The country will set up an integrated, cutting-edge financial information system that will help yield a variety of benefits
The Inter-American Development Bank (IDB) has approved a $14.5 million loan to Uruguay that will finance a program to implement an integrated, state-of-the-art financial information system that will improve government management of the budget, finances and accounting.
Through this new system the Government Financial Management Modernization Program aims to enhance operational efficiency in the handling of public spending and yield timely, valuable information that supports the decision-making process in the budgetary cycle.
The program will benefit the people of Uruguay by contributing to transparency and efficiency in public spending. In particular it will serve the public sector by generating information that will support decision-making and monitoring during the budgetary cycle.
Plans include the development and implementation of the integrated, state-of-the-art Financial Information System and the institutional strengthening of Ministry of the Economy and Finance offices and government agencies that are directly involved in the budgetary process.
The IDB financing is composed of a $14.5 million loan over 25 years with a 5.5-year grace period and an interest rate pegged to the LIBOR. The loan is being matched by a Uruguayan contribution of $12.3 million.