The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) Economic Management Strengthening (P152171) AFRICA WEST | Ghana | Governance Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 8 | ARCHIVED on 22-Dec-2020 | ISR44895 | Implementing Agencies: Ministry Of Finance (MoF), Republic of Ghana Key Dates Key Project Dates Bank Approval Date: 30-Aug-2016 Effectiveness Date: 01-Nov-2016 Planned Mid Term Review Date: 28-Jun-2019 Actual Mid-Term Review Date: 23-Aug-2019 Original Closing Date: 31-Mar-2020 Revised Closing Date: 31-Mar-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective (PDO) is to strengthen the Government of Ghana s institutional capacity for revenue and expenditure management. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Strengthening Ghana Revenue Authority s Business Intelligence Systems:(Cost $4.00 M) Component 2: Strengthening Debt Management:(Cost $1.20 M) Component 3: Strengthening Capacity in Public Investment Management:(Cost $4.00 M) Component 4: Improving the Governance of State- Owned Enterprises:(Cost $5.25 M) Component 5: Project Management:(Cost $0.55 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO €Moderately Satisfactory €Moderately Satisfactory Overall Implementation Progress (IP) €Moderately Satisfactory €Moderately Satisfactory Overall Risk Rating €Substantial €Substantial Implementation Status and Key Decisions Among the most significant achievements of the Ghana Economic Management Strengthening (GEMS) project is having successfully supported the establishment of the State Interests and Governance Authority (SIGA). The GEMS Project was restructured including a no cost extension of its closing date from March 31, 2020 to March 31, 2022. This was to ensure that all critical activities and procurement packages across project components are finalized in order to achieve the Project Development Objectives (PDOs). The restructuring also made minor adjustments to the Results Framework, including (i) removing the PDO indicator on “Tax audit yield ratio”, and replacing it by “To increase ratio of four major taxes to Gross Domestic Product (GDP)”, (ii) redefining the intermediate indicator on debt management, and (iii) changes to the IRI for sub-component 3.4 on monitoring of public investment projects. 12/22/2020 Page 1 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) Challenges of COVID-19 The COVID-19 pandemic has already proven to be a challenge to the implementation of some activities of the GEMS project. Several activities such as stakeholder engagements and training have been held back due to social distancing protocols such as ban on public gathering as well as the partial lock-down instituted in Accra and Kumasi. Processing of contracts continues despite the pandemic, but there are still delays in activities that involve hiring of consultants. The bank team engaged the project to come up with the following actions that could mitigate the total slowdown of project implementation due to the pandemic: Component 1: Strengthening Ghana Revenue Authority’s Business Intelligence Systems (rated ‘Moderately Satisfactory’ performance) The objective of the component is to improve tax compliance, integrate income assessment regardless of source and location, simplify the processes, and align with international tax rules. This objective is expected to be achieved through the implementation of the data warehouse (DW), with Business Intelligence (BI), an information technology (IT) tool set for integration of data and analytical reporting, as well as the deployment and integration of the Common Reporting Standards (CRS)/Foreign Account Tax Compliance Account (FATCA) platforms with the DW. Progress has been slow to date – the most important output has been a consultancy to design the specifications for a BI/DW for the Ghana Revenue Authority (GRA). The implementation of FATCA has been de-linked from the DW. However, the CRS has been implemented in collaboration with DfID. DfID supported the purchase of software for the CRS while the GEMS project covered payments on the design and the purchase of the hardware. Some challenges since the inception of the project include: (1) Delays in procurement process for engagement of the Design Consultant; (2) Cost for Implementing the Data Warehouse stated in the Functional requirements by the Design Consultants far exceeded the funding for the project, consequently the project had to be re-scoped to focus on only GRA core systems (TRIPS & GCMS); and (3) Some delay also caused by the restrictions imposed during COVID 19 Pandemic. The procurement processes on contracting the BI/DW is under review. Component 2: Strengthening Debt Management (rated ‘Satisfactory’ performance) Component 2 aims to strengthen the Ministry of Finance’s (MoF) capacity to manage public debt with a high degree of transparency, as well as to improve treasury management and forecasting. The TDMD of the MoF has made considerable progress in strengthening its capacity, developing and implementing Ghana’s MTDS. Significant milestones include the MTDS and ABP for the financial years 2018 and 2019. Quarterly issuance calendars based on the MTDS have been published on MoF’s website. Other critical broad activities that have been implemented include the preparation of the National Borrowing Guidelines. Annual Borrowing Guidelines: To improve debt management through a credible Annual Borrowing Plan (ABP), a technical meeting was conducted to