“climate adaptation and mitigation program for aral sea...
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“Climate Adaptation and Mitigation Program for Aral Sea Basin” Credit No. 5742-TJ
The project financial statements for the period from January 22, 2016 to December 31, 2016 and for the year ended December 31, 2017
and independent auditors’ report
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“CLIMATE ADAPTATION AND MITIGATION PROGRAM FOR ARAL SEA BASIN” CREDIT NO. 5742-TJ
TABLE OF CONTENTS
Page
STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION
AND APPROVAL OF THE PROJECT FINANCIAL STATEMENTS
FOR THE PERIOD FROM JANUARY 22, 2016 TO DECEMBER 31, 2016 AND
FOR THE YEAR ENDED DECEMBER 31, 2017 2
INDEPENDENT AUDITORS’ REPORT 3-5
THE PROJECT FINANCIAL STATEMENTS
FOR THE PERIOD FROM JANUARY 22, 2016 TO DECEMBER 31, 2016 AND
FOR THE YEAR ENDED DECEMBER 31, 2017:
Summary of funds received and expenditures paid 6
Summary of expenditures paid by project components 7
Notes to the project financial statements 8-18
STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION ANDAPPROVAL OF THE PROJECT FINANCIAL STATEMENTS FORTHE PERIOD FROM JANUARY 22, 2016 TO DECEMBER 31, 2016 ANDFOR THE YEAR ENDED DECEMBER 31, 2017
The following statement, which should be read in conjunction with the independent auditors’ responsibilities is made with a view to distinguish the respective responsibilities of management and those of the independent auditors in relation to the project financial statements of the Project “Climate Adaptation and Mitigation Program for Aral Sea Basin”, Credit No. 5742-TJ (the “Project”).
Management is responsible for the preparation of the project financial statements that present fairly, in all material respects, the summary of funds received and expenditures paid and the summary o f expenditures paid by project components for the period from January 22, 2016 to December 31, 2016 and for the year ended December 31, 2017 in accordance with International Public Sector Accounting Standard “Financial Reporting Under the Cash Basis of Accounting” (the “IPSAS”) issued by the International Public Accounting Standards Board o f the International Federation of Accountants and the World Bank’s Financial Management Sector Board’s “Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities” (the “WB Guidelines”).
In preparing the project financial statements, management is responsible for:
» selecting suitable accounting policies and applying them consistently;» making judgments and estimates that are reasonable and prudent;• stating whether IPSAS and WB Guidelines have been followed, subject to any material departures
disclosed and explained in the project financial statements; and• preparing the project financial statements on a going concern basis, unless it is inappropriate to presume
that the Project will continue its activity for the foreseeable future.
Management is also responsible for:
• designing, implementing and maintaining effective and sound system of internal control and for revealing risks in system of internal control;
• maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Project, and which enable them to ensure that the project financial statements of the Project comply with IPSAS and WB Guidelines;
• compliance with laws and regulations of the Republic o f Tajikistan, accounting system of the Project and the requirements of the World Bank;
• taking such steps as are reasonably available to them to safeguard the assets of the Project; and• detecting and preventing fraud and other irregularities.
The project financial statements for the period from January 22,2016 to December 31,2016 and for the year ended December 31, 2017 were approved and authorized for issue on June j/2 0 1 8 by the management of the Project.
On behalf of the
Nozimov I. Acting of MOF PMU
Isoev R.Head of planning, accounting and financing department of CEP
June 1, 2018Dushanbe, Republic of Tajikistan
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“CLIMATE ADAPTATION AND MITIGATION PROGRAM FOR ARAL SEA BASIN”
CREDIT NO. 5742-TJ NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE PERIOD FROM JANUARY 22, 2016 TO DECEMBER 31, 2016 AND FOR THE YEAR ENDED DECEMBER 31, 2017 (in US dollars)
1. GENERAL INFORMATION
According to the Financial Agreement between the Republic of Tajikistan and International
Development Association (the “IDA” and “World Bank”) signed on July 30, 2014, the World Bank
provided a Credit No. 5742-TJ in the amount of 6,400,000 Special Drawing Rights (the “SDR”) to the
Republic of Tajikistan.
