EFSD holds a workshop on procurement and financial management in project implementation in Yerevan

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YEREVAN, July 19. /ARKA/. The Eurasian Fund for Stabilization and Development (EFSD) conducted a workshop on efficient procurement and financial management in project implementation in Armenia, EFSD said in a press release.br/pp

It said the event brought together representatives from the Ministry of Finance, executing agencies, and project implementation teams from sectors such as road construction, water, energy, social infrastructure, and health./pp

The EFSD monitors the funds allocated to projects, including through regular missions by Fund representatives. Procurement for projects adheres to the Fund’s standards, which are fully aligned with international best practices. The main objective of the workshop was to inform recipient representatives responsible for project implementation about these standards./pp

Compliance with the EFSD’s procurement and financial management standards and policies ensures value for money, which is particularly important in infrastructure construction and procurement of complex equipment, consumables and knowledge-intensive information technology, as well as consultancy services for the development of guidance materials./pp

The workshop provided examples of the most complicated procurement and financial management procedures. It also reviewed violations detected by the Fund’s staff during project monitoring./pp

Armenia is one of the founding states of the EFSD, with a portfolio exceeding US $630 million. The EFSD is supporting the modernization of irrigation systems, the fourth phase of the North–South road corridor, the construction of an infectious disease center in Vanadzor, the modernization of two regional branches of the National Center for Disease Control and Prevention, the improvement of energy efficiency of social infrastructure facilities, and other projects./pp

Thenbsp;Eurasian Fund for Stabilization and Development (EFSD)nbsp;is a regional financial arrangement totaling US $9 billion, established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. nbsp;The EFSD aims to promote economic and financial stability in its member states and support their sustainable development. -0-/pp nbsp;/p