MINISTRY OF PUBLIC WORKS AND TRANSPORT Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Financial Statements for the ycar cnded 31 December 2010 and Report of the Independent Auditors Ministry of Public Works and Transport Road Asset Management Project 11 IDAIRGC Financing Agreement Number 5789-KH and 6279-KH Contents Page 1. Statement by the Project management 1 2. Report of the independent auditors 2 3. Statement of financial position 5 4. Statement of sources of funds and expenditures 6 5. Statement of designated accounts 7 6. Notes to the financial statements 8 C q zL c Nri N n 4- Minisry o Pubic Wrks3nd Transor Statement by the Project management We do hereby state that in our opinion: (a) The accompanying financial statements, which comprise the statement of financial position as at 31 December 2018, the statement of sources of funds and expenditures, and the statement of designated accounts for the year ended and notes as set out on pages 5 to 22 of the Road Asset Management Project II ("the Project"), under the Financing Agreement Number 5789-KH and 6279-KH funded by the International Development Association ("IDA" or "Development Partner") and the Royal Government of Cambodia represented by the Ministry of Economy and Finance, implemented by the Ministry of Public Works and Transport ("MPWT- or "PIU") are prepared, in all material respects, in accordance with the basis of accounting and the accounting policies described in Note 2 to the financial statements. (b) The disbursements shown in the financial statements were implemented according to the Financing Agreement and the Project was in compliance with all grant covenants of the Agreement for the year ended 31 December 2018. Signed on behalf of the project management, H.E. Pheng Sovicheano Mr. Kang Phirith Secretary of State-Project Director Project Manager Ministry of Public Works and Transport Ministry of Public Works and Transport Phnom Penh, Kingdom of Cambodia Date: KPMG Cambodia Ltd 4th Floor, Delano Center No. 144, Street 169, Sangkat Veal Vong Khan 7 Makara, Phnom Penh Kingdom of Cambodia +855 23 216 899 ) kpmg.com.kh Report of the independent auditors To the Ministry of Economy and Finance Opinion We have audited the accompanying financial statements of the Road Asset Management Project II ("the Project"), under the Financing Agreement Number 5789- KH and 6279-KH funded by the Intemational Development Association ("IDA" or "Development Partner") and the Royal Government of Cambodia represented by the Ministry of Economy and Finance, implemented by the Ministry of Public Works and Transport ("MPWT" or "PIU") which comprise the statement of financial position as at 31 December 2018, the statement of sources of funds and expenditures, and the statement of designated accounts for the year then ended and notes comprising significant accounting policies and other explanatory information as set out on pages 5 to 22. In our opinion, the accompanying financial statements are prepared, in all material respects, in accordance with the basis of accounting and the accounting policies as described in Note 2 to the financial statements. Basis for Opinion We conducted our audit in accordance with Cambodian International Standards on Auditing (CISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project in accordance with the ethical requirements that are relevant to our audit of the financial statements in Cambodia, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 2 Emphasis of Matter - Basis of Accounting and Restriction on Use We draw attention to Note 2 to the financial statements, which describes the basis of accounting and the accounting policies adopted by the Project. The financial statements are prepared for the information of and use by the management of the Project, the Ministry of Economy and Finance, and the International Development Association. As a result, the financial statements may not be suitable for another purpose. Our audit report is intended solely for the management of the Project, the Ministry of Economy and Finance, and the International Development Association, and should not be used by other parties. The restriction on use does not limit the disclosure or distribution of our report if such disclosure or distribution is required by laws and regulations. Our opinion is not modified in respect of this matter. Responsibilities of Management and those Charged with Governance for the Financial Statements Management is responsible for the preparation of the financial statements in accordance with the basis of accounting and the accounting policies described in Note 2 to the financial statements, and for such internal control as management determines is necessary to enable the preparation of the financial statements that is free from material misstatements, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the PlUs ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to cease operations or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Project's financial reporting process. Auditors' Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 CISAs 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 this financial statements. As part of an audit in accordance with CISAs, we exercise professional judgment and maintain professional skepticism 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. 3 * 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 PIU's intemal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's 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 PIU's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' 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 auditors' report. However, future events or conditions may cause the PIU to cease to continue as a going concern. 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 intemal control that we identify during our audit. For KPMG Cambodia Ltd Lim Chew Teng Partner Phnom Penh, Kingdom of Cambodia 26 June 2019 4 Ministry of Public Works and Transport Road Asset Management Project i IDAIRGC Financing Agreement Number 5789-KH and 6279-KH Statement of financial position as at 31 December 2018 As at As at 31 December2018 31 December2017 Note US$ US$ Current assets Cash and bank balances 3 985,319 180,274 Advances 4 4,715,869 - Total assets 5,701,188 180,274 Represented by: Fund balance at end of the year/period 5,701,188 180,274 The accompanying notes form an integral part of these financial statements. 