Christos Costopulos, a senior economist of the World Bank (WB) and Mansur Farsad, a consultant, will visit Baku on 28 May to design a final report in connection with the completion of a report on the completion of the WBs Institutional Building Technical Assistance (IBTA-2). During the visit to last till 12 June the experts will conduct meetings with the beneficiaries of the project. Major beneficiary of the project is the Ministry of Finances.
The Georgian branch of the London audit company, Baker Tily attracted to develop a final document, has concluded its work and the document approved by Azerbaijan has been sent to the World Bank for approval. Following the completion of the IBTA-2 project on 30 June 2006, a management team of the project will also be broken up, as restructured part of IBTA-2 credit, which is directed at fighting with the bird flu, was given to management of the State Agency for Rural Credits.
$5.1 million is left unspent from the total 7.470 SDR ($10.6m) allocated for IBTA-2. Respectively, $5.5 million has been spent and credits are now being allocated for the budgetary development. The remaining amount has to be spent by June.
The IBTA-2 project was adopted in 2002. Thus, it has covered only 4 out of 10 components. They include; strengthening of the state management, control over the state financial expenditures, reforms of social expenditures and project management. Plus, a new component has been included to the project on strengthening of the institutional potential via legislative, accounting and audit modernization.