The credit was provided for the Project “Climate Adaptation and Mitigation Program for Aral Sea
Basin” (the “Project”).
Project purpose
The objective of the Project is to enhance regionally coordinated access to improved climate change
knowledge services for key stakeholders (e.g., policy makers, communities, and civil society) in
participating Central Asian countries as well as to increased investments and capacity building that,
combined, will address climate challenges common to these countries.
The Project comprises the following components:
Component 1: Regional Climate Knowledge Services;
Component 2: Regional Climate Investment Facility;
Component 3: Regional and National Coordination.
Component 1: Regional Climate Knowledge Services
Develop a unified, regional analytical platform for climate resilient and low emissions development in
Central Asia through:
a) Establishment of the regional information platform for Central Asia through provision of technical
assistance, goods (including software and equipment), consulting services and training and
carrying out of minor civil works;
b) Upgrading of climate-related monitoring systems for Participating Countries;
c) Development of methodologies, approaches and tools to support climate-related decision making;
d) Development of knowledge products, such as specialized analytical work, made available via,
inter alia, web portals, mobile apps, publications;
e) Capacity building through regional training, e-learning events, internships and study tours;
f) Development of a mechanism to assess the results and lessons of climate investments implemented
under Subcomponent 2.1 below, including through establishment of a pool of experts to evaluate
the Sub-projects accomplished under Subcomponent 2.1;
g) Design and implementation of a communications and public engagement strategy, including
through climate knowledge fora and networks, to support knowledge dissemination, public
outreach and coalition building.
Component 2: Regional Climate Investment Facility
Subcomponent 2.1: Investment Financing
Increase productivity and address climate change by promoting the adoption of climate-resilient and
mitigation measures in rural production, land management and other areas through establishing and
operating credit line facilities for the provision of financing, through Subsidiary Loans, to PFIs, through
Sub-loans to Sub-borrowers to carry out the Sub-Projects, for scaling up suitable practices and technologies
to improve climate resilience, risk reduction and mitigation and economic and social benefits.
9
Subcomponent 2.2: Capacity Building and Community Support
a) Support awareness raising, participatory planning and implementation support of climate
investment plans at the community level through community level participatory appraisals and
community action plans, identification and design of appropriate investment plans and building
of the technical and organizational capacities of communities to implement their investments;
b) Support Facilitating Organizations to provide technical advisory services to potential
beneficiaries under Subcomponent 2.1;
c) Provide capacity building of the PFIs through technical assistance in the area of assessment of
climate investment proposals.
Component 3: Regional and National Coordination
Subcomponent 3.1: Regional Coordination
Provide project management support to the Regional Coordination Unit for implementation of
Component 1, including procurement, disbursements, financial management, monitoring and
evaluation of Project Performance, as well as Incremental Operating Costs.
Subcomponent 3.2: National Coordination
Provide project management support to the National Coordination Units for implementation of
Component 2, including procurement, disbursements, financial managements, monitoring and
evaluation of Project performance, safeguards oversight as well as Incremental Operating Costs.
Project management
The Project is implemented by the Ministry of Finance Project Management Unit (the “MOF PMU”) and
the Committee for Environmental Protection Project Implementation Group (the “CEP PIG”) within the
scope of the Ministry of Finance of the Republic of Tajikistan and the State Committee for Environmental
Protection under the Government of Republic of Tajikistan, respectively. MOF PMU carries out
Subcomponents 2.1 and 2.2 and Subcomponent 3.2. CEP PIG carries out Subcomponent 3.2.
Duration of the Project is from January 22, 2016 to June 30, 2021.
