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欧美日b大片 supports development initiatives through project, policy, and program financing. The on Financial Management in Bank-Financed Operations and Other Operational Matters sets out the FM staff roles and responsibilities in operations financed by the Bank through IPF, DPF and PforR (Bank-financed operations) and operational FM rules applicable across Bank-financed operations. The key elements of the Financial Management (FM) approach with the different types of operations are detailed below.

Investment Project Financing (IPF)

The Bank Policy: Investment Project Financing defines the FM arrangements in IPF projects as the planning and budgeting, accounting, internal control, funds flow, financial reporting, and auditing arrangements of the borrower and entity responsible for project implementation. The FM arrangements rely on the borrower’s existing institutions and systems, with due consideration to the capacity of those institutions.

During the preparation stage, FM staff assess the financial management risks to achieving the project’s development objectives and determine the adequacy of the FM arrangements proposed at the implementing agency levels, together with any measures needed to mitigate the impact of the likelihood of risks materializing.

Throughout the project’s life, FM specialists in task teams work with the country borrower to ensure sound management of funds and accountability for project resources in achieving the desired development results. The FM specialists also work with borrowers to strengthen the systems and institutions for fiduciary assurance.

IPF Resources

• IPF Background

Development Policy Financing (DPF)

Financial management in DPFs centers around two major areas: gaining reasonable assurance that the borrower’s public financial management (PFM) system appropriately manages budget resources, and that funds flow arrangements are in place to ensure that the loan proceeds reach the designated accounts, and are accounted for in the country’s budget management system.

The funds are disbursed against satisfactory implementation of a program of policy and institutional actions that promote growth, including maintenance of a satisfactory macroeconomic policy framework and compliance with tranche release conditions. The borrower commits to using development policy lending funds for eligible expenditures only. The Bank normally disburses the loan proceeds into an account that forms part of the country’s official foreign exchange reserves (normally held by the central bank), and an amount equivalent to the loan proceeds is credited to an account of the government to finance budgeted expenditures.

DPF Resources

• DPF Background

Program for Results (PforR)

PforR relies upon country systems and disburses against results as measured by pre-determined indicators.

At the identification stage, the Bank works with the borrowing country to determine a clear definition and scope of the government program and the part of the program or sub-program to be financed by the Bank. Once agreed, the Bank identifies key results in terms of outputs and outcomes, as well as the related disbursement linked indicators (DLIs) to be used to determine the timing and amount of each disbursement.

FM, Procurement, and Governance specialists conduct a joint Fiduciary Systems Assessment (FSA) of program fiduciary systems and program arrangements. The FSA considers whether program systems provide reasonable assurance that the financing proceeds will be used for intended purposes, with due attention to the principles of economy, efficiency, transparency, and accountability.

PforR Resources

• PforR Background

FM Diagnostics

Knowledge of the country’s public financial management (PFM) institutional framework is acquired through diagnostic assessments done by the Bank, donors, country institutions, and experience with portfolio implementation. This knowledge helps identify fiduciary risks to Bank-supported programs and to the use of development funds, and determines the extent to which the Bank may make use of country institutions or require alternative project-specific arrangements. The diagnostics inform efforts aimed at improving the design and performance of systems.

Country Partnership Framework (CPF) / Systematic Country Diagnostic (SCD)

A Country Partnership Framework (CPF) is the central tool for reviewing and guiding the World Bank Group’s (WBG) country programs and gauging their effectiveness. Used in conjunction with a Systematic Country Diagnostic (SCD), the WBG and country – along with civil society and other stakeholders – focus on a results-based engagement.

Within the CPF, Financial Management (FM) specialists focus on key elements of PFM, fiduciary risk management strategy, corporate financial reporting (CFR), and accounting and auditing architecture in terms of assessing their impact on achieving the CPF’s goals and fiduciary assurance environment within which the Bank’s lending will occur.

PEFA

The Program is a multi-donor partnership which assesses the condition of country public expenditure, procurement and financial accountability systems, and develops a practical sequence for reform and capacity-building actions. 

Within PEFA, the provides an integrated and harmonized approach for measuring and monitoring PFM performance progress, while supporting country-led PFM reform programs. The framework, covering the entire budget cycle, incorporates a set of high-level indicators that draw on international standards, and a PFM performance report that enables the indicators to be read and understood in context.

Supreme Audit Institutions (SAI)

A supreme audit institution (SAI) in a country undertakes the external audit of government bodies. The Bank works closely with SAIs through arrangements designed to enhance country capacity and strengthen global institutions.

