Antigua and Barbuda’s Prime Minister Gaston Browne and European Union Ambassador to the Organisation of Eastern Caribbean States, Daniela Tramacere have signed a financing agreement of a new programme for a Financial Management and Revenue Reform programme. This programme is being funded with a grant from the EU of 2.4 million euros (EC$7.6 million).
The programme is expected to further strengthen Antigua and Barbuda’s Public Finance Management and revenue administration systems and also contribute to fiscal consolidation.
The overall objective of the programme is to improve government’s fiscal discipline and the allocation of resources by strengthening budgetary and expenditure management and enhancing the transparency and efficiency of tax administration. It is also expected to increase the efficiency of the Inland Revenue Department.
Other areas to be addressed by the intervention are treasury management; enhancing the institutional, legal and regulatory arrangements for government procurement; and effective institutional oversight.
EU Ambassador to the Organisation of Eastern Caribbean States, Daniela Tramacere said: “This programme aims at increasing transparency and good governance of Antigua and Barbuda. The EU is assisting countries all over the world towards improving their revenue systems and becoming more efficient at spending, under the motto ‘Collect more –Spend Better’. The programme is building on a previous EU-funded Public Finance Management initiative”.
During the programme’s implementation the EU will continue policy dialogue with the government of Antigua and Barbuda on tax policy issues to promote adherence to international standards on transparency and good governance.
Under this new programme activities will include a review of the draft Financial Administration Act in order to facilitate its implementation; capacity building for planning and programme budgeting; development of models for revenue and cash flow forecasting; as well as enhancement of software to facilitate cash flow planning and management.