2. PRESENTATION OF THE PROJECT FINANCIAL STATEMENTS
Basis of preparation
These project financial statements have been prepared in accordance with the International Public
Sector Accounting Standard (the “IPSAS”) “Financial Reporting under the Cash Basis of Accounting”
issued by the Public Sector Committee of the International Federation of Accountants, and incorporate
the following principal accounting policies, which have been consistently followed in all material respects
and comply with the World Bank’s Financial Management Sector Board’s “Guidelines: Annual
Financial Reporting and Auditing for World Bank Financed Activities” (the “WB Guidelines”).
Under the cash basis system income (or expenditure) is recognized when cash is received (or paid)
irrespective of when goods or services are received or provided.
The Project’s approved budget disclosed by categories of expenses is not publicly available and as such
comparison of budget and actual amounts is not presented.
These project financial statements consist of:
Summary of funds received and expenditures paid;
Summary of expenditures paid by project components;
Notes to the project financial statements, including short description of main statements of
accounting policy and other descriptive notes.
The reporting currency of these project financial statements is US dollars (the “USD”).
10
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash basis of accounting
The project financial statements are prepared on a cash basis of accounting. The cash basis of
accounting recognizes transactions and events only when cash (including cash equivalents) is received
or paid by the Project. The project financial statements prepared under the cash basis provide
information on the sources of funds, the purpose of uses of funds, and cash balances at the reporting
date. The measurement focus in the project financial statements is balances of cash and changes therein.
Foreign currency
Operations in foreign currency initially are counted in functional currency by the official currency
exchange rate settled by the National Bank of Tajikistan (the “NBT”) on a date of operation.
Funds received are translated into US dollars at official exchange rate of Special Drawing Rights
(the “SDR”) at the date of funds receipt. All payments made in local currency are translated into US
dollars at the official exchange rate defined by the National Bank of Tajikistan, at the date of
transaction.
Monetary assets and liabilities expressed in foreign currency are converted to functional currency at
official exchange rate on a date settled by the NBT.
All foreign exchange differences resulted from maturity or recounting are included in the summary of
funds received and expenditures paid.
Non-monetary items are valued according to their historic cost in foreign currency, which are
recalculated on rates of the initial operation date.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and due from banks, which can be converted to the
corresponding amount of cash in the short term.
Taxes
Calculation and payment of personal income tax and social security contributions from income of local
staff and consultants is made in accordance with the requirements and rates of the Tax Code of the
Republic of Tajikistan.
Project expenses
The expenses are recorded in the period when they were actually paid.
Sources of funds
The funds were provided by the World Bank to the Project by advance and reimbursement.
11
4. CASH AND CASH EQUIVALENTS
Cash and cash equivalents as at December 31, 2017 comprise:
December 31, 2017
Currency MOF PMU CEP PIG Total
Designated account USD 289,564 51,817 341,381
Transit account TJS 9,372 2 9,374
Advances to employees TJS 59 - 59
298,995 51,819 350,814
Cash and cash equivalents as at December 31, 2016 comprise:
December 31, 2016
Currency MOF PMU CEP PIG Total
Designated account USD 905,500 45,430 950,930
Transit account TJS 2 1,049 1,051
905,502 46,479 951,981
12
5. FUNDS RECEIVED
The funds received are presented by the following financing methods:
For the year ended
December 31, 2017
For the period from January 22, 2016
to December 31, 2016 MOF PMU
CEP PIG
Total
MOF PMU
CEP PIG
Total
Cumulative
Reimbursement of expenses 1,748,792 44,932 1,793,724 - - - 1,793,724
Advances - - - 1,000,000 60,000 1,060,000 1,060,000
1,748,792 44,932 1,793,724 1,000,000 60,000 1,060,000 2,853,724
6. PROJECT EXPENSES
Project expenses by components are presented in the summary of expenditures paid by project components.
