Government of Somaliland (GoSL)
Somali Core Economic Institutions and Opportunities Program (P152241)
Terms of Reference (ToR) for Financial Management (FM) Specialist
An FM Specialist is required to support the Government of Somaliland (GoSL) in the implementation of a World Bank-funded Program (the Somali Core Economic Institutions and Opportunities Program – SCORE). The project development objective of SCORE is to improve the enabling environment for private and financial sector development and catalyze private investment and job creation. The project is targeting effectiveness by March 2016. In support of activities under SCORE, GoSL seeks to hire an FM Specialist as part of the project implementation unit (PIU).
GoSL has secured a grant from the World Bank administered by the Multi-Partner Fund (MPF) that will be applied towards implementation of SCORE over a three year period. The SCORE Program consists of three components.
Component 1 will help strengthen the economic institutions in three critical areas of the economy: (i) central banking, to allow for the emergence of a formal financial sector, which would improve access to finance; (ii) the Ministry of Commerce, to support the introduction of a basic and more modern legal and regulatory framework that would reduce transaction costs for entrepreneurs; and (iii) local port and customs authorities, to leverage private capital, networks and expertise to improve performance of the port sector.
Component 2 would help expand economic opportunities in Somaliland through two support mechanisms: one linked to skills formation and private sector capacity building (SME Service Facility); and another one linked to direct financial incentives aimed at crowding in private investment in innovative and labor-intensive activities (Catalytic Fund). The Catalytic Fund will be open to all commercially-oriented sectors. Special calls for proposal may be made for sectors considered to have important “public good” benefits or be of high priority to governments’ economic policy agendas. These may include considerations for priority sectors (e.g. gums and resins), gender (e.g. women ownerships), and youth ownership (to address youth unemployment). In addition, applications will be focused on improving products or processes, and/or developing new products or markets.
The primary beneficiaries of SCORE include the Bank of Somaliland, Ministries of Commerce and Industry, Ports Authorities, private entrepreneurs and their employees who will avail grants and access business development services under the SCORE program. These direct program beneficiaries may also collaborate and work with a number of other government ministries and agencies, as well as other private enterprises, which by extension become indirect beneficiaries. As indirect beneficiaries, Somali households are expected to benefit from increased private investments, entrepreneurial activity that supports job creation, and access to regulated and supervised financial services. Business associations and licensed financial institutions will also be indirect beneficiaries due to spillover effects resulting from improvements in public policy and the business environment.
Component 1 will be implemented by GoSL with a PIU embedded within the Ministry of Planning and Development in Hargeisa. The PIU will be supported by the WB Task Team, which will include a project coordinator in Hargeisa and technical consultants based internationally (Washington, D.C. and Nairobi).
The PIU will consist of a PIU Coordinator and include capacity and expertise for procurement, financial management, safeguards, M&E and technical expertise, as needed. The PIU will have representation from other designated participating ministries in the form of ‘focal points’ situated in those ministries. These focal points will be existing full-time staff members of the government and/or civil service in order to enhance government ownership and build sustainable in-house capacity beyond the life of the project. The focal points will be designated by the government. The staffing of the PIU will depend on the content of the procurement and work plans.
OBJECTIVE AND SCOPE OF WORK:
The objective of the assignment is for the Project FM Specialist to: (i) perform all necessary Financial Management activities under SCORE for the period of the assignment, (ii) coordinate the financial management functions with government counterparts located in the implementing Ministries, Departments and Agencies (MDAs), and (iii) provide technical assistance and build the capacity of FM staff within the MDAs.
He/she will work in close coordination with the External Assistance Fiduciary Section (EAFS) within the Ministry of Finance, Office of the Accountant General. He/she will manage the financial management activities of the project in strict compliance with: (i) EAFS Manual (ii) the requirements of the Agreement between the World Bank and the Government; (iii) Project Appraisal Document (PAD); (iv) the Project Implementation Manual (PIM) for this project which is based on appropriate financial management best practice and international accounting standards.
Under the leadership of the PIU Coordinator, the specific duties of the FM Specialist will include:
- Carry out financial management training needs analysis across the implementing MDAs and develop a capacity development and training plan.
- Carry out periodic financial management capacity building and trainings for the implementing MDAs.
