Lebanon's Finance Minister concludes final talks with World Bank on Public Financial Management project

Lebanese Finance Minister Yassine Jaber held a final meeting with World Bank representatives to review the progress and restructuring of the Public Financial Management (FMP) project to enhance financial transparency and improve public resource management.  

The discussions focused on adjusting key components of the project to align with the current economic realities and ministry needs. The initiative includes developing an integrated financial management system covering budgeting, expenditure, accounting, and treasury operations while replacing outdated systems with a comprehensive tax administration system to improve revenue collection and efficiency. 

Until the new system is fully implemented, efforts will be made to maintain the stability of the existing framework. 

The project also features an e-learning system for capacity building and technical assistance to implement major reforms, such as establishing a unified treasury account, restructuring financial processes, and managing public debt.  

Key challenges, including a shortage of human resources and technical expertise, were highlighted during the meeting. Officials stressed the need for staff redistribution and hiring new personnel to ensure effective implementation. 

However, it was noted that available funding does not allow for the addition of new initiatives, such as a land registry project or support for digital identity systems, despite their urgency.  

The meeting also emphasized the importance of avoiding overlaps or redundancies across government-led GovTech initiatives to ensure seamless coordination and integration of digital reforms.  

Jaber reaffirmed Lebanon's commitment to working with the World Bank to ensure the project's success, stressing its role in bolstering financial transparency and economic sustainability. He further emphasized that this initiative is part of the urgent reforms pledged by the new government to support financial stability and long-term development.