Aug 22, 2016 (LBO) – The World Bank in keeping pace with global trends has introduced a new procurement framework in South Asia including Sri Lanka to improve development impact and transparency.
The new system helps its partner countries that procure goods and services under Bank-financed projects make the best use of their public spending, strengthen their national procurement policies, and improve their development objectives.
Unveiling the new framework in Colombo, World Bank Director for governance global practice Robert Hunja said the framework will allow the World Bank to better respond to the needs of its client countries.
“We are committing to put our resources and energy to help our clients and development partners to focus on outcomes rather than rules and procedures,” Hunja said.
The new framework enables the Bank to work more closely with country partners in improving their own procurement systems.
Under this framework, clients can use the procurement arrangements of other multilateral development partners or of national agencies in some circumstances.
It will include an online tracking and monitoring tool Systematic Tracking of Exchanges in Procurement to speed up procurement processes, while promoting transparency and accountability and facilitate procurement-related complaints.
World Bank South Asia Manager for procurement Felipe Goya detailed the 6 core principals governing the framework: value for money, fit-for-purpose, economy, efficiency, integrity, transparency and fairness.
“Procurement in Investment Project Financing supports the clients to achieve value for money with integrity in delivering sustainable development.” Felipe Goya said.
The World Bank’s Board of Executive Directors initially approved this new policy framework in July 2016.
It governs procurement in Bank-financed projects in 172 countries worth about USD 56 billion.
This new Framework is a result of an extensive review and three-year consultation process involving more than 5,000 people in 100 countries including partner countries, CSOs, and private sector.
Projects planned in Sri Lanka will soon be benefiting from the policies of the new framework.