Foreign funded development project are extremely important for the development of any other DC. Most of the times delays in implementations of these projects not only hamper the development process of over all economy but also results in project failure. Such delays can be minimize through adoption of prudent financial as well as performance management tools.
For better financial and performance management , authorities reponsible for implementation of such projects should focus on :
- Development of appropriate financial and management accounting tool in PMUs
- Implementation of result based budgeting
- Strong risk management mechanism, continuous development of internal controls
- Independent and strong internal audit function
- Timely financial reporting based on IPSAS presenting true and fair view of financial position and performance
- Development of IT tools to strengthen financial and performance management
- Better project design keeping in view the capacity of DMC and existing laws
- Carry out timely audit and develop capacity of staff responsible for conducting audit vis-a-vis country systems,donors requirements and understanding of project management