MAJURO, August 8, 2025-The World Bank's Board of Executive Directors has approved a US$15 million grant to help the Republic of the Marshall Islands improve the ways in which public funds are managed and build local financial skills. The Strengthening Public Financial Management II project will support more timely and transparent budgets and financial reporting by the country's Ministry of Finance, Banking and Postal Service. The project builds on earlier support that helped introduce a national financial management information system and update public finance and procurement laws.
Many finance roles are unfilled and skilled professionals in short supply. To address this challenge, the project will strengthen skills in accounting, internal audit, and procurement by training and certifying Marshallese public finance staff, particularly women. By reducing reliance on international consultants, the project aims to grow a new generation of local finance professionals.
"Good public financial management is the foundation for effective development," said Omar Lyasse, World Bank Resident Representative for Marshall Islands. "Behind every road, hospital, or school built with public money is a financial system making it possible. This project will support the government of Marshall Islands to deliver services more effectively and build public confidence in how funds are used."
The project also includes support to expand the use of digital systems across government, which will reduce payment delays, improve financial transparency, and provide more timely and detailed data to enhance decision making. Public access to budget and procurement records and citizen engagement mechanisms will also be increased, giving communities greater visibility and insight into how public funds are spent.
The project will help the government unlock access to global climate finance by contributing to Green Climate Fund accreditation requirements. New digital systems will reduce paperwork and delays, improve oversight, and protect vital financial data from climate-related disasters.
The project is funded through a US$15 million grant from the International Development Association, the World Bank's fund for the world's most vulnerable countries.