finalize the National Borrowing Guidelines. However, a scheduled dialogue with MoF management and selected MDAs, MMDAs and SOEs towards the eventual operationalization of the National Borrowing Guidelines and Procedures Manual was put on hold due to COVID-19 outbreak. Improve capacity for Treasury Management and Forecasting: Five (5) out of six (6) scheduled trainings to upgrade the skills of staff to improve efficiency were successfully held through face-to-face interactions. The sixth training was postponed due to the pandemic. Communication with Stakeholders and the General Public in understanding Government public debt information: In addition, to improve communication with stakeholder and the general public, investor calls and presentations were undertaken. However, like many others, face-to-face interactions with the media and general public could not take place due to the COVID-19 pandemic. Improve Debt Reporting and Transparency: Planned activities for an Operational Risk Management Framework are suspended in order to focus on cash management as a result of the re-organization of the Ministry. Improve Operational Risk Management: All payments have duly been paid for the Bloomberg subscription for Venture Capital (VC) trading room. Also, draft ToR for the engagement of a consultant to scan all loan agreements and key documents in an efficient filing system is yet to be submitted for "No Objection". Activities affected by COVID- 19 / Delayed  A dedicated internet connection has been set up for the establishment of a trading room. However, due to the Covid-19 pandemic, the vendor/supplier to do the installation of the audio and video conferencing facility is yet to be called to undertake this activity.  Stakeholder Engagement and publication of the National Borrowing Guidelines  Capacity Building in Medium Term Debt Strategy (MTDS) and Debt Sustainability Analysis (DSA)  Sensitization of media, stakeholders and public in understanding government public debt information.  Development of Operational Risk Management framework to cover Code of Conduct, Business Continuity Plans (BCPs) and Disaster Recovery Plan (DRP).  Publication of the 2019 Annual Public Debt Report on the Ministry’s website was delayed due to Parliament’s inability to convene because of the COVID-19 pandemic. Component 3: Strengthening Capacity in Public Investment Management (PIM) (rated ‘Satisfactory’ performance) 12/22/2020 Page 2 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) The objective of Component 3 is to develop and institutionalize a functional, transparent process for public investment programming that is applied across the Government. It seeks to achieve the objective through the establishment and implementation of a functional PIM system; and enhancing the capacity of the National Development Planning Commission (NDPC) for long-term planning of infrastructure and other investment projects. Considerable progress has been made in developing the necessary manuals, guidelines, Human Resource (HR), and long-term institutional training capacity. It is important to ensure that this work becomes institutionally embedded. Many of the activities have started and are at various stages of implementation. The National Infrastructure Plan has been reviewed. In addition, the linkage between PIAD and NDPC has been strengthened with more specific mandates; integrating their roles in PIM planning, appraisal, selection, and implementation. E-learning and online courses have been designed, as well as design and implementation of a comprehensive and continuous training program at relevant national tertiary-level training institutions. This will entail building capacity among faculty, supporting research, purchasing of and/or subscription to training materials, and online learning resources; Development of PIP Guidelines, Methodologies and Templates: A consultant has been engaged to develop PIP Guidelines, Methodologies and Templates, and provide technical advisory support on the PIM System to PIAD and MDAs. The consultant is expected to submit a proposal for evaluation. Development of PIM Regulations: Following the working session conducted in January 2020 to review and respond to comments on the PIM Regulations from the Office of the Attorney General, a Task Force Team and other stakeholders reviewed and provided additional drafting instructions on the draft PIM Regulations to enable the Attorney General finalize the drafting of the document. Review of Pipeline Project Reports using developed Framework: Development of project concept note / feasibility study templates commenced in December 2019. Subsequently, Training of Trainers on project concept note, pre-feasibility study templates were conducted for officers in the Public Investment Project Unit (PIPU) in February and March 2020 to equip them to provide training to key MDAs on the application of frameworks. Improve capacity to prepare Investment Projects using Hyperion project module: A Training in Project Investment Appraisal and Risk Analysis (Module 1 on Financial Analysis) was organized in January 2020 as part of measures to improve the capacities of officials from PIAD, MDAs and MMDAs in the preparation of investment projects using the Hyperion project module. Development of Infographics and Promotional Videos for the GIP: Infographics for the GIP have been developed and approved for payments to be made. The commissioners are however yet to meet for a final review and approval, but the Technical Committee responsible for reviewing outputs of Infographics and Promotional Videos submitted by the consultant has completed the review of output 2 (development of infographics) as submitted by the consultant. Development of an ICT-Based National M&E Information System and Supply of Hardware and Software: A consultant has been engaged to develop a Functional ICT-Based M&E System. The development process has commenced and an Indicator measuring the activity has been developed. This is being incorporated into the National M&E Information System which is under development. Challenges  Timelines to deliver a Developed Standardized Concession Agreement and Bidding Document is not enough.  