Source Pravda.Ru

EU to Improve Budgetary Processes in Russia - 20 March, 2003 - News

A presentation took place yesterday at the EU representative office in Russia of a new EU project aimed at improving budgetary processes in Russia. As a Rosbalt correspondent reports, Head of Budgetary Policy Department for the Russian Ministry of Finance Alexei Lavrov said that the project is called 'Reform of the state budget' and is being financed as a TACIS programme. Mr Lavrov added that the Ministry of Finance is the main Russian partner in the joint project. The project will be implemented by a consortium including leading European consulting company ECORUS (Netherlands), SOFRECO (France) and BANNOCK Consulting (Great Britain). Project Manager Magnus Ovilius has said that the aim of the project is to create a transparent and effective budgetary system in Russia. The project will be completed over two years and is expected to cost EUR 3 million.

Mr Lavrov emphasised that this is the first complex budgetary programme to be carried out in Russia. He said that the project focuses on seven different areas of the budgetary system: management of budgetary finances, management of expenditure, management of debt, medium-term budget planning, medium-term macroeconomic forecasting, improvement of the treasury and management of budgetary risks.

TACIS is an EU programme designed to develop market economies and democracy in Eastern European countries, the Caucasus and Central Asia.