World Bank Supports Federated States Of Micronesia In Strengthening Public Financial Management And Service Delivery

Thursday, 6 March 2025, 11:24 am
Press Release: The World Bank

POHNPEI, March 6, 2025 – The World
Bank today approved its support to a transformative
initiative led by the government of the Federated States of
Micronesia (FSM) to strengthen the country’s public
financial management systems and practices. Through the
US$13 million FSM Strengthening Public Financial Management
II project, the World Bank assists FSM in its efforts to
spend public resources more effectively, ultimately
enhancing service delivery to communities across the nation
and increasing the transparency of public
finances.

The initiative will expand FSM’s fiscal
management information systems, allowing government agencies
to allocate, spend, and track resources more efficiently. It
will also enhance procurement processes and establish an
internal audit function, strengthening controls and reducing
inefficiencies.

“This support will contribute to
FSM’s broader efforts to improve governance and deliver
services to its citizens more effectively,” said
Rose Nakanaga, Secretary of Finance for
FSM. “By reinforcing financial accountability,
this work will help create a stronger, more resilient future
for all Micronesians.”

The project will improve
public access to financial information and increase citizen
engagement on public finances. Making government financial
records more accessible will help build trust in public
institutions and help ensure that government programs align
with the needs of the people. Efforts to streamline
procurement will enhance access to opportunities for local
businesses, fostering economic growth and job
creation.

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“For the people of FSM, this project is
about more than financial management. It’s about ensuring
that spending better serves people throughout the
country,” said Omar Lyasse,
World Bank Resident Representative for FSM.
“Stronger public financial systems mean that
resources for the country are allocated and spent
efficiently, transparently, and accountably, which
contributes to the improved delivery of essential services
such as healthcare, education and
infrastructure.”

To ensure that improvements
last, the project will train local finance staff on
financial reporting, accounting, budgeting, internal
auditing, and
procurement.

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