Colombia to improve fiscal management with IADB loan

3 Dec 15

Colombia is to implement a programme to strengthen its fiscal controls after agreeing a $30m support package from the Inter-American Development Bank.


The 15-year loan will be used to improve South American country’s Government Comptroller’s Office in order to boost the quality and efficiency of the country’s fiscal controls.

The IDB said the CGR is currently inefficient and weak in planning and undertaking audits.

The support package is intended to improve its auditing and spending guidelines to match international best practice. The International Organisation of Supreme Audit Institutions participated in the formation of a programme for improvement, which includes the design and implementation of new controls development of better business intelligence and tools for predictive analysis, and the introduction of a new system to monitor spending.

The IDB also announced the launch of the Sustainable Columbia Initiative, a country-wide initiative to improve rural development and environmental sustainability, as well as addressing climate change impacts and social inequality. 

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