Financial Management Umbrella Trust Fund
The Financial Management Umbrella Trust Fund brings together World Bank implemented programs under the three areas of i) Managing Public Finances, ii) Financial Reporting and Auditing and iii) Public-Private Sector Interface under one common governance structure, following the principles of the World Bank Groups Trust Fund Reform.
SECO is a key donor in the World Banks public financial management programs and a longstanding supporter of both Public Financial Management and Corporate Financial Reform agendas in partner countries. This is reflected in this contribution proposal to the newly established Financial Management Umbrella Trust Fund (FM UTF). Its focus on sound financial management is critical to restore economic activity and growth particularly in a context of increased public and private sector debt as well as high uncertainty.
The overall program development objective of the Financial Management Umbrella Trust Fund is to support World Bank client countries to undertake sustainable, transparent and accountable allocations of public financial resources and use these resources to achieve positive development outcomes by the public and private sector.
Reforms of management of public finances result in improved strategic allocation and value for money of resources that have been deployed towards the achievement of policy objectives
Improved reliability of financial statements and improved quality of audit products by Supreme Audit Institutions (SAIs) and Internal Audit
Augmented follow up of SAI reports by Parliaments and Ministries of Finance
Improved transparency, effectiveness, and sustainability of State Owned Enterprises (SOEs) and private sector
Enhanced institutional frameworks and capacity in Corporate Financial Reporting (CFR) to support private and financial sector growth
Public resource management is better aligned with climate change priorities
PFM reform diagnostics and design used to prepare and implement PFM reform programs in countries
Support to strengthened sectoral pubic investment management for service and infrastructure delivery
Accrual based accounting implemented in select countries for Identification, diagnostics, implementation of International Public Sector Accounting Standards (IPSAS) based reform
Analytical tools, guidelines and framework for State-owned Enterprise (SOE) policy dialogue
Enhanced institutional frameworks and capacity in CFR to support private and financial sector growth
Number of countries that received technical assistance (TA) relating to climate-smart public resource management
|Directorate/federal office responsible||
|Budget||Current phase Swiss budget CHF 39’400’000 Swiss disbursement to date CHF 0 Budget inclusive project partner CHF 95’000’000|
|Project phases||Phase 1 01.01.2022 - 31.12.2028 (Current phase)|