Project Fiduciary Management Unit Tel: (+232-76-672-186) (PFMU) Email: pfmu20l8(gmail.com Ministry of Finance 13A Howe Street Freetown GOVERNMENT OF SIERRA LEONE The Financial Management Specialist 9'h October 2019 World Bank Sierra Leone Country Office Spur Road Freetown Sierra Leone. Dear Sir, AUDIT OF THE FINANCIAL STATEMENTS OF THE FREETOWN EMERGENCY RECOVERY PROJECT FOR THE FIVE MONTHS PERIOD ENDED 31ST DECEMBER 2018. The audit for the above financial statements for the five months period ended 31st December 2018 has been completed by Baker Tilly SL. The audit report has been approved and signed by the Technical Steering Committee, Management of the Project, and Baker Tilly SL. Please find enclosed copies of the signed Financial Statements and Management Letter for your records. Yours faithfully, AlphA 1 say Team Lea -PFMU Cc: Principal Deputy Financial Secretary Project Coordinator-FERP File bakertitty Baker Tilty SL Baker Tilly Ifouse 37 Siaka Stevens Street P.0 Bo 100 Frecetown Sierra Leone Telephone +(232) 30-444-100 Our refr N487/ank/bow Your ref: Date: 8 October 2019 The Team Lead Project Fiduciary Management Unit Ministry of Finance 13A Howe Street Freetown Dear Sir Freetown Emergency Recovery Project Audit of the financial statements for the five months ended 31 December 2018 We wish to commend management on the effectiveness of the Internal Control and Accounting System maintained throughout the reporting period. We confirm that no reported issues were identified. Yours faithfully Derrick L Kawaley Managing Partner Enclosures A Mernbr Firm of the Baker Tilly Worldwide Network of Independent Accounting Firns FNecutse. Chairman Raymond M Davies. Managing Partner. Derrick Kawaley Piners: 1siak A Balogun, Agnes N Sawyerr Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance Financial Statements for the five months period ended 31 December 2018 This report contains 21 pages Ref 1002 ank/bow Freetown Emergency Recovery Project World Bank IDA Grant D2750-S. Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Contents Page General information 1 Background information on the project 2 -3 Management's responsibility statement 4 Independent Auditor's report to the Government of Sierra Leone and the International Development Association (IDA) 5-7 Statement of resources and expenditure by Component 8-9 Statement of resources and expenditure by Category 8-9 Statement of income and expenditure by Category 10 - 11 Consolidated income statement 12 Statement of financial statements 13 Statement of cash flow 14 Note to the financial statements 15 - 17 Report of the Auditors on the Special Account and Counterpart Statements 18 Special Account Statement - US Dollar 19 Special Account Statement - Sierra Leone Leones 20 Counterpart Account Statement Counterpart Account- USD 21 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial Statements for the five months period ended 31 December 2018 General information Office Project Fiduciary Management Unit Ministry of Finance and Economic Development Howe Street Freetown Team Lead Alpha I Sesay Bankers Sierra Leone Commercial Bank Siaka Stevens Street Freetown Commerce & Mortgage Bank Liverpool Street Freetown Auditor Baker Tilly SL Chartered Accountants Baker Tilly House 37 Siaka Stevens Street Freetown Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government ofSierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Background information on the project The Government of Sierra Leone (hereinafter called 'the Recipient) received a grant to the tune of Special Drawing Rights (SDR 7.1 Million) equivalent of USD $10 Million from the international Development Association (World Bank) for the Freetown Emergency Recovery Project. Government of Sierra Leone (GoSL) Counterpart contribution committed for the project is USDS 1.54 Million. The project development objective is to help rehabilitate selected critical infrastructure and to strengthen government capacity for managing disaster risk. The fiduciary aspect of the project is managed by the Ministry of Finance through the Project Fiduciary Management Unit (PFMU) and the technical implementation of the activities is coordinated by the Project Coordination Unit at the Ministry of Finance. The project is a three -year project with three components. The activities for which the Advance is provided consist of the following parts: Part 1: Rehabilitation of Public infrastructure and Slope Stabilization Carrying out a program of activities aimed at resorting key public infrastructure impacted by the landslide and floods, and stabilizing the area immediately below the hill slope from where the landside initiated, including: a) Slope stabilization and remediation measure, including, inter alia, carrying out technical studies, holding consultations and