Institute for Financial and Economic Monitoring
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Creditworhiness Enhancement Program - Komi Republic

Title Creditworhiness Enhancement Program - Komi Republic
Client Ministry of Finance of the Republic of Komi
Participants The European Bank of Reconstruction and Development (EBRD)
The European Comission
Municipal unitary enterprise "Syktyvkar Vodokanal"
Brief description The project was aimed at enhancement of the City of Syktyvkar's and the Komi Republic's creditworthiness by improving all aspects of their financial management and planning in order that the City and the Republic be able to ensure that they can meet necessary current and future expenditures.
Results
  1. Development of recommendations on formulation of a medium-term financial strategies for the Republic and the City.
  2. Development of recommendations for improvements to the City’s and the Republic’s medium-term financial planning processes and support implementation of the agreed improvements.
  3. Analysis of existing practices and development of recommendations for improvements in the capital investment program planning and implementation process in the Republic and City, including the procedures for selecting and prioritizing the social infrastructure projects
  4. Advising on improvements in budgeting techniques and support implementation of the agreed improvements
  5. Providing the Syktyvkar Vodocanal with recommendations to improve the level and promptness of municipal fees and debt collection
  6. Recommendations on a process to set targets for efficiency savings in future budgets and identifying sample areas in which efficiency savings in annual operating expenditure could be made
  7. Recommendations on the role, activities and structure of a single treasury management unit within the Departments of Finance
  8. Recommendations on the future development of an internal audit function in the Departments of Finance
  9. Recommendations on a program of external reviews of operating efficiency and effectiveness
  10. Recommendations on the introducing transparent and cost effective procurement rules

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