Financial management staff collaborates throughout the WBG as well as with international accounting and auditing bodies and associated donors to assist countries in strengthening their capacity in this area in both the public and private sectors. Financial management experts focus their support to countries in the areas of development of sound financial systems and practices, including a solid accounting profession. In accordance with the Bank’s operational policies and procedures (i), its experts work with countries Partners in financial management planning and disbursement arrangements, as well as in monitoring and supporting the performance of Bank-financed operations. The Bank’s current portfolio of operations consists of more than 2000 active projects with commitments exceeding US $ 182 billion. At the international level, the WBG participates in global partnerships with development partners to promote financial management standards and capacity building initiatives in this area.
In addition, the Bank’s staff performs leadership roles in partnerships with multilateral and bilateral donors, in which it coordinates and harmonizes financial management policies and operational practices, thereby enhancing development effectiveness. Financial management (FM), as one of the functions of good governance, is an integral part of the development process in all operations financed by the World Bank and initiatives to strengthen country institutions, And is essential to the achievement of the World Bank Group’s (WBG) objectives of ending extreme poverty and promoting shared prosperity in a sustainable manner. The Bank’s work in the area of financial management has two purposes that are closely related: Support borrowing countries to improve their performance and financial management capacity, and at the same time promote public disclosure and transparency, as well as provide reasonable assurance about the use of funds provided by the Bank. Consistent management of public finances ensures that public funds are managed responsibly and efficiently and is the cornerstone of good governance and the fight against corruption