implementing the works needed to remove rock materials to reprofile steep slopes, clear debris and stabilize river banks; b) Road, bridge and drainage infrastructure rehabilitation, including restoration and enhancement of bridges and access roads to re-connect communities, strengthening drainage culverts and channels to ensure the road and bridge rehabilitation integrate sufficient drainage measures; and c) Water infrastructure rehabilitation, including restoring the functionality of community wells and boreholes, water treatment plants and reservoirs and improvement of the piped water systems. Part 2: Strengthening Institutional Capacity Carrying out a program of activities aimed at better coordination and response disaster by government agencies, including a) Strengthening the institutional capacity of the Recipient to manage and respond to disaster through, inter alia: (i) Updating the Recipient's disaster risk management (DRM) framework, (ii) Improving emergency preparedness capacity, and (iii) supporting early warning and response systems; and Part 3: Project Management Support for the project coordination unit (PCU), the PFMU and implementing partners in the preparation, coordination and supervision of project activities, including, inter alia, preparation of environmental and social safeguards studies and instruments, procurement, financial management, social and environmental safeguards implementation, monitoring and evaluation and contract management. 2 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Background information on the project (continued) Without limitation upon the provisions of Article 11 of the General conditions and in accordance with the Disbursement and Financial Information Letter, the Recipient may withdraw the proceeds of the Financing to finance Eligible Expenditures; in the amount allocated and, if applicable, up to the percentage set forth against each category of the following table: Amount of the Advance Percentage of expenditures Allocated (expressed in to be financed (inclusive of Category Dollars taxes) Goods, consulting services, training and workshops, and operating cost for part I of thepro ct5,100,000 92% Goods, works, non - consulting services, and consulting services and operations cost for part 2 of 100% the project 1,290,000 consulting services, and consulting services and operations cost for part 3 of the roect 710,000 Total amount 7100,000 3 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMUl) Ministry of Finance financial statements for thefive months period ended 31 December 2018 Management's responsibility statement Management is responsible for the preparation and presentation of the financial statements, comprising the statement of resources and expenditure, the statement of income and expenditure, the statement of financial position at 31 December 2018 and the statement of cash flows for the five months period then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes in accordance with the basis of accounting described in note 1 of these financial statements and for such internal control as management determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. Approval of the financial statements The financial statements were approved by management on '5.L .I ,2019 and signed on its behalf by: Chairman, Project Steering Team Lead Committee 4 bakertilty Baker Tilly S1. Baker Tilly House 37 Siaka Stevens Street RO Bo 100 Freetown Sierra Leone relephone + (232) 30-444-100 Independent Auditor's report to the Government of Sierra Leone and the International Development Association (IDA) Opinion We have audited the financial statements of Freetown Emergency Recovery Project which comprise the statement of financial position as at 31 December 2018, and the statements of resources and expenditure, income and expenditure, changes in equity and cash flows for the five months period then ended and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes as set out on pages 8 to 17. In our opinion, the financial statements give a true and fair view of the financial position of Freetown Emergency Recovery Project as at 31 December 2018, and of its financial performance and cash flows for the five months period then ended in accordance with the accounting policies adopted by the project as stated in note 1 of the financial statements. