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| Sunday, 7 November 2004 |
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FABM to monitor donor funds by Hiran H.Senewiratne In a bid to accelerate the maximum utilisation of donor funds, Foreign Aid and Budget Monitoring (FABM) Department has been established by the Ministry of Finance. This was hailed by the World Bank Country Director for Sri Lanka, Peter Harrold. "The formation of this department will increase the proper utilisation of foreign Aid in the country," Harrold told the Sunday Observer 'Business'. He said that the World Bank also welcomed the formation of the Cabinet Committee by the President Chandrika Bandaranaike Kumaranathunga to enhance the foreign aid utilisation in the country in a more efficient and effective way. Sri Lanka's foreign Aid utilisation is less than 20 per cent, which needs to be increased to a highest level, World Bank Country Director stressed. Currently, in Sri Lanka more than 270 foreign aid funded projects are in operation, which amounts US $ 3 billion in total,Senior Adviser to the Ministry of Finance and Planning and Head of the FABM, Lalith de Mel noted. He emphasised that the department, as a first step, has launched a Web-based Project Monitoring System (PMS) similar to a Malaysian model, covering all development sectors, which donor agencies have funded to this country.This is a system where the capital projects can be monitored at a national level. It is also aimed at tracking the progress and implementation and proper use of donor funded projects successfully. This system will capture and maintain information relating to financial activities. The advanced details will only be available for authorised users. De Mel said that this PMS system is an effective method of promoting good governance and transparency in the government due to its accessibility to the general public for general details of all donor projects. This PMS is a pro-active web-based project monitoring tool that helps to ensure projects funded by donor agencies and how they implemented according to schedule. This system will constantly keep track of progress of various funded programs focus its attention on shortfalls.It also monitors escalation of difficulties such as issues and constraints, pertaining to project activities. Its prime responsibility is to resolve problems that arise. This monitoring system will also give an early warning to identify sick projects and projects behind schedule thus enabling concerned authorities to take timely action to resolve implementation issues. This site will be updated on a regular basis. |
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