Edo State Government has unveiled plans to partner the World Bank on its Medium-Term Expenditure Framework (MTEF) and Medium Term Sector Strategy (MTSS), in order to improve the efficiency of allocated resources and achieve inclusive growth.
Making this disclosure while interacting with journalists in Benin, the state capital, the Special Adviser to the Governor on Budget, Mr. Joseph Eboigbe, explained that the decision to develop the MTEF and MTSS documents was based on the recommendations from the Alaghodaro Investment Summit and that this was factored into the designing of the state’s 2018 budget.
Eboigbe said that the partnership with the World Bank would help the state to better manage its budgeting processes more efficiently, ensure transparency in the allocation of resources and promote broad-based development in all areas of the state.
The Governor’s aide said that the implementation of key recommendations of the maiden Alaghodaro Investment Summit would assist the state government in its current efforts targeted at rapid industrialisation of the state.
According to him, the state government has long standing diversified partnerships with international organisations in areas of funding, knowledge exchange, and recently led to the establishment of a United Nations Institute for Training and Research (UNITAR).
He clarified further: “A World Bank consultant is working with the state government on the state’s Medium-Term Sector Strategy and medium-term expenditure framework. The key summit recommendations from Alaghodaro are included in the document. The MTSS and MTEF influenced our budget. We intend to see the summit recommendation impact on the people.”
The MTSS presents policy priorities or strategic objectives that define activities, which a budget is designed to achieve. Similarly, the MTEF is an annual, rolling three-year expenditure plan which sets out the medium-term expenditure priorities and budget constraints against which sector plans can be developed and refined.