European Project Management Ltd. has started implementing the EuropeAid project contract “Further Enhancement of the Public Finance Management Reform III” in Turkmenistan together with European Profiles (Greece), Sofreco (France), Mazars LLP (UK) and The Treasury of the Republic of Latvia
Project – Further Enhancement of the Public Finance Management Reform III (EuropeAid/134465/C/SER/TM).
Value of the contract: 4 364 000 EUR
The objective of this contract is To support the Government of Turkmenistan contribute to the socio-economic development of Turkmenistan through an improved collection, allocation, usage and control of public resources. In particular by assisting the Ministry of Finance (MoF) with improving its readiness for the automation of core PFM operations.
The project has 4 components:
1. Further development of a sound budgetary system and macro-economic forecasting capacity; Support the budget regulatory framework, budget classification and preparation;
2. Support to the Treasury system. Provide assistance in the adoption of a modern treasury system, with a single treasury account is in place;
3. Strengthen the MOF’s institutional and technical capacity in view of the implementation of a management information system (GFMIS);
4. Support to the Stabilization Fund and public investment operations leading to a more transparent utilization of natural resource revenues and the allocation of proceeds ;
The project supports the Ministry of Finance to perform an ad-hoc revision of the existing national PFM Strategy Plan