Ad Invitation

A. BACKGROUND 

Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is designed to improve fiscal policy and sustainability in a mineral-based economy, protect the poor and vulnerable, and restore confidence in the financial sector. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II)Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improve public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring, and evaluation, including inter alia, audit arrangements, reporting requirements, procurement, and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.

The main objective of the Project Implementation Unit (PIU) is to provide timely and effective support to all five components of the Project. The PIU will be responsible for: (a) project management and coordination, procurement, including all contracting for purchases and the hiring consultants; (b) project monitoring, reporting, and evaluation; (c) the contractual relationship with the IDA; (d) financial management including record keeping, financial management reports, the Designated Accounts, and disbursements.

The PIU of the SFFS project will also provide implementation support to the “Strengthening Governance in Mongolia (SGM) Recipient Executed (RE) Grant supported with funds from the European Union and which activities are aligned and complementary to the ones of component A and B of the SFFS project. 

B. OBJECTIVE OF THE ASSIGNMENT

The Financial Management Specialist (FMS) will be responsible for the project’s financial management and maintaining a financial management system and financial management practices appropriate for the Project and will ensure the Project’s compliance with the World Bank’s financial management policies and procedures. Financial management functions for the project shall include budgeting; accounting; financial reporting; internal controls including documentation, record keeping, and filing; disbursement and funds flow e.g., managing and maintaining the project bank accounts and preparing/submitting withdrawal applications and other supporting documentation; and external auditing. 

C. SCOPE OF WORK

Key responsibilities of the FMS will include the following but not limited to:

- Maintaining project financial management system including budgeting, accounting, financial reporting, internal controls, and external auditing; 

- Preparing the project financial and disbursement plans on a monthly, quarterly and annual basis; 

- Managing and maintaining Designated Accounts (DA) and Sub Accounts (SAs) and their replenishment in accordance with the World Bank’s disbursement requirements; 

- Maintaining up-to-date accounting records and ledgers as well as asset registers; 

- Preparing monthly bank reconciliation statements in a timely manner;

- Monitoring the project disbursement and preparing withdrawal applications and supporting documents (i.c, Statement of Expenditures and Summary Sheet for submission to the World Bank           via the Client Connection System (https://clientconnection.worldbank.org));

- Ensuring that a proper internal control system is in place to achieve accountability at the level;

- Properly filing and maintaining all accounting forms and supporting documents;

- Preparing quarterly and annual Project IFRs as part of Project Progress Reports and submitting them to the Bank;

- Working with external auditors to complete the annual audit for the Project in a timely manner and submitting audit reports to the Bank and the MOF;

- According to the standard formats approved by the MOF, preparing and submitting:

o Annual and quarterly financial reports for the Project expressed in MNT (e.g. Balance Sheet, Income Statement, Cash Flow Statement, Statement of Owner’s Equity and other related  information and data) through the E-Report system (http://119.40.100.204/EReport/);

o Income tax statements (for the PIU staff and all consultants) expressed in MNT through the electronic system of the General Department of Taxation (https://e-tax.mta.mn/portal);

o Monthly Social Insurance Statements to the Government’s Social Insurance System (https://app.ndaatgal.mn/onlineshim/);

- According to the Law of Glass Accounts, disclosing all the required monthly, quarterly, and annual financial reports, audit reports, and other financial data and information to the Glass Account Portal in a timely manner (http://shilendans.gov.mn/); 

- Financial management specialist will help with the preparation of the final reports that need to be prepared at the time of closing the project:

- Financial management specialist will ensure that information sustaining all financial transactions and problems encountered; as well as other related information and data, are well documented  and serve as the basis for the Implementation Completion Report to be prepared once the project is formally closed;

- Performing any other tasks as reasonably assigned by the Project Coordinator.

D. DELIVERABLES

The consultant shall prepare annual plans detailing the activities to be conducted as per the list of tasks included in Section C. Scope of Work of these TOR and provide brief reports detailing progress as well as full completion of the detailed tasks under this consultancy. 

E. CONSULTANT’S QUALIFICATIONS/SELECTION CRITERIA

Education: A suitable candidate should have at least Bachelor’s degree in finance or accounting and professional certification i.e. CPA, CA or ACCA

Experience: Incumbent should have at least 5-8 years of direct relevant professional experience in finance and accounting. The candidate should possess the ability to work with an accounting system and be familiar with laws and standards relating to accounting, financial reporting, auditing, and taxation. Knowledge and experience of financial management procedures of international organizations would be an advantage;

Language skills: Ability to clearly communicate in Mongolian and English both in writing and speaking; 

Computer literacy: MS Office proficiency such as Word, Excel, and PowerPoint, etc;

Other skills: 

o The candidate shall have high professional and personal integrity and excellent communication and interpersonal skills with the ability to collaborate effectively with the relevant stakeholders and implementing agencies; 

o Ability to function independently and collaboratively in a team environment; and

o Organizational skills with the ability to handle multiple assignments and ability to work overtime.

F. SUPERVISION AND REPORTING

The incumbent will report directly to the Project Coordinator and will work on a day-to-day basis with the officials appointed by the PIU Project Coordinator on technical matters related to each component implementation. The Project Coordinator will also provide input to the evaluation of the consultant’s performance to the Project Director.

G. CONTRACT DURATION 

The assignment is expected to commence on February 2023. The total inputs required for undertaking the above tasks are 3 months until l April 30, 2023, with the possibility of extension.

If you possess the above qualifications, please submit the following documents via email to procurement_sgm@sffs.mn. The email subject should be "Financial management specialist E/CS/025"

1. Cover letter indicating why she/he considers her/himself suitable for the position.

2. Detailed CV highlighting relevant skills/experience.

3. Copy of diplomas or certificates; and,

4. Two (2) reference letters from the previous last two employers no later than 15:00 PM, January 26, 2023.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications will not be considered for evaluation. Only the selected candidate will be contacted. Address for submission of Expression of Interest: Ms.Oyunyam.M, Procurement Specialist, Strengthening Fiscal and Financial Stability Project, Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia. Tel: 70120582 or via email to: procurement_sgm@sffs.mn

Contact Info:

70120582

70120582