Twinning project with a budget of about 1M Euro financed by EU officially launched in Yerevan to support the implementation of RA public internal financial control system. The aim of the project of Assistance to Central Harmonization Unit in Strengthening the Regulatory and Institutional Framework of Public Internal Financial Control and Operation of the New System in RA is to develop the sphere of public internal financial control of the RA based on best EU practice. The project will be implemented through introduction of comprehensive public internal financial control (PIFC) system by enforcing the implementation and development of the reforms of public internal financial control system, including its three main components: financial management and control based on managerial reporting, internal audit providing due assurance at all management levels, as well as central harmonization unit that defines standards which ensure the regulation of relations in terms of public internal financial control and implements their monitoring. According to Deputy Minister of Finance Suren Karayan, the government expects to have a comprehensive public internal financial control system in the RA upon the completion of the project: “It will allow to increase the effectiveness and purposefulness of spending the public funds and also to strengthen the transparency and reporting of expenses.” According to Twinning project leader from EU Anders Nilsson, the project is aimed at controlling financial management and increasing the effectiveness. The project duration is 24 months. It is implemented by the Swedish National Financial Management Authority, and the direct beneficiary is the RA Ministry of Finance.
