Internal audit development, promotion in municipalities among targets of Finance Ministry’s new project
The project is being carried out as part of the European Union’s Economic Governance and Fiscal Accountability Programme, aimed at monitoring, prevention and correction of problematic economic trends threatening national economies. Photo: Finance Ministry of Georgia
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Ensuring better quality of internal audit in Georgia’s public sector and raising awareness on relevant practices in municipalities across the country are among the objectives of a new project of the Finance Ministry, revealed on Tuesday.
The body’s Public Internal Control Department presented the initiative that will run through June 2024 and involve four phases, the Ministry said.
It will seek to ensure quality of internal audit and its further improvements, use existing methodology and host trainings, promote the audit in municipalities and develop a manual and trainings for internal audit for the information technology sector.
Trainings for the project will be held for both local self-governments and internal auditors of central agencies.
The project is being carried out as part of the European Union’s Economic Governance and Fiscal Accountability Programme, aimed at monitoring, prevention and correction of problematic economic trends threatening national economies.
The Ministry of Regional Development and Infrastructure of Georgia exceeded its approved budget by 110.1 percent, spending ₾43.8 million ($17.52mln) over the proscribed financial plan for the first quarter of 2023, the state body said on Thursday.
The World Bank’s assessment of Georgia’s logistics capabilities has jumped from 119th to 79th position in its latest Logistics Performance Index, marking an improvement of 40 spots in the report assessing countries’ ability to move goods across borders with speed and reliability.
Georgian authorities have improved the country’s public financial management systems, the World Bank said on Thursday in its 2022 Public Expenditure and Financial Accountability assessment, which compared improvements to the institution’s 2018 report.
The progress of the reforms implemented in Georgia with the International Monetary Fund’s support, as well as the current economic situation in the country, was reviewed on Thursday by the Georgian Finance Minister Lasha Khutsishvili and James John, the Deputy Chief of the IMF.
Georgia has been ranked first among 59 countries for the "continuous improvement" of performance in Public Expenditure and Financial Accountability Assessment, an index compiled by the World Bank, the Ministry of Finance of Georgia announced on Wednesday.
The World Bank on Tuesday said Georgia had advanced “ambitious” second-generation reforms aimed at boosting private sector development and enhancing financial inclusion thanks to the institution’s €4 million Georgia Financial Inclusion and Accountability project.
Natia Turnava, the Acting President of the National Bank of Georgia, on Thursday hosted Arturo Bris, a representative of the International Institute for Management Development, an organisation that publishes the World Competitiveness Index, for a discussion on the possibility of including the country in the ranking.