The time needed by Sectors and PIAD to prepare and review projects that usually take between 12 – 24 months. Considering the GEMSTA project duration and the time to meet targets has been difficulty especially as it is expected that PIM guidelines must first be published and used. Component 4: Improving the Governance of State-Owned Enterprises (SOE) (rated ‘Satisfactory’ performance) The objective of this component is to improve SOE governance by supporting reforms aimed at consolidating the state’s ownership role through an equity study and preparatory work for setting up a Single Entity responsible for overseeing SOEs; establishing the SOE Single Entity; and piloting corporate governance improvements in five SOEs. Component 4 supported the major achievement of the establishment of SIGA; even though SIGA’s Board has been constituted, there is still the need to satisfy the covenants of (i) putting in place senior management (with terms of reference, qualification and experience, satisfactory to the Association); as well as (ii) technical procurement and financial management assessment. Currently, a consultancy firm has been hired to conduct a corporate HR review (report expected shortly); and are expected to also facilitate recruitment in positions where gaps are identified. Until then, resources allocated to sub-component 4.2 (supporting capacity and institution building of SIGA) may not be disbursed. However, the principal problem in meeting the disbursement condition, that of approving the SIGA legislation, has now been overcome. Verify Assets of over 100 Defunct and Inactive Entities: A first report as part of activities to verify assets of over 100 defunct and inactive entities to complement findings of the Equity Study produced. HR Policy Framework and Operations Manual: The consultant working to develop an HR Policy Framework and Operations Manual for the Single Entity and build capacity for implementation of the Framework and Manual has submitted a draft HR Policy Manual. A Report on the recruitment of the Head of Department for the Single Entity has also been submitted while the Consultant is working to finalize a report on the recruitment of the other staff. 12/22/2020 Page 3 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) Several activities have been affected/delayed by COVID- 19. These include: development of curriculum for the training of boards and management of SOEs in corporate governance; difficulty organizing meetings to draft the Cabinet Memo to undertake study on government equity holdings; delays in the development of the board nomination framework will adversely affect the timely implementation of activities of SIGA; delays in the auditing and submission of financial statements, and other operational information by SOEs and JVCs; and limited cooperation from some of the SOEs. Updated plans have been made to accommodate the new situation and the following is the way forward: i. Training to upgrade skills of old and new staff to improve efficiency on new mandate by TDMD was postponed and will be undertaken by virtual means. ii. Revise and extend the timelines to deliver a Developed Standardized Concession Agreement and Bidding Document. iii. MoF-PIAD will update and align developed PIM guideline with the PFM (PIM) Regulations to ensure there are no conflicting terminology on both documents. iv. Sensitization/dissemination exercise to be undertaken to develop the capacity of public sectors on the use of PIM Policy documents established. v. Deploy e-platforms to organize meetings or workshops for smaller focus groups to enable adherence to social distancing protocols. vi. Initiate all preparatory activities ahead of time so that SIGA activities can be implemented as soon as the board nomination framework. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance €Substantial €Low €Low Macroeconomic €Moderate €Substantial €Substantial Sector Strategies and Policies €Moderate €Moderate €Moderate Technical Design of Project or Program €Substantial €Substantial €Substantial Institutional Capacity for Implementation and €Substantial €Substantial €Substantial Sustainability Fiduciary €Substantial €Moderate €Moderate Environment and Social €Low €Low €Low Stakeholders €Low €Low €Low Other -- -- -- Overall €Substantial €Substantial €Substantial Results PDO Indicators by Objectives / Outcomes To strengthen the Government of Ghana's instutional capacity for revenue and expenditure managment IN00934739 ►To increase ratio of four major taxes to GDP (Percentage, Custom) 12/22/2020 Page 4 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) Baseline Actual (Previous) Actual (Current) End Target Value 9.00 9.00 9.00 10.00 Date 31-Dec-2018 30-Apr-2020 30-Sep-2020 