Financial Management Specialist
Jan 3, 2023
• Develop and implement the accounting and reporting procedures in consideration of all Government of Rwanda (GoR) and World Bank (WB) systems in use under RUDP II and ensure that the monitoring and reporting arrangements are fully operational to enable project and executing agency managers, government agencies, the WB and donors to review the project’s financial and physical progress periodically;
• Ensure that financial transactions are, in all cases, recorded in project accounts accurately and on a timely basis and in accordance with GoR and WB requirements and agreed financial policies and procedures for the project;
• Ensure that the project expenditures on contract payments are made in accordance with the terms and conditions of the respective contracts and are adequately certified by duly authorized officials in relation to works completed and/or goods or services provided;
• Ensure that adequate internal control is established and maintained in terms of separation of responsibilities for processing and authorizing payments and in the management and accounting for project income and assets;
• Responsible for compliance with GoR and WB project accounting requirements and internal audits and that all necessary information are provided for annual external audits.
• Ensure that all financial records are retained for audit purposes and for review by WB, donors and government until at least one year following project completion;
• Ensure that project financial transactions are recorded in the accounts in accordance with GoR regulations and WB requirements respectively, and that records are reconciled periodically, at least on a monthly basis;
• Ensure that the Designated Accounts established for the project within the Implementing Agencies are administered in accordance with the GoR and WB requirements;
• Ensure that withdrawal requests for reimbursements from the WB are prepared and submitted to the GoR and to WB through MININFRA on a timely basis and in accordance with WB procedures to replenish the Designated Account(s). Ensure that Statements of Expenditures (SOEs) supporting withdrawal requests accurately reflect qualifying project expenditures and that underlying documents that verify these expenditures are retained and available for review as required;
• Ensuring periodic (at least quarterly) reconciling project records with the WB records relating to disbursements from the IDA Credit (50%) and Grant (50%); GEF-Grant and PPCR Loan. Project records and bank statements should be reconciled more frequently, at least monthly;
• Ensure timely preparation and distribution of integrated quarterly financial management and project management reports and annual project financial reports and statements required by the WB, under the provisions of the Financing Agreement, as well as by the Government of Rwanda. Provide any special financial reports that may be required from time to time on specific aspects of project’s financial progress or position as may be requested by the WB and/or the Government;
• Ensure that annual project budgets are consistent with agreed program activity levels and expenditures and that budgetary allocations for the project are available to meet projected cash flow requirements for contract payments, pending reimbursement by the WB, and for administrative expenditures;
• Work hand in hand with the external auditor during the auditing exercise of the project for the given financial year period and ensure that effective annual audits are timely commenced and completed in accordance with the WB requirements;
• Work with LODA/RUDP- SPIU, CoK-KUUT and REMA SPIU to provide capacity building to the financial management staff at Districts level and CoK especially in reporting formats for the World Bank and to update the financial status of the project on quarterly basis.
• Provide timely the capacity building to the financial management staff of Implementing Agencies to ensure that the financial reports enable monitoring the financial viability of the subprojects developed under RUDP II, but also enable third parties (GoR, WB, and auditor) to assess the financial health of Implementing Agencies.
• Oversee all project implementers in financial management, accounting and reporting for projects.
• Initiate a template for filling of all financial expenditures incurred by all implementing agencies and to update the status of financial stand of the project
• Support LODA/RUDP- SPIU, CoK-KUUT and REMA SPIU to monitor, guide, control, and approve the work of the special PFM consultants hired for analytic and advisory work and training on the field of revenue and expenditure management.
• Regularly compile all implementing entities (LODA/RUDP- SPIU, CoK-KUUT and REMA SPIU)’ reports, and submit them to the World Bank.
Key deliverables include the following:
• Preparing the consolidated monthly report and financial statement using the format issued by the Ministry of Finance and Economic Planning and to be submitted to MINECOFIN not later than 15th date of each month;
• Preparing the quarterly and annual consolidated report and financial statement that captures the expenditures with respect to component allocated budget and submitted to the World Bank within the given specified reporting period.
• Preparing the monthly withdraw application and to be submitted on Monthly basis in the client connection for replenishment purpose.
• Reviewing the project spending and advising the stakeholders any required budget relocation to improve on the project budget disbursement and effective project management.
Qualifications and Experience
- Education: Hold a Master’s degree in Accounting or Finance and a Professional Accounting Certification (CPA, CA, ACCA);
- Have a minimum of ten(10) years of relevant experience in auditing or public financial management public or private sector, with particular expertise in designing, supporting and implementing financial management operations;
- The Public Financial Management Specialist should hold a valid professional accounting qualification that is recognized in Rwanda and should have at least 5 years post qualification experience in a senior accounting position in a public or private sector;
- Having proven track of record in the World Bank operations or other donor-funded operations is a bonus. This would include experiences in revenue and expenditure management and procedures and familiarity with the respective regulations, rules, and procedures in Rwanda;
- Having strategic skills, innovative and programmatic in problem solving that actively shapes, drives and provides high level contributions for effective management of the project;
- Demonstrated ability to deliver high quality outputs while working under pressure and within tight time schedules, as well as providing effective implementation support.
- Good working level of familiarity with modern financial management systems, including financial accounting systems, budgeting and control system, and computer skill are essential;
- Strong interpersonal, leadership, and coaching skills and orientation as a team member;
- Excellent writing and verbal communication skills especially report writing skills and fluency in English.
• Integrative Skills: Working to develop an integrated view across all facets of current sector.
• Knowledge and Experience in Development Arena: Understanding policy making process; distilling operationally relevant recommendations/lessons for clients;
• Policy Dialogue Skills: Identifying and assessing policy issues and plays an active role in the dialogue with the government and/or other stakeholders;
• Financial Policy, Strategy, and Institutions: Familiarity with financial policies, strategies, institutions, and regulations;
• Lead and Innovate: Developing innovative solutions;
• Deliver Results for Clients: Proactively addressing clients stated and unstated needs.
• Collaborate within Teams and Across Boundaries: Collaborating across boundaries, giving own perspective and willingly receiving diverse perspectives;
• Create, Apply and Share Knowledge: Applying knowledge across WBG to strengthen solutions for internal and/or external clients;
• Make Smart Decisions: Interpreting a wide range of information and pushing to move forward;
• Business Judgment and Analytical Decision Making: Gathering inputs, assessing risk, considering impact and articulating benefits of decisions for internal and external stakeholders over the long term.
- Master’s degree in Accounting or Finance and a Professional Accounting Certification (CPA, CA, ACCA);10 Years of relevant experience
Competency and Key Technical Skills
- Strong critical thinking skills and excellent problem solving skills.
- Client/citizen focus
- Commitment to continuous learning