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the project in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Sierra Leone, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and presentation of these financial statements in accordance with the significant accounting policies stated in note I of the financial statements, and for such internal control as the management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. A Member Firm of the Baker Tilly Worldwide Network of Independent Accounbng Firms Exe,utive Chairman: Raymond M Davies, Managing Partner: Derrick L Kawaley Partners; sika A Balogun, Agnes N Sawyer 5 *bakertilly Independent Auditor's report to the Government of Sierra Leone and the International Development Association (IDA) (continued) Auditors' responsibility for the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the organisation's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. * Conclude on the appropriateness of the management' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the organisation's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the organisation to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. * Obtain sufficient appropriate audit evidence regarding the financial information of the business activities within the organisation to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the organisation's audit. We remain solely responsible for our audit opinion. 6 bakertilly Independent Auditor's report to the Government of Sierra Leone and the International Development Association (IDA) (continued) We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other matter The financial statements have been prepared in accordance with the accounting policies stated in note I of the financial statements, for the purpose of determining the financial position of Freetown Emergency Recovery Project for use by its management and International Development Association, and the financial statements and related auditor's report may not be suitable for another purpose. Our report is intended solely for the management of Freetown Emergency Recovery Project and International Development Association and should not be distributed to or used by parties other than the management of Freetown Emergency Recovery Project and International Development Association. The Engagement Partner on the audit resulting in this independent auditors' report is Derrick L Kawaley. Freetown Chartered Accountants Date: %s (c)7 7 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government ofSierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for thefive months period ended 31 December 2018 Statement of resources and expenditure by Component for the five months period ended 31 December Five months period ended 31 Notes December 2018 Government World of Sierra Bank Leone Funding funding Total USD USD USD Resources Cash received from IDA 2 585,118 - 585,118 Cash received from Counterpart 2 - 707,500 707,500 Direct payments 2 1,702,099 135,000 1,837,099 Total resources 2,287,217 842,500 3,129,717 Project expenditure: Component 1: Rehabilitation of Public Infrastructure and slope Stabilization (UNOPS Activities) 1,702,099 135,000 1,837,099 Component 1.2 &L 3: Rehabilitation of Public Infrastructure and slope Stabilization 27,828 - 27,828 Component 2: Strengthening Institutional Capacity 7,652 - 7,652 Component 3: Project Management 180,820 - 180,820 Total expenditure 1,918,399 135,000 2,053,399 Balance as at 31 December 368,818 707,500 1,076,318 Represented by: IDA Special Account (USD) 3 335,378 - 335,378 IDA Special Account (Sierra Leone Leones) 3 33,440 - 33,440 Counterpart Account (USD) 3 - 707,500 707,500 368,818 707,500 1,076,318 The notes on pages 15 to 17 are an integral part of the financial statements 8 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 3/ December 2018 Statement of resources and expenditure by Component (continued) for the five months period ended 31 December These financial statements were approved on .... . ..................2019 ...................... .. . .............. Chairman, Project Steering Committee ...... ............. . . . .. .. ......... ..... T eam L ead The notes on pages 15 to 17 are an integral part of the financial statements 9 Freetown Emergency Recovery Project World Bank IDA Gran D2750-SL Government ofSierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Statement of resources and expenditure by Category Jbr the five months period ended 31 December Five months period ended 31 December Notes 2018 Government World of Sierra Bank Leone Funding funding Total USD USD USD Resources Cash received from IDA 2 585,118 - 585,118 Cash received from Counterpart 2 - 707,500 707,500 Direct payments 2 1,702,099 135,000 1,837,099 Total resources 2,287,217 842,500 3,129,717 Project expenditure: Category 1: Goods, Works, Non-Consultancy Services, Consultancy Services and Operating Cost for Part I of the Project (1.1 UNOPS) 1,702,099 135,000 1,837,099 Category 1: Goods, Works, Non-Consultancy Services, Consultancy Services and Operating Cost for Part I of the Project (1.2 & .3) 27,828 - 27,828 Category 2: Goods, Works, Non-Consultancy Services, Consultancy Services and Operating Cost for Part 2 of the Project 7,652 - 7,652 Category 3: Goods, Works, Non-Consultancy Services, Consultancy Services and Operating Cost for Part 3 of the Project 180,820 - 180,820 Total expenditure 1,918,399 135,000 2,053,399 Balance as at 31 December 368,818 707,500 1,076,318 Represented by: IDA Special Account (USD) 3 335,378 - 335,378 IDA Special Account (Sierra Leone Leones) 3 33,440 - 33,440 Counterpart Account (USD) 3 - 707,500 707,500 368,818 707,500 1,076,318 10 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government ofSierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Statement of resources and expenditure by Category (continued) Jbr the five months period ended 31 December These financial statements were approved on ............... 