Gillian Fawcett, Head of Governments Faculty at CIPFA, commented:
“The Prosperity Fund is a lifeline to middle-income countries helping to support vital economic development, such as the building of infrastructure to support growth. It is also a helpful line of defence for countries striving to meet their poverty reduction goals.
“For the fund to be successful, first and foremost there must be robust, well-managed governance arrangements in place. How the funds are allocated needs to be transparent, with clear accountability and be open to scrutiny. It is crucial that the taxpayer receives value for money for funds going abroad and there must be robust systems in place to demonstrate this.”
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CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.