- Maintain all accounting records in line with approved accounting standards and in line with the World Bank’s and Government’s regulations;
- Render periodic reports, (i.e. monthly/quarterly/annually) in the formats approved by the World Bank and GoSL and in line with the project documents and financing agreement;
- Ensure that disbursements are made in accordance with approved annual budgets and work plans together with the Project management;
- Ensure that all payments are done in accordance with good accounting practices and in line with the project objectives and financing agreement;
- Where applicable, ensure that the required the World Bank No Objection letters relating to an expenditure is available before effecting payment;
- Ensure prompt release of funds once approved to beneficiaries;
- Ensure that required accounting and submissions of returns by beneficiaries who receive advances are fully supported , complete, accurate and timely;
- Maintain relevant books and records for the Project that reflects the components and activities;
- Ensure that the filing system of the accounting records are satisfactory at all times and they are easily retrievable for reviews and audit purposes;
- Ensure that all accounting records are updated promptly;
- Prepare monthly bank reconciliations for the project bank accounts, including designated and project accounts
- Ensure financial reports are prepared in accordance with agreed formats and in line with the financing agreement;
- Prepare Unaudited Quarterly Financial Reports (IFRs) and Annual Financial Statements for all Project Funds are prepared and analyzed according to the categories and project components as appropriate, and provide timely reporting of any material variances;
- Liaise with the external auditors in carrying out the annual audits of the project;
- Together with the PIU Coordinator, maintain, develop and update the financial procedures manual on a regular basis;
- Together with the implementing agencies ensure strict adherence to installed internal control systems for all areas of project operation;
- Liaise with the internal/external auditors to get project financial statements audited and follow up any audit queries/management letters;
- Follow up on “No Objection” from the Procurement Specialist where not available and ensure they are properly filed as part of the accounting records;
- Ensure that no project category/component is overspent without proper authorization from the World Bank;
- Working with other project staff, prepare annual work plans and budgets. In addition review all aspects of the Project work plans and budgets based on the results of operations and changing economic conditions and recommend corrective measures to the management;
- Initiate corrective measures to address internal financial shortcomings and irregularities as the need arises;
- Establish and enhance as appropriate, systems of internal control (goods, works, services, fixed assets, civil works);
- Prepare, monitor and interpret cash flow forecasts in consultation with the Head of the PCU, the Procurement Officer and implementing entities;
- Analyze changes in the forecast and advise the project management accordingly;
- Review and consolidate monthly returns to the PIU, implementing entities and Ministry of Finance Office of Accountant General (EAFS) in compliance with Government accounting reporting requirements;
- Ensure compliance with operating procedures of Government and the World Bank, e.g. Procurement, Disbursements, Designated Accounts, SOEs, IFRs, Special Commitments etc.;
- Monitor, in conjunction with the Procurement Specialist and the PCU and implementing agencies, the financial management aspects of consulting services and other procurement;
- Brief the PIU Coordinator on capacity development progress being achieved;
- In conjunction with the PIU Coordinator, and the Procurement Officer, monitor performance against agreed Financial Performance Indicators;
- Prepare quarterly and final reports at the end of the contract period outlining achievements, challenges and recommendations pertaining to the financial management function;
- Keep abreast of changes in financial regulations and legislations and ensure the accounting staff are updated on new developments.
- Identify key emerging gaps and fiduciary risks that inform the need to revise the EAFS manual and PIM.
CONDUCT OF WORK:
Reporting: The FM Specialist will work under the general leadership of the PIU Coordinator. He/she will be expected to technically work in in close coordination with the GoSL Accountant General and EAFS Unit.
Work plans: The assignment will be managed through a work plan process allied to the quarterly program work plan. The FM Specialist will need to be available for quarterly project reviews either in country or in Nairobi.
- Within the first two weeks of the contract and in full consultation with the PIU Coordinator, prepare a clear work plan on financial management and disbursements and share with the implementing entities and the World Bank. The work plan shall be formally approved by the Project Coordinator and submitted to the World Bank. Refer to Annex I for a sample work plan reporting template.
- Report regularly to the PIU, implementing entities and to the World Bank on key issues affecting the operations of the project financial activities;
- Prepare quarterly Interim unaudited Financial Reports (IFRs) which will be submitted to the PIU and the World Bank not later than 45 days after the end of the month or quarter to which the report relates;
- Prepare Annual Financial Statements for financed projects, within two (2) months after the end of the fiscal year to which they relate. These Annual Financial Statements to be submitted must be ready for audit.
- Prepare summary quarterly progress report on the assignment in the context of the approved work plan. The work plan should identify key milestones and related tasks undertaken within the quarter, emerging risks and challenges, recommendations to mitigate the risks and a projection of the key activities to be undertaken in the ensuing periods. In particular, the report should highlight key financial management knowledge transfer, capacity development and trainings undertaken to the MDA counterpart financial management staff. Refer to Annex II for a sample summary quarterly reporting format. All the quarterly progress reports should be approved by the Project Coordinator and maintained in project files.
Language: Reports and other documents shall be submitted in English
Duration of assignment: The FM Specialist shall be contracted for an initial one year period, with possibility for extension for additional year(s) based on performance and requirement. All the monthly invoices submitted for payment shall be accompanied by duly approved timesheet by the PIU Coordinator.
Location of assignment: The duty station is Hargeisa, Somaliland. The Project Financial Management Specialist will be based in the PIU within the Ministry of Planning and Development. The Consultant will however be required to work in close consultation with the EAFS Unit within the Office of the Accountant General, Ministry of Finance.
Facilities to be provided: The PIU will provide the Project Financial Management Specialist with office facilities, essential utilities, office services, stationery and office supplies and use of a computer, printer, scanner and photocopying machine.
STATEMENT OF QUALIFICATIONS AND EXPERIENCE:
The candidates should have the following desired qualifications:
- Degree in accounting, finance or business administration (accounting);
- Professional qualification in financial management, registered by and attained final qualification of any financial management related recognized professional body e.g. CIPFA IPFM, ACCA, CPA etc.;
- At least 5 years of experience in audit or financial management;
- Preferably at least 2 years of post-qualification experience in financial management directly relevant to public sector and/or international development organization ;
- Experience of project financial management in a developing country; experience in a fragile state is preferable;
- Excellent written and oral communication skills in English, to deliver technical financial documents, and reports; candidates familiar with Somali language will have an added advantage;
- Excellent computer skills in Microsoft Office tools (Word, Excel, and PowerPoint) and Internet use, including database use is required.
Please Contact on or before January 15th 2016 to Ubah Mohamed at Tel: 00252-63-442-4880
Department of coordination
Ministry of Planning and Development