Financial Management Specialist

SCOPE OF WORK

A. Regarding the GFPP and the TA, the Financial Management Specialist will be responsible for the following tasks:

Financial Management:

Establish and maintain financial management systems in compliance with World Bank’s General Conditions and national regulations.

Develop and manage the Operation budget, including monitoring expenditures and ensuring budgetary control.

Oversee the implementation of accounting software to streamline financial operations.

Accounting and Reporting:

Prepare financial statements and ensure their compliance with World Bank’s reporting requirements.

Submit accurate Interim Unaudited Financial Reports (IFRs) on a semi-annual basis.

Provide inputs for the preparation of audit-ready financial statements.

Disbursement and Reconciliation:

Manage disbursement processes, including the verification and submission of withdrawal applications to World Bank.

Reconcile bank accounts and financial records regularly to ensure accuracy.

Audit Coordination:

Draft ToR for audit services and submit to World Bank for review.

Facilitate audits of Operation accounts and address recommendations from audit reports.

Ensure timely submission of audit findings to World Bank and other relevant entities.

Compliance and Risk Management:

Ensure adherence to the Grant Agreement’s financial policies and procedures.

Monitor financial risks and implement mitigation strategies to ensure the integrity of financial operations.

Coordination and Communication:

Work closely with MoPSE, World Bank, and other stakeholders to ensure smooth financial operations.

Act as the main point of contact for all financial management matters with World Bank.

B. Regarding the Program, the Financial Management Specialist will be responsible for the following tasks:

Serve as the central technical focal point for day-to-day coordination, monitoring and oversight of the Program Financial management related activities.

Preparation of the Program’s financial reporting. Specifically, he/she will ensure that annual financial reports for the Program will be prepared, audited, and submitted to the WB. The formats of the annual financial reports will be provided in the OOM and are to be agreed upon with the WB.

DELIVERABLES

A. Regarding the GFPP and the TA, the Financial Management Specialist will deliver the following:

Annual Operation financial statements.

Interim Unaudited Financial Reports (IFRs).

Audit reports and implementation of audit findings/recommendations for improvement of the internal controls.

Review financial and taxation implications of the tendering documentation and provide input to mitigate financial risks.

Prepare Disbursement projections on a quarterly basis based on contract commitments.

Perform contract management activities.

Monthly activity reports on financial management activities.

Updated financial records and reconciliations.

B. Regarding the Program, the Financial Management Specialist will deliver the following:

Interim unaudited Program Financial Reports

QUALIFICATIONS AND EXPERIENCE

Higher education degree in economics, accounting, finance, or a related field.

At least three years of experience as a Finance Manager, Finance Specialist, and Finance Consultant who was directly involved in FM and disbursement areas of projects financed by IFIs such as the World Bank, Asian Development Bank and AIIB.

At least five years of work experience in finance or accounting roles with any reputable organizations.

Fluency in Uzbek and Russian; working knowledge of English is required with the ability to produce financial management reports in English.

Knowledge of National Accounting Standards and International Public Sector Accounting Standards (IPSAS).

Proficiency in financial management software, including 1C accounting software.

Strong analytical and problem-solving skills.