31-Mar-2022 This is an annual target and 9 percent is related to calendar year 2019. Comments: To strengthen the Government of Ghana's instutional capacity for revenue and expenditure managment IN00934736 ►PDO Indicator 2: Deviation of the share of short-term refixing in total debt at the end of the year from the level set out in the medium-term debt management strategy (MTDS) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2.00 0.20 0.00 0.50 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 0%: The status is zero(0) percent. As at end 2019, the share of debt to be refixed in a year was 24.1 percent. This was within the band of not greater than 30 percent Comments: To strengthen the Government of Ghana's instutional capacity for revenue and expenditure managment IN00934737 ►PDO Indicator 3: Percentage of public investment projects that are prioritized on the basis of published standard criteria for project selection (prior to the inclusion in the budget) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 5.00 30.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022  Currently, there are not many new projects for the Road and Education sectors which are expected to be prepared using the PIM guidelines. There are, currently, five PPP project in the Road sector that have used the developed guideline for preparation and review.  It naturally takes a longer period for the various Sectors and the Public Investment and Assets Division (PIAD) of MOF to prepare and review projects (that usually take between 12 – 24 months). This makes it difficult to meet the target of GEMS project; and Comments:  Sectors are reluctant to use such guidelines and follow the PIM reform agenda in delivering public investment hence, one of the measures to enforce the Sectors to use guidelines is to enact the PIM Regulations that will provide the legal backing in the implementation of the PIM Reform. The PIM Regulation, 2020 (L.I. 2411) was recently enacted by Parliament November 2020 to ensure mandatory compliance by all sectors. To strengthen the Government of Ghana's instutional capacity for revenue and expenditure managment IN00934738 ►PDO Indicator 4: The number of SOEs covered by the aggregate annual reports on SOE financial and governance performance issued no later than six months after the end of the year to the public (Number, Custom) 12/22/2020 Page 5 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 36.00 78.00 20.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 Target met : 78 SoEs covered by the aggregate annual reports on SoE financial and governance Comments: performance issued Intermediate Results Indicators by Components Component 1: Strengthening Ghana Revenue Authority's Business Intelligence Systems IN00934740 ►IR Indicator 1.1: Launch of Data Warehouse with Business Intelligence System fully integrated (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Launch of CRS to Value None CRS Launched CRS Launched GRA data warehouse Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 CRS is launched but not linked to GRA Data Warehouse. Comments: IN00934744 ►IR Indicator 1.2 The usage of the new DW in their auditing and reporting practices (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target The management reporting process. The enforcement process Value No Data Warehouse None None (debt collection, non- filer follow up, and nonpayer follow up). Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 No Change: This is because the Data Warehouse has not been launched, hence, no management Comments: reporting processes have started. Component 2: Strengthening Debt Management IN00934741 ►IR Indicator 2.1 Contracting of new external borrowing does not exceed the borrowing limits for non-concessional borrowing and borrowing from the International Capital Markets, as set in the MTDS. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.50 -0.80 0.00 0.50 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 This indicator is an amended form of the previous indicator (deemed unattainable). No change (0%). All borrowings from non-concessional sources and the International Capital Market are Comments: within the limits as approved by Parliament. 12/22/2020 Page 6 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) IN00934745 ►IR Indicator 2.2: Public debt data available on MoF’s official website (within months of end of Ghana’s fiscal year) (Months, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 6.00 4.00 4.00 3.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 The deadline for submission to Parliament was met. However, publication 2019 Annual Public Debt Report on the Ministry’s website was delayed due to Parliament’s inability to convene due to the COVID- Comments: 19 pandemic. IN00934748 ►IR Indicator 2.3: An operational risk guideline with a business continuity (BCP) and a disaster recovery plan (DRP) approved and reviewed biannually (Yes/No, Custom) (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 Target not met. Work on drafting an operational risk guideline, with BCP and DRP, has already began. Critical busine identify the strategies to mitigate the risks and draft the operational risk guidelines and code of conduct. Comments: Component 3: Strengthening Capacity in Public Investment Management IN00934742 ►IR Indicator 3.1: Roll out and operationalization of PIM strategy and action plan (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target No PIM strategy/Action Value Not fully implemented Not fully implemented PIP established Plan Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022  Review of existing institutional arrangements and PIM functions Completed  Capacity assessment of PIM resources Completed  PIM specific organizational review of MoF Completed  Development of comprehensive PIM reform strategy Completed  Development of detailed PIM action plan Report Completed  PIM operational and institutional guidelines developed yet to be disclosed after Parliamentary Comments: approval of PFM (PIM) Regulations.  