2019 . ....... . ................... Chairman, Project Steering Committee ............... Team Lead The notes on pages 15 to 17 are an integral part of the financial statements 11 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for thefive months period ended 31 December 2018 Consolidated income statement for the five months period ended 31 December Five months period ended 31 December Notes 2018 USD Income Release from deferred income 4 2,053,399 2,053,399 Project expenditure: Component 1: Rehabilitation of Public Infrastructure and slope Stabilization (UNOPS Activities) 1,837,099 Component 1.2 &1. 3: Rehabilitation of Public Infrastructure and slope Stabilization 27,828 Component 2: Strengthening Institutional Capacity 7,652 Component 3: Project Management 180,820 2,053,399 Results for the period . These financial statements were approved on ... . .... ....................2019 ....... ...... .. . ................ Chairman, Project Steering Committee ....... ............ Team Lead The notes on pages 15 to 17 are an integral part of these financial statements 12 Freetown Emergency Recovery Project World Batik IDA Grant D2750-SL Government ofSierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended3/ December 2018 Statement of financial position as at 31 December Five months period ended 31 Notes December 2018 Assets USD Cash and cash equivalents 3 1,076,318 1,076,318 Funding and Liabilities Deferred income 4 1,076,318 1,076,318 These financial statements were approved on .. 201....................2019 ...................... ............ ........... Chairman, Project Steering Com mittee . .................. ...... . Team Lead The notes on pages 15 to 17 are an integral part of these financial statements 13 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Statement of cash flows for the five months period ended 31 December Five months period ended Note 31 December 2018 USD Cash flows from operating activities Cash paid to suppliers and employees (2,053,099) Net cash flows from operating activities (2,053,099) Cash flows from financing Funding received 2 3,129,717 Net cash flows from financing activities 3,129,717 Net increase in cash and cash equivalent for the period 1,076,318 Cash at the beginning of the period Cash and cash equivalents at 31 December 3 1,076,318 The notes on pages 15 to 17 are an integral part of these financial statements 14 Freetown Emergency Recovery Project World Bank IDA Grant D2750-JL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Notes to the financial statements 1. Significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied unless otherwise stated, 1.1 Basis of accounting The statement of resources and expenditure is prepared on the basis of cash accounting whereby income is recognised on the receipt of cash and cash equivalents and expenditure is recognised on the disbursement of cash and cash equivalents. 1.2 Foreign currency transactions (i) Functional and presentation currency The functional currency is the local currency in Sierra Leone which is the Leone. The Project has however adopted the United States Dollars (USS) as its presentation currency as most of its transactions are denominated in US Dollars. Transactions in all other currencies are therefore considered to be foreign currency transactions. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the mid exchange rates prevailing on the dates of the transactions. 