Organization of Eastern Caribbean States : Policy Note on Project Fiduciary Management
The Organization of Eastern Caribbean States (OECS) face special development challenges, including limited institutional capacity, high per capita costs of basic social and infrastructure services, and vulnerability to natural disasters and other e...
Main Author: | |
---|---|
Format: | Policy Note |
Language: | English en_US |
Published: |
Washington, DC
2014
|
Subjects: | |
Online Access: | http://documents.worldbank.org/curated/en/2007/11/8984710/organization-eastern-caribbean-states-oecs-policy-note-project-fiduciary-management http://hdl.handle.net/10986/19541 |
Summary: | The Organization of Eastern Caribbean
States (OECS) face special development challenges, including
limited institutional capacity, high per capita costs of
basic social and infrastructure services, and vulnerability
to natural disasters and other external shocks. This note
identifies specific issues related to financial management
and procurement. This note focused on the implications of
differing donor practices for financing capital projects in
a generally weak institutional and implementation
environment for capital projects. The quality of
implementation is also affected by a lack of adequate
project management skills. The objective of this Policy Note
is to increase the efficiency of capital investment project
implementation in the OECS countries by (i) contributing to
a more efficient use of limited institutional and human
resource capacity, (ii) lowering transaction costs, and
(iii) optimizing the use of public funds, while (iv)
maintaining a robust control framework. The OECS economies
are highly dependent on donor assistance for funding
investment projects. This note identifies opportunities for
sequential mainstreaming of fiduciary functions (financial
management and procurement) and for a gradual approach to
using mechanisms. The OECS countries' current efforts
to rationalize institutional arrangements for capital
projects by consolidating implementing entities or further
mainstreaming implementation within existing structures in
line ministries are consistent with the recommendations of
the Country Program Quality Enhancement Review conducted by
the World Bank in 2004. |
---|