Press Release No:2007/305/AFR
WASHINGTON – March 28, 2007 - The World Bank Board of Executive Directors approved Tuesday a US$10 million Poverty Reduction Support Credit (PRSC) to support social sectors and good governance in Cape Verde. This third and last operation of the PRSC cycle will further narrow the gap between the cost of implementing the Growth and Poverty Reduction Strategy Paper (GPRSP) and resources available. A policy dialogue and results-based framework under PRSC-3 focus on the following pillars of the GPRSP: (i) promote good governance; (ii) develop human capital in the areas of education and health; and (iii) improve the effectiveness and sustainability of the social protection system.
Like its predecessors, this new IDA credit focuses on three areas: promoting good governance through reforms in public expenditure management, civil service, the judiciary and decentralization; developing human capital in the areas of education and health; and improving the effectiveness and sustainability of the social protection system.
Following the approach of the two previous PRSCs, this third operation “has been prepared in close coordination with a growing number of budget support partners comprising the Dutch Cooperation, the European Union, the African Development Bank (AfDB), Austria, and Spain, following a Memorandum of Understanding signed with the Government,” said Maurizia Tovo, Lead Technical Specialist and one of the Task Team Leaders.
The benefits of this credit are obvious, added Ms. Tovo, underlining that it “will improve the functioning of national budget systems, reduce transaction costs and distortions due to international assistance and assure better linkages between sectors and cross-cutting issues.” Above all, she said, “this third PRSC will improve access of poor’s to social services, contributing to the general well-being of the population in a country whose small and open economy is highly vulnerable to external shocks.”
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