Guinea set for PFM reform after EU resumes aid funding
By Judith Ugwumadu | 28 January 2014
Public financial management efforts in the Republic of Guinea are to receive a boost after the European Commission agreed to resume aid funding to the West African nation in recognition of its successful return to civilian rule.
The majority of European aid to Guinea was suspended in 2008 following a military coup. However, since the 2010 presidential election, the European Union has gradually resumed relations with the nation and last September’s ‘inclusive and peaceful’ elections prompted the return of full co-operation with Guinea. Yesterday, the commission announced that almost €140m in aid funding would be released.
‘The European Union is committed to supporting the Guinean government’s efforts in finding its way back to sustainable and fair growth,’ said Andris Piebalgs, EU commissioner for development.
In Brussels yesterday, he and Kerfalla Yansane, Guinea’s economy and finance minister, signed five projects, one of which focuses on reforms to the public finances.
The objective of this €12m programme is to improve economic and financial governance in Guinea, strengthen the state’s accountability system, improve internal revenue and boost the institutional capabilities of the Ministry of the Economy and Finance.
The four remaining programmes focus on reforms to the transport, justice and security sectors, and efforts to decentralise and devolve decision-making.
Piebalgs said: ‘The success of the projects planned for the benefit of the population is guaranteed by the strengthening of national capabilities and a participatory approach.’