The World Bank has launched a project in the five East African Community (EAC) partner states that will result in the harmonization of public sector finance procedures for effective management and oversight of regional initiatives.

The bank has already committed $1 million for the two year project which will also promote the recognition of regional mutual agreements amongst the EAC partner states accountancy bodies, a move that is expected to facilitate the movement of finance professionals through the harmonization of the accountancy profession’s syllabuses.

EAC deputy secretary general in charge of planning and infrastructure Enos Bukuku said that the public financial management initiatives will be implemented with a regional focus.

“The project will involve the reform in public procurement, public financial accounting and management and oversight practices in the EAC region, critical elements for a successful EAC Monetary Union,” said Dr Bukuku.

“A transparent public financial management is a critical facet for a robust fiscal regime which is vital for the implementation of the monetary union, the third pillar of EAC integration process,” he said.

Currently, EAC Partner States have varying public financial management structures.

Patricia McKenzie, World Bank’s financial management manager of East and Southern Africa said the project will support the development of a robust regional fiscal environment and contribute towards the attainment of harmonized partner states public financial management systems.

Part of the project will also involve the strengthening of financial reporting by the media and promoting the use of the civil society in the monitoring of service delivery.

“The implementation of the project will be done by the EAC Secretariat working closely with the Governments of the partner states and bringing together key stakeholders to agree on harmonized standards,” said Godfrey Magadu, project coordinator and senior accountant at the EAC Secretariat.