Government of Somaliland (GoSL) Somali Core Economic Institutions and Opportunities Program (P152241) Terms of Reference (ToR) for Financial Management (FM) Specialist BACKGROUND 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). Project Overview 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. Project beneficiaries 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. Implementation arrangements 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/compo