PIP working Committee established and second meeting held second quarter  The PIM (PFM) Regulations was passed in November 2020. The next step is to align some of the provision in the Regulations with the PIM Frameworks developed so that all the PIM policy documents will communicate the same language and same terminologies to avoid any ambiguity to the users IN00934746 ►IR Indicator 3.2: New projects reviewed by PID team for quality assurance in line with PIM guidelines Operations Manual (Number, Custom) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 12/22/2020 Page 7 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) Value 0.00 0.00 0.00 30.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022  PIAD Team have been training on the new PCN and pre-feasibility study templates that accompany the PIM Regulations for covered entities to use at the pre investment stage.  The team has trained and guided various sectors on the use of the PCN to conceptualize new projects sectors intend to undertake.  This has resulted in about four (4) new projects reviewed at Project Concept Note stage by PIAD Comments: team from various sectors as April 2020.  About 33 pipeline (new) projects have been assessed at pre/full feasibility study for PPPs.  However, the target hasn’t been achieved as no project has yet been fully approved using the new guidelines. IN00934749 ►IR Indicator 3.3: Civil servants who receive PIM-related trainings (of which female) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 460.00 488.00 500.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022  488 (of which 184 females participated in the training)  The continuous and sustainable training in University of Ghana Business School (UGBS) on investment appraisal and risk management for public officers to build capacity in delivering investment projects commenced in January. The four weeks program started with the Financial Analysis (first module). Comments:  The challenges include the inability to embark on the training for south-south learning from other countries on PIM reforms ( through study tours) due to the COVID – 19 pandemic lockdown implementations.  Classroom training for 60 public officers on PPP Certification Program has also been cancelled due to COVID – 19 pandemic lockdown implementations. IN00934751 €Of which female (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 184.00 184.00 150.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 IN00934752 ►IR Indicator 3.4: National ICT-based M&E System developed with capability to monitor Public Investment Projects (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.00 Date 01-May-2016 30-Apr-2020 30-Apr-2020 31-Mar-2022  The ICT-based M&E system is being developed to have the lens for monitoring Public Investment Projects, the system development is currently at the design stage. Comments:  The PIM frameworks have been developed to assist all MDAs to prepare and appraise projects for Public Investment Program. Component 4: Improving the Governance of State- Owned Enterprises 12/22/2020 Page 8 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) IN00934743 ►IR Indicator 4.1: SOEs with audited annual financial reports publicly disclosed by the time of SOE Annual General Meetings (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 9.00 4.00 15.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022  Only four (4) SoEs with audited annual financial reports publicly disclosed . Target not met. Comments: IN00934747 ►IR Indicator 4.2: Implementation of the annual action plans for the five SOEs (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 72.20 77.20 80.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022  About 77.2% short- and medium-term priority actions finalized in each SOE action plan. Target not met.  Challenges include: (1) Limited cooperation from some of the SOEs at the initial stages of Comments: implementation; and (2) Delays in approval from the board of some of the SOEs IN00934750 ►IR Indicator 4.3: CSOs participating in the annual stakeholder workshop on SOE governance (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8.00 21.00 15.00 Date 01-May-2016 30-Apr-2020 30-Sep-2020 31-Mar-2022 21 Civil Societies Organizations participated in the annual stakeholder workshop on SoEs governance . Comments: Target met. Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P152171 IDA-58960 Effective USD 15.00 15.00 0.00 8.94 5.89 60% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date 12/22/2020 Page 9 of 10 The World Bank Implementation Status & Results Report Economic Management Strengthening (P152171) P152171 IDA-58960 Effective 30-Aug-2016 20-Sep-2016 01-Nov-2016 31-Mar-2020 31-Mar-2022 Cumulative Disbursements PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 2 Approved on 09-May-2020 Related Project(s) There are no related projects. 12/22/2020 Page 10 of 10