Website World Bank
Position: Extended Term Consultant
Job #: req11326
Organization: World Bank
Sector: Financial Management
Term Duration: 1 year
Recruitment Type: Local Recruitment
Location: Kathmandu, Nepal
Required Language(s): English
Closing Date: 4/5/2021 (MM/DD/YYYY) at 11:59pm UTC
Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org
The South Asia region (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka) experienced a long period of robust economic growth averaging 6 percent a year over the past 20 years. Although this strong growth translated into a significant decline in poverty and impressive improvements in human capital, the region continues to be home to a third of the world’s poorest and there are numerous sources of inequalities and disparities that remain. Furthermore, rapid growth was also accompanied with congestion and pollution, while South Asia is also vulnerable to extreme climate and weather events. Regional growth prospects continue to depend on expanding access to digital technologies, addressing infrastructure gaps, improving governance, reducing corruption, and enhancing debt transparency. This long-term agenda is made even more pressing given the unprecedented impact of the Covid-19 pandemic on global and regional growth, adding increased macro-economic, financial, and social vulnerabilities to the already daunting development challenges. More information at https://www.worldbank.org/en/region/sar.
Nepal Country Context: Nepal presents unique opportunities and challenges for development. Situated between two of the world’s largest and fastest growing developing economies, China, and India, and with per capita gross national income of US$853 (2017), Nepal remains among the poorest countries in the world. Over the past decade, Nepal’s economy has performed reasonably well. Growth averaged 4.3 percent over 2005-15.
A new constitution that defined Nepal as a federal democratic republic was promulgated in September 2015. With the formulation of the new Constitution in 2015, Nepal has migrated to a federal state structure with autonomous sub-national governments run by elected authorities. With the transition to federalism, transfers to subnational governments have increased but weak institutional capacity and weak oversight continue to be a key source of risks that could adversely impact service delivery and the goal of reaching MIC status by 2030.
As Nepal overhauls its government structure, civil servants’ roles and responsibilities and fiscal management, the World Bank’s (WB) support is changing significantly and adapting to the evolving country context. While the new federal structure presents an unprecedented opportunity for the Bank’s engagement, it also poses fiduciary risks as decisions and funds are decentralized and the COVID-19 pandemic restrictions have exacerbated these risks. The World Bank’s engagement strategy is aligned with the agenda and needs of an emerging federal and local government structure, while building on ongoing support for service delivery, fiscal decentralization, municipal governance, public financial management, private sector development, social accountability, citizen engagement, among others.
The Governance Global Practice (GOV GP) is part of the Equitable Growth, Finance, and Institutions (EFI) Practice Group and aims to help developing countries build capable, efficient, open, inclusive and accountable institutions that can support economic growth, reduce poverty, deliver needed services and earn the confidence of citizens. More specifically, the Governance GP focuses on the following:
- Business lines: Public Financial Management, Domestic Resource Mobilization/Tax Administration, Corporate Governance, Public Institutions Strengthening, Decentralization/Sub-National Governance, and Fiduciary Assurance.
- Cross-cutting themes: GovTech, Anti-Corruption, Open Government and Transparency and Political Economy.
More information: https://www.worldbank.org/en/topic/governance
The integrated governance unit, EASG2, covering Afghanistan, Bangladesh/Bhutan, and Maldives/Nepal/Sri Lanka Country Management Units of the South Asia Region, seeks to hire an Extended Term Consultant (ETC) initially for 1 year (could be extended for another year), in the area of Financial Management to respond to the growing demands of the Nepal portfolio in the context of federal system of government. The ETC will work as a member of the various tasks teams of the World Bank financed projects in addition to contributing and/or leading special purpose initiatives. He will report to the Practice Manager for ESAG2 based in Bangkok, Thailand.
Duties and Accountabilities:
The selected candidate will be expected to perform the following tasks:
- Assess the adequacy of the Borrowers’ project financial management systems and their ability to manage and monitor World Bank financed projects. This includes budgeting, policies and procedures, internal controls, accounting, financial reporting, auditing, and design of appropriate funds flow arrangements for new operations.
- Carry out supervision work to ensure that funds are being used for intended purposes, and that projects’ financial management systems are functioning appropriately, including the review of periodic interim financial reports.
- Assess the selection and engagement of auditors, ensuring their suitability including their independence, and competence to perform; and ensure that the borrower provides auditors with all the relevant information (including Terms of Reference and Bank requirements) necessary to carry out their engagement.
- Review audited financial statements received, monitor the Borrowers’ compliance with financial covenants including audit compliance, ensure adequate communication with the Borrower and the project implementing agencies with respect to audits and advise as appropriate.
- Provide advice and support to the Borrower and the World Bank Task Teams on matters affecting financial management.
- Provide financial management guidance for the development of technical assistance programs and evaluate and monitor their implementation.
- Provide guidance and advice to borrowers and Bank staff on capacity building in projects and with public sector oversight and accountability institutions.
- Assess the financial and operational viability of implementing entities (e.g. with respect to revenue earning entities), and to advise on the design and use of financial performance covenants.
- Monitor implementation of the financial management action plans and provide technical advice to the Government in the implementation of reform actions.
- Support the Senior and/or Lead Financial Management Specialist who undertakes FM quality assurance and/or serve as a focal point for EASG2 with corporate units at HQ, including Operations Policy / Country Services and Finance/Accounting units.
- As requested by the Practice Manager, undertake other activities, as appropriate.
- Master’s Degree in a relevant filed (e.g. accounting, finance, economics, public policy) plus membership on internationally recognized professional accountancy body) or alternatively a Master’s degree in the relevant filed (e.g. accounting, finance, economics, public policy) plus relevant public sector financial management experience.
- A minimum of five years of relevant professional experience in public sector financial management
- Ability to conceptualize, design and implement country or sector level financial management capacity building initiatives.
- Demonstrated ability to interpret financial and project management reports and to determine appropriate remedial actions.
- Experience in advising clients on design and implementation of FM systems, including financial and management reports either in the public sector or multilateral or bi-lateral development/donor agencies.
- Ability to understand cross-cutting governance issues beyond financial management (e.g., procurement, public sector management) at sector/country level.
- Knowledge of International Financial Reporting Standards (IFRS), International Accounting Standards (private and public sectors) and International Standards on Auditing.
- Experience with internal audit and internal control systems and procedures (including familiarity internationally acceptable control frameworks such as COSO), with the ability to assess such systems and recommend remedial action where necessary.
- Experience in auditing, including assessing audit competence, and the ability to analyze the impact of qualified audit reports and matters arising from management letters.
The World Bank Group Core Competencies: https://bit.ly/2kbIA7O
Note: The selected candidate will be offered a one-year appointment, renewable for an additional one year, at the discretion of the World Bank Group, and subject to a lifetime maximum ET Appointment of two years. If an ET appointment ends before a full year, it is considered as a full year toward the lifetime maximum. Former and current ET staff who have completed all or any portion of their second-year ET appointment are not eligible for future ET appointments.
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