The Project expenses on major categories are presented in the summary of funds received and expenditures
paid. Breakdown of the Project expenses by categories and nature is presented as follows:
Sub-loans under Component 2.1 of the Project
List of financial institutions which received funds within credit lines (Category 1) is presented below:
For the year ended
December 31, 2017
For the period from January 22, 2016
to December 31, 2016 MOF PMU
CEP PIG
Total
MOF PMU
CEP PIG
Total
Cumulative
CJSC MDO “Humo” 1,677,361 - 1,677,361 - - - 1,677,361
LLC MDO “Arvand” 181,012 - 181,012 - - - 181,012
1,858,373 - 1,858,373 - - - 1,858,373
13
Goods, works, consultants’ services, non-consulting services, training, incremental operating costs
for Component 2.1, 2.2 and 3.2
Goods
For the year ended
December 31, 2017
For the period from January 22, 2016
to December 31, 2016 MOF PMU
CEP PIG
Total
MOF PMU
CEP PIG
Total
Cumulative
Office equipment - - - 20,781 - 20,781 20,781
1C Accounting system - - - 9,947 - 9,947 9,947
- - - 30,728 - 30,728 30,728
Consultants’ services
For the year ended
December 31, 2017
For the period from January 22, 2016
to December 31, 2016 MOF PMU
CEP PIG
Total
MOF PMU
CEP PIG
Total
Cumulative
Financial intermediary capacity building 166,196 - 166,196 18,479 - 18,479 184,675
Awareness raising campaign 134,739 - 134,739 14,971 - 14,971 149,710
Capacity building and community support 114,288 - 114,288 13,745 - 13,745 128,033
Payroll and related taxes 76,878 32,995 109,873 14,950 13,387 28,337 138,210
492,101 32,995 525,096 62,145 13,387 75,532 600,628
Training
For the year ended
December 31, 2017
For the period from January 22, 2016
to December 31, 2016 MOF PMU
CEP PIG
Total
MOF PMU
CEP PIG
Total
Cumulative
Capacity building of PMU staff - 4,913 4,913 - - - 4,913
- 4,913 4,913 - - - 4,913
14
Incremental operating costs for Component 2.1, 2.2 and 3.2
For the year ended
December 31, 2017
For the period from January 22, 2016
to December 31, 2016 MOF PMU
CEP PIG
Total
MOF PMU
CEP PIG
Total
Cumulative
Business trips 995 1,549 2,544 - - - 2,544
Communication (including telephone,
internet, postal services, advertising) 853 - 853 990 71 1,061 1,914
Stationery 1,027 - 1,027 507 - 507 1,534
Bank charges 803 115 918 128 46 174 1,092
Other - 125 125 - 19 19 144
3,678 1,789 5,467 1,625 136 1,761 7,228
15
7. FINANCIAL POSITION
Financial position as at December 31, 2017 comprise:
December 31, 2017 MOF PMU CEP PIG Total
ASSETS AND EXPENDITURES Cash and cash equivalents 298,995 51,819 350,814
Cumulative project expenses 2,448,650 53,220 2,501,870
Foreign exchange rate loss / (gain) 1,147 (107) 1,040
TOTAL ASSETS AND EXPENDITURES 2,748,792 104,932 2,853,724
FINANCING Funds received 2,748,792 104,932 2,853,724
TOTAL FINANCING 2,748,792 104,932 2,853,724
Financial position as at December 31, 2016 comprise:
December 31, 2016 MOF PMU CEP PIG Total
ASSETS AND EXPENDITURES Cash and cash equivalents 905,502 46,479 951,981
Cumulative project expenses 94,498 13,523 108,021
Foreign exchange rate gain - (2) (2)
TOTAL ASSETS AND EXPENDITURES 1,000,000 60,000 1,060,000
FINANCING Funds received 1,000,000 60,000 1,060,000
TOTAL FINANCING 1,000,000 60,000 1,060,000
16
8. WITHDRAWAL APPLICATIONS
Withdrawal applications for the period from January 22, 2016 to December 31, 2016 and for the year ended
December 31, 2017 comprise:
Sources of
financing
Implementation
Unit
Application Date Advance
