Good Governance - a foundation for economic development
Economic governance is at the heart of all SECO activities. SECO promotes transparent, responsible and efficient framework conditions in its partner countries.
Economic governance refers to the entire system of institutions, procedures and regulations that form the framework of economic activity. Good economic governance follows the principles of transparency, accountability and non-discrimination, efficiency, participation and the rule of law. These are central to the public as well as the private sector: the economy becomes more stable, the development of framework conditions is more predictable, institutions become stronger and their positive contribution towards society is better recognised. This also leaves less room for corruption. Good economic governance is essential to fighting poverty because it facilitates investment and thus creates employment.
The "Sustaining Competitive and Responsible Enterprises" (SCORE) project trains SMEs in ten countries in responsible working conditions. To date, more than 2,350 SMEs have received training and adapted their practices. The project is implemented by the International Labour Organisation (ILO).
SECO encourages transparent, responsible and efficient economic processes in its partner countries.
The many facets of economic governance
Economic governance comes into play at several levels. International organisations, such as the International Monetary Fund (IMF), the World Bank Group (WBG) and the World Trade Organization (WTO), seek to shape the global economy according to the principles of good economic governance. National or local governmental authorities define and implement sound economic policies that facilitate the development and formalisation of economic activities by making it easier to register new businesses, collect taxes or prevent illicit financial flows. Economic governance also relates to the corporate world, aiming to ensure that companies assume their social responsibility and meet environmental and labour standards.
In Serbia, SECO supports the certification and professional development of internal auditors. This project aims to overcome the lack of skilled workers, specifically in public administrations and enterprises. In this way, it contributes to improving risk control during operations and economic governance at the national and local level. The project is implemented by the United Nations Development Programme (UNDP). The "Certification and Professional Development of Internal Auditors in Serbia" project is part of the national "Public Financial Management" (PFM) programme in Serbia. The Central Harmonisation Unit of the Serbian Ministry of Finance, supported by SECO, is also involved in the subnational PFM programme ("Local Government Finance Reform").