Riordli Commissioner for International Cooperation and Development Neven Mimica welcomed today in Brussels the Deputy Managing Director of the International Monetary Fund Carla Grasso. Together they launched a new programme that will support public financial management reforms in fragile and low income countries. To this end, €5 million will be made available to provide technical assistance to partner countries. The new programme will be implemented over five years and will help partner countries to spend public funds better, more efficiently and more transparently, as well as put into place strong controlling and reporting mechanisms.
Improved domestic public finance has multiple benefits for developing countries: it plays a key role in providing essential public goods and services such as education, health or investments in key infrastructure, and can in turn positively impact its economic growth and overall development.
Supporting sound domestic public finance is at the heart of the EU's development cooperation efforts, as it constitutes an important source for financing for development and can significantly support partner countries' efforts towards sustainable development.
More information on domestic revenue mobilisation