Sri Lanka gets new World Bank procurement system ensuring integrity, transparency
Aug 19, 2016 17:10 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – The World Bank has given Sri Lanka a new procurement system to make the best use of public money in bank-funded projects that promotetransparency and accountability.
Six core principals governing the new framework are value for money, fit-for-purpose, economy, efficiency, integrity, transparency and fairness, a World Bank statement said.
“The new framework will include an online tracking and monitoring tool, Systematic Tracking of Exchanges in Procurement (STEP), to speed up procurement processes, while promoting transparency and accountability, and facilitating procurement-related complaints.”
It is a result of an extensive review and a three-year consultation process involving more than 5,000 people in 100 countries including partner countries, CSOs and the private sector.
The World Bank’s new Procurement Framework aims to help its partner countries in South Asia procure goods and services, making the best use of their public spendin;, strengthen their national procurement policies; and improve their development objectives.
The new framework was introduced at an event, a joint initiative with the Ministry of Finance.The statement said the new Procurement Framework will allow the World Bank to better respond to the needs of its client countries, while preserving robust procurement standards throughout Bank-supported projects.
“We are committing to put our resources and energy to help our clients and development partners to focus on outcomes rather than rules and procedures,” said Robert Hunja, World Bank director of Governance Global Practice.
The bank said South Asia is pioneering the use of the more flexible, efficient and transparent procurement framework.
The North Eastern Region Power System Improvement Project in India, which was approved by the World Bank Board in July 2016, is the first project to follow the Bank's new Procurement Framework.
Projects planned in Sri Lanka will soon be benefitting from the policies of the new framework.
“Procurement in Investment Project Financing supports the clients to achieve value for money, with integrity in delivering sustainable development” said Felipe Goya, World Bank manager for Solutions and Innovations in Procurement for South Asia.
The new framework enables the Bank to work more closely with country partners in improving their own procurement systems.
(COLOMBO, August 19, 2016)