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World Banks promotes strengthened procurement system

 

A new procurement framework launched by the World Bank aims to help countries make the best use of public spending as well as enhance the role of procurement in development.

According to the World Bank, following three years of consultations with more than 5,000 people from 100 countries, the new framework allows the Bank to better respond to the needs of client countries.

Approved in July 2015, it also provides an expanded range of tools to enable a better fit for varying country contexts and client needs. The World Bank governs procurement in 172 countries worth about $56 billion (USD).

For World Bank Vice President for Operations Policy and Country Services Hart Schafer, “the new procurement framework reflects the views, knowledge, and expertise of a wide range of stakeholders from across the globe.”

Schafer adds it provides a modern and nimble procurement system to help promote sustainable development.

The policy framework also introduces an ICT-based tracking and monitoring tool to make procurement processes speedier, while promoting transparency and accountability, according to the World Bank.

“Reflecting the latest thinking in procurement, including greater use of technology, the new framework emphasizes greater choice and flexibility, quality, and accountability while enabling greater adaptation to country contexts,” said Robert Hunja, Director, Governance Global Practice.

FreeBalance believes offering governments a stable procurement system is of the utmost importance for establishing increased transparency and accountability. Across 23 countries, the FreeBalance Accountability Suite is trusted to manage more than $300 billion in budget dollars.

The Suite offers six base configurations to meet different government resource planning (GRP) requirements.

Public expenditure management (PEM) reflects all functions related to government spending.

This exceeds typical “accounts payable” functionality common with private sector accounting because of the need for budget and commitment controls. This includes Expenditures and Purchasing, Procurement, and Grants and Social Programs.

When it comes to procurement, PEM manages government procurement including competitive tenders, tender evaluation, vendor disputes and contract management.

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Michael Sutherland-Shaw

Michael Sutherland-Shaw

Marketing Communications Specialist at FreeBalance
Michael works in the marketing and communications department following a career in journalism. Michael is currently learning Ruby on Rails and loves discovering new music.

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