1.3 Non-current assets Plant and equipment are expensed on acquisition by the Project Fiduciary Management Unit. The financial statements therefore have no non-current assets, 1.4 Income Funding from the World Bank is held in a deferred income account when received and only recognized in the Project's Income and Expenditure Account when utilised, 15 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Fnance financial statements for the five months period ended 31 December 2018 Notes to the financial statements (continued) 2. Withdrawals Five months period Total Government ended 31 Application World of Sierra December Withdrawal Amount Approved Bank Leone 2018 Date application No amount Receipt Funding funding Total Cash disbursements USD USD USD USD USD USD 20 August 2018 FERP/003 585,118 585,118 585,118 585,118 - 585,118 01 November 2018 AGD/BOSL/2018/191 707,500 707,500 707,500 - 707,500 707,500 1,292,618 1,292,618 1,292,618 585,118 707,500 1,292,618 Direct payments 14 March 2018 AGD/BOSL/2018/191 135,000 135,000 135,000 - 135,000 135,000 25 April 2018 FERP/001 1,300,000 1,300,000 1,300,000 1,300,000 - 1,300,000 10 July 2018 FERP/002 402,099 402,099 402,099 402,099 - 402,099 1,837,099 1,837,099 1,837,099 1,702,099 135,000 1,837,099 3,129,717 3,129,717 3,129,717 2,287,217 842,500 3,129,717 The direct payments were made to the United Nations Office for Project Services (UNOPS) under: Component 1. Rehabilitation of Public Infrastructure and Slope Stabilization 16 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Notes to the financial statements (continued) 3. Cash and cash equivalents Five months period ended 31 December 2018 USD IDA Special Account (USD) 335,378 IDA Special Account (Sierra Leone Leones) 33,440 Counterpart Account (USD) 707,500 1,076,318 4. Deferred income Five months period ended 31 December 2018 USD Opening balance . Funding received 3,129,717 Released to income statement (2,053,399) 1,076,318 Deferred income represents the unspent balance of World Bank funding received at the end of the year. 5. Comparative figures No comparative figures have been presented as this is the first set of financial statements. 6. Commitments Commitments at the reporting date was Le 30,000,000 (inclusive of Goods and Services Tax) in respect of fees for the audit of the project financial statements for the five months period ended 31 December 2018. 7. Contingent liabilities There were no contingent liabilities as at 31 December 2018 17 bakertitty Baker Tilly S1, Baker Tilly House 37 Siaka Stevens Street P.0 Bo 100 Freetown Sierra Leone Telephone 4(232) 30-444-100 Report of the Auditors on the Special Account and Counterpart Statements US Dollar Account number 21052462034, Sierra Leone Leones Account number 21052461372 and US Dollar Account number 003001023556412179 We have audited the accompanying Special Accounts and Counterpart Account numbered 21052462034, 21052461372 and 003001023556412179 established under the provisions of the IDA Programmed for the period 1 August 2018 to 31 December 2018. The Project's Management is responsible for the preparation and presentation of the Special Accounts. Our responsibility is to express an opinion on the Accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Special Account statements are free of material misstatement. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the Special Account statements give a true and fair view of the financial position as at 31 December 2018. Freetown Chartered Accountants Date: Ar . \ Q e' A Member Firm of the aaker Tifly Worldwide Network of Independnt Accounting Firms Eelutive Chairmana: Raymond M Davies, Managing Partner; Derrick: Kawaley Partners: iaka A Balogus, Agnes N Sawyer 18 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Special Account Statement- US Dollar Account No. 21052462034 Depository Bank Commerce & Mortgage Bank PLC Address 30 Liverpool Street Freetown, Sierra Leone. Related Grant Agreement D2750-SL Currency United States Dollar Five months period ended 31 December 2018 USD Opening balance Cash received from IDA(Replenishment) 585,118 Less: Amount withdrawn (49,740) Transfer to Leones special account (200,000) Cash book closing balance at 31 December 2018 335,378 19 Freetown Emergency Recovery Project World Bank IDA Grant D2750-SL Government ofSierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statements for the five months period ended 31 December 2018 Special Account Statement- Sierra Leone Leones Account No. 21052461372 Depository Bank Commerce & Mortgage Bank PLC Address 30 Liverpool Street Freetown, Sierra Leone. Related Grant Agreement D2750-SL Currency Sierra Leone Leones Five months period ended 31 December 2018 USD Opening balance Cash received from IDA Special Account (USD) 200,000 Less: Amount withdrawn (166,560) Cash book closing balance at 31 December 2018 33,440 20 Freetown Emergency Recovery Project World Bank IDA Grant D2 750-SL Government of Sierra Leone Project Fiduciary Management Unit (PFMU) Ministry of Finance financial statenents for the five months period ended 31 December 2018 Counterpart Account Statement - US Dollar Account No. 003001023556412179 Depository Bank Sierra Leone Commercial Bank 29/31 Siaka Steven street Freetown, - Address Sierra Leone. Related Grant Agreement D2750-SL Currency United States Dollar Part A - Account Activity IJSD Opening balance - Cash received from Counterpart (GoSL) 707,500 Less; Amount withdrawn - Cash book closing balance at 31 December 2018 707,500 21