Related Links

World Bank Financial Management (FM) staff actively engage with colleagues from other development partner organizations, including multilateral development banks (MDBs), the International Organization of Supreme Audit Institutions (INTOSAI), the International Federation of Accountants (IFAC), and the United Nations (UN) family when working on FM policy and institutional and operational issues. The aim of these partnerships is to have a coordinated approach on FM policies, procedures, and practices as part of the global harmonization initiative.

FM actively supports the development of standards and codes through engagement with international standards setting and regulatory bodies. These bodies include the International Auditing and Assurance Standards Board (IAASB), the International Public Sector Accounting Standards Board (IPSASB), and INTOSAI’s Professional Standards Committee (PSC) to promote responsiveness of their pronouncements and processes to developing country needs.

Multilateral Development Banks

The Financial Management Harmonization Working Group (FMHWG) consists of representatives from five multilateral development banks (MDBs): World Bank (current chair), African Development Bank, Asian Development Bank, Inter-American Development Bank, Islamic Development Bank, International Fund for Agricultural Development (IFAD), New Development Bank (NDB), and European Investment Bank (EIB). The Group meets quarterly to promote the harmonization of their policies and practices in financial management, and to operationalize the development effectiveness agenda. The Group also focuses on fostering collaboration in FM diagnostic work, financial reporting and auditing, fiduciary risk assessments, FM capacity building in client countries, and use of country public financial management systems.

International Organization of Supreme Audit Institutions (INTOSAI)

Cooperation between the World Bank and is primarily governed by the . The MoU strives to augment and strengthen support to the supreme audit institution (SAI) community, and recognizes the value of SAIs in strengthening governance, accountability, and poverty reduction.

Strategic guidance and implementation of the MoU is governed by a , which comprises all donor signatories to the MoU and SAIs appointed by INTOSAI. The Steering Committee is jointly chaired by one INTOSAI and one donor representative. Currently, the SAI of Saudi Arabia and the World Bank hold the position of joint chairs, while the United States Government Accountability Office (GAO) and the UK Department for International Development (DFID) hold the positions of vice-chairs.

The last decade has seen a significant increase in the level of World Bank support for rapid response to crises and emergencies, including post-conflict and post-disaster reconstruction, and international efforts to prevent, contain, and mitigate the impacts of global pandemics. In all of these areas, the United Nations’ funds and programs (collectively referred to as UN Agencies) have become key partners of the Bank.

The majority of the Bank’s engagement with UN Agencies fall under two scenarios: through direct grants from the Bank, i.e. through a Recipient Executed Trust Fund (RETF), where a UN Agency is the recipient; or through recipient governments which engage a UN Agency on a contractual basis. The Bank’s financial management (FM) policy and procedures apply differently under each of these two scenarios.

UN Agencies as Direct Grant Recipients

For direct grants to UN Agencies, FM arrangements are governed by two methods: the United Nations Fiduciary Principles Accord (UN FPA), and the Financial Management Framework Agreement (FMFA). While the FPA is limited in its application to country-specific single- and multi-country donor trust funds (TFs) established to support recovery programs in weak capacity environments with crisis and emergency situations, the FMFA can apply to all operations funded by trust funds, the International Development Association (欧美日b大片), and the International Bank for Reconstruction and Development (IBRD).

The Bank’s FM requirements are met when the UN Agency receives, manages, expends, reports on, and performs an audit of the UN FPA or FMFA grant funds in accordance with the UN’s own FM procedures and accountability and oversight framework. The UN Agency generally submits to the Bank an annual financial report of the grant’s income and expenditures. 

UN Fiduciary Principles Accord (UN FPA)

The applies to direct grant funds to a qualified UN Agency if:

1. The project is processed under The Bank’s Operational Policy (OP) 8.00, Rapid Response to Crises and Emergencies, and/or it satisfies the criteria of paragraph 12 of Bank Policy: Investment Project Financing (formerly Operational Policy 10.00) in terms of alternative implementation arrangements in weak capacity situations, and client country request and agreement to UN implementation; and
2. The project is funded under multi- or single-donor TFs (including TFs funded by contributions from IBRD net income) that specifically provide for the application of the UN FPA (i.e. all donors agree to the application of the UN FPA).

Financial Management Framework Agreement (FMFA)

The FMFA applies to direct grant funds to one of the UN Agencies currently a signatory to FMFA.

UN Agencies Engaged by Borrowers on Contractual Basis

In cases where borrowers hire a UN Agency on the basis of a contract to provide specific goods, technical assistance or services as per the provisions of the Procurement or Consultant guidelines, financial management arrangements are governed by the Bank’s standard FM requirements.