in several member countries, including Chile, Colombia, Dominican Republic and Paraguay.

The loan is for a 20-year term, with a three-year grace period, at the variable interest rate, now 5.39 percent.

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