FMRP is a five-year programme jointly financed by the UK Department for International Development (DFID) and the Royal Netherlands Embassy (RNE), and executed by the Ministry of Finance, Government of Bangladesh. Its inception phase commenced on 7 April 2003 and the implementation of the component work plans started on 1 July 2003. On 1 July 2008, FMRP was extended by one year.

FMRP has been designed to build upon the previous financial reform initiatives piloted by the DFID funded Reforms in Budgeting & Expenditure Control (RIBEC) project.

The goal of FMRP is to improve the efficiency and effectiveness of the allocation of resources and to achieve more equitable and improved public service delivery.

The purpose of FMRP is to develop accountable and transparent institutional management and operational arrangements for aggregate fiscal discipline, strategic prioritisation of expenditure and improved performance during budget execution.