Regional: Enhancing Financial Management in Central and West Asia
The regional knowledge and support technical assistance (RETA) will build financial management capacity and help boost the quality of financial due diligence and financial management to improve financial sustainability of executing/implementing agencies (EAs/IAs). It will also help to enhance financial management throughout the project cycle in the Central West Asia developing member countries (DMCs) . This will be achieved through enhanced guidance to project teams and, EAs/IAs by developing project financial management manuals (the manuals) and project internal audit and internal control charters (the charters) and strategically placed regional consultants.
Central and West Asia Department
Request for information
- Public sector management
|Project Name||Enhancing Financial Management in Central and West Asia|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Gender Equity and Mainstreaming
Governance and capacity development
|Sector / Subsector||
Public sector management / Public administration
|Gender Equity and Mainstreaming||Some gender elements|
|Description||The regional knowledge and support technical assistance (RETA) will build financial management capacity and help boost the quality of financial due diligence and financial management to improve financial sustainability of executing/implementing agencies (EAs/IAs). It will also help to enhance financial management throughout the project cycle in the Central West Asia developing member countries (DMCs) . This will be achieved through enhanced guidance to project teams and, EAs/IAs by developing project financial management manuals (the manuals) and project internal audit and internal control charters (the charters) and strategically placed regional consultants.|
|Project Rationale and Linkage to Country/Regional Strategy||
Robust financial due diligence during project processing will help DMCs strengthen their capacity to design, finance and implement ADB-funded projects and programs, improve financial sustainability and viability of the entities implementing projects, contribute to more successful projects/programs outcomes and provide greater development impact. Increased worldwide attention to effectiveness of financial support and financial sustainability requires to enhance fiduciary oversight of financial aid and increase fiduciary accountability and responsibility of DMCs to better manage financial risks.
A majority of central west DMCs are in transition to adoption of the International Financial Reporting Standards (IFRS) or International Public Sector Accounting Standards (IPSAS) and aligning their national accounting standards with IFRS. The transition is challenging due to limited local expertise and lack of comprehensive manuals for EA/IAs. Additionally, many governance risk assessments for Central Asian DMCs have identified weak internal audit and internal control country systems. To mitigate inherent risks the TA will pilot the development of charters for EA/IAs. The charters will develop a blueprint for EA/IAs to strengthen internal controls, manage financial risk and ensure adequate financial compliance.
|Impact||Improvements in public expenditure efficiency in Central West Asia DMCs|
|Description of Outcome||Portfolio performance in Central West Asia DMCs improved|
|Progress Toward Outcome|
|Description of Project Outputs||
1. Financial due diligence strengthened
2. Financial reporting compliance improved
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Geographical Location||Afghanistan - Nation-wide; Armenia - Nation-wide; Azerbaijan - Nation-wide; Georgia - Nation-wide; Kazakhstan - Nation-wide; Kyrgyz Republic - Nation-wide; Pakistan - Nation-wide; Tajikistan - Nation-wide; Turkmenistan - Nation-wide; Uzbekistan - Nation-wide|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|Responsible ADB Officer||Nazmieva, Oksana|
|Responsible ADB Department||Central and West Asia Department|
|Responsible ADB Division||CWOD-PSG|
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
|Concept Clearance||30 Sep 2020|
|Approval||27 Nov 2020|
|Last Review Mission||-|
|Last PDS Update||10 Dec 2020|
|Approval||Signing Date||Effectivity Date||Closing|
|27 Nov 2020||-||27 Nov 2020||30 Nov 2023||-||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|300,000.00||0.00||0.00||0.00||0.00||0.00||300,000.00||29 Sep 2021||0.00|
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