The World Bank has approved a US$15 million grant to help the Republic of the Marshall Islands improve public fund management and strengthen local financial expertise. The Strengthening Public Financial Management II project will support the Ministry of Finance, Banking, and Postal Service in delivering more timely and transparent budgets and financial reporting. Building on earlier reforms, which introduced a national financial management information system and updated finance and procurement laws, the initiative aims to deepen institutional capacity and efficiency.
A key focus is addressing the shortage of skilled finance professionals by providing training and certification in accounting, internal audit, and procurement, with particular emphasis on supporting women in these roles. By developing homegrown expertise, the project seeks to reduce dependency on international consultants and nurture a new generation of local finance leaders.
The program will also expand digital systems across government to streamline payments, enhance transparency, and provide real-time financial data for better decision-making. Increased public access to budget and procurement records, along with mechanisms for citizen engagement, will give communities more visibility into how public resources are used.
Additionally, the project will help the Marshall Islands meet Green Climate Fund accreditation requirements, unlocking access to global climate finance. Modernized systems will reduce delays, strengthen oversight, and safeguard financial data against climate-related risks. The initiative is financed through the International Development Association, the World Bank’s fund for the world’s most vulnerable nations.