Sub-loans
under
Component 2.1
of the Project
Goods, works,
operating costs,
training, non-
consulting
services and
consultants’
services for
Component 2.1,
2.2, 3.2
Total
Credit No. 5742-TJ MOF PMU 1 August 29, 2016 1,000,000 - - 1,000,000
2 March 21, 2017 - 2,509 233,057 235,566
3 June 19, 2017 - 248,453 203,192 451,645
4 September 1, 2017 - 304,099 94,061 398,160
5 November 28, 2017 - 370,068 20,919 390,987
6 December 8, 2017 - 265,727 6,707 272,434
1,000,000 1,190,856 557,936 2,748,792
CEP PIG 1 November 28, 2016 60,000 - - 60,000
2 November 3, 2017 - - 44,932 44,932
60,000 - 44,932 104,932
1,060,000 1,190,856 602,868 2,853,724
17
9. STATEMENT OF DESIGNATED ACCOUNT
The statement of designated account for the period from January 22, 2016 to December 31, 2016 and
for the year ended December 31, 2017 comprise:
Implementation Unit MOF PMU CEP PIG Total
Bank National Bank of
Republic of Tajikistan
CJSC “Kazkommertsbank
Tajikistan”
Currency US Dollars US Dollars
Bank account 22696840300103 20206840551101155001
Bank’s location 107A Rudaki ave.,
Dushanbe, Republic of
Tajikistan
24A Aini str.,
Dushanbe, Republic of
Tajikistan
Balance as at January 22, 2016 - - -
Advances received 1,000,000 60,000 1,060,000
Total funds received 1,000,000 60,000 1,060,000
Expenditures paid 95 15 110
Transfers to transit account 94,405 14,555 108,960
Balance as at December 31, 2016 905,500 45,430 950,930
Replenishment of designated account 1,748,792 44,932 1,793,724
Total funds received 1,748,792 44,932 1,793,724
Expenditures paid 481 2,227 2,708
Transfers to transit account 2,364,247 33,518 2,397,765
Transfers to cash on hand - 2,800 2,800
Balance as at December 31, 2017 289,564 51,817 341,381
10. UNDRAWN FUNDS
As at December 31, 2017 undrawn funds are presented as follows:
Credit No.
5742-TJ
in SDR
Approved credit amount
6,400,000
Disbursed for the period from January 22, 2016 to December 31, 2016 (MOF PMU)
711,982
Disbursed for the period from January 22, 2016 to December 31, 2016 (CEP PIG) 44,386
Disbursed in 2017 (MOF PMU) 1,249,623
Disbursed in 2017 (CEP PIG) 32,017
Undrawn amount
4,361,992
Opening disbursed amount
756,368
Disbursed in 2017 (MOF PMU)
1,249,623
Disbursed in 2017 (CEP PIG)
32,017
Closing disbursed amount
2,038,008
18
11. COMMITMENTS
In the normal course of activities, the Project concludes agreements with suppliers of goods and
services in accordance with the established budget and procurement plan.
Contract value obligations valid as at December 31, 2017 was as follows:
PMU Counterparty Contract No. Currency Contract
value
Paid up to
December 31,
2017
Remaining
amount to
be paid
MOF LLC “Erjis” CAMP4ASB/CQS/2016-01 USD 137,440 128,033 9,407
MOF LLC “Dunie nav” CAMP4ASB/SH-2017-1 TJS 590,900 - 590,900
MOF LLC “Tole” CAMP4ASB/SH-2017-2 TJS 390,000 - 390,000
12. LEGAL CASES
There were no any legal cases related to the Project.
13. EVENTS AFTER THE REPORTING DATE
During 2018 until the date of issue of these project financial statements the World Bank provided
financing to the Project as follows:
Implementation
Unit
Date Application Financing method Credit No.
5742-TJ
MOF PMU January 19, 2018 7 Reimbursement of expenses 699,858
MOF PMU April 27, 2018 8 Reimbursement of expenses 748,925
1,448,783
As at the date of issue of the project financial statements no other significant events or transactions
occurred, except for the events or transactions described above.