5 Ministry of Public Works and Transport Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Statement of sources of funds and expenditures for the year ended 31 December 2018 Cumulative Period from Period from Yearended 9 June 2016 to 9 June 2016 to 31 December2018 31 December 2017 31 December 2018 Note US$ US$ US$ Receipts 5 International Development Association ("IDA") 6,894,449 462,891 7,357,340 Government counterpart fund. 392,491 78,350 470,841 7,286,940 541,241 7,828,181 Expenditures by categories Civil works 7 297,778 - 297,778 Goods 8 564,209 47,307 611,516 Consultancy services 9 791,965 181,814 973,779 Training and workshops 10 9,544 1,864 11,408 Incremental operating costs 11 102,530 129,982 232,512 1,766,026 360,967 2,126,993 Excess of sources of funds over expenditures 5,520,914 180,274 5,701,188 Fund balance at the beginning of the year 180,274 - Fund balance at end of the year 5,701,188 180,274 Expenditures by components 6 Road asset management: Implementation support 490,070 490,070 Civil works 297,778 - 297,778 System upgrading and capacity development Capacity development of road asset management office 576,604 102,792 679,396 Consultancy services procurement 121,389 172,705 294,094 Consultancy services road safety 159,428 - 159,428 Consultancy services FM 15,138 9,108 24,246 Consultancy services for technical and financial audit 5,940 - 5,940 Incremental operating costs 99,679 76,362 176,041 Total expenditures 1,766,026 360,967 2,126,993 The accompanying notes form an integral part of these financial statements. 6 Ministry of Public Works and Transport Road Asset Management Project 11 IDARGC Financing Agreement Number 5789-KH and 6279-KH Statement of designated accounts for the year ended 31 December 2018 Cumulative Period from Period from Year ended 9 June 2016 to 9 June 2016 to 31 December 2018 31 December 2017 31 December 2017 Note US$ US$ US$ Receipts 5 International Development Association ("IDA") Advances 1,300,000 200,000 1,500,000 Replenishments 452,949 262,891 715,840 Total sources of funds 1,752,949 462,891 2,215,840 Expenditures by categories Civil works 7 44,449 - 44,449 Goods 8 268,529 47,307 315,836 Consultancy services 9 561,467 181,814 743,281 Training and workshops 10 9,544 1,864 11,408 Incremental operating costs 11 51,769 80,302 132,071 Total expenditures 935,758 311,287 1,247,045 Excess of sources of funds over expenditures 817,191 151,604 968,795 Fund balance at the beginning of the year 151,604 - Fund balance at end of the year 968,795 151,604 Represented by: Cash and bank balances 3 968,795 151,604 The accompanying notes form an integral part of these financial statements. 7 Ministry of Public Works and Transport Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements for the year ended 31 December 2018 These notes form an integral part of and should be read in conjunction with the accompanied financial statements. 1. Background and activities The Road Asset Management Project 1l ("the Project") was established under the Original Financing Agreement Number 5789-KH signed on 9 June 2016 and Additional Financing Agreement Number 6279-KH signed on 12 July 2018 between the Royal Government of Cambodia ("RGC") represented by the Ministry of Economy and Finance ("MEF") and the Intemational Development Association ("IDA") of the World Bank. The Ministry of Public Works and Transport is an Implementing Agency who commits to achieve the Project Donor Objective (PDO) through (i) the systematic introduction of designs that include climate proofing and road safety measures and the use of performance based contracts; and (ii) by enhancing the MPWT's capacity to carry out road maintenance planning, contracting and management. The Project will benefit local residents in the four provinces of Kampot, Preah Sihanouk, Thong Khmom and Kratie. The Project will implement through shorter travel times, less arduous journeys, reduction of flood risk, and better connectivity along the national road network. Direct beneficiaries of the improvements to the selected National Road ("NR") Number 3, 4 and 7 national corridors will include residents and their farms and businesses along the road. The financing agreement became effective for implementation from 90 days after signing date of the agreement and closing date shall be 31 December 2026 or such other date as may from time to time be agreed between the Royal Govemment of Cambodia and the IDA. The agreement was effective for implementation from 8 August 2016 with total funding to be provided to the Project of Special Drawing Rights ("SDR") 43,500,000 and ("SDR") 76,500,00 for the additional financing from 10 October 2018. The following table specifies the categories of Eligible Expenditures that may be financed out of the proceeds of the Financing ("Category"), the allocations of the amounts of the Financing to each Category, and the percentage of expenditures to be financed for Eligible Expenditures in each Category: 8 Ministry of Public Works and Transport Road Asset Management Project II IDAIRGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2018 1. Background and activities (continued) Catgor Amuntof Amount of Percentage of theorn othe expenditures additional to be financed allocated financing (inclusive of taxes) No. Item (expressed in allocated SDR) (expressed in SDR) 1 Works under Part A. 1 of the 92% in respect of Project. the Original Financing, 100% 36,100,000 66,300,000 in respect of the Additional Financing, and 0% as ofJune 1,2026 2 Goods, non-consulting services, consulting services, Training and Oerticsts unnd 7,400,000 10,200,000 100% Operating Costs under Parts A.2, A.3 , A.4 and B of the Project 3 Emergency Expenditures under Part C of the Project.* -_-_100% Total 43,500,000 76,500,000 * For Emergency Expenditures under Category (3), unless and until the IDA is satisfied, and notified the Recipient of its satisfaction. The objective of the Project is to improve the condition, safety and climate resilience of selected national road corridors in Cambodia. The Project consists of the following parts: Part A: Road Asset Management Carrying out of a program of activities to improve the road construction and safety along selected corridors of the MPWT's road network, through: 9 Ministry of Public Works and Transport Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2018 1. Background and activities (continued) Part A: Road Asset Management (continued) 1. Carrying out of civil works for the strengthening, rehabilitation and routine and periodic maintenance of approximately: (a) 218 km of selected existing roads along the NR3 and NR 7, and (b) 206 km of the NR4, including the construction of new drains on road sides, bridges and cross drainages. 2. Provision of technical assistance to MPVVT for the implementation of the civil works under Part A.1 of the Project and related technical capacity building support, including: (a) development and implementation of technical options and solutions, cost estimation, contract management and safeguard activities for the civil works; (b) supervision of the civil works and the road maintenance performance-based contracts for the civil works; and (c) development of technical capacities of MPVVT staff on good practices and internationally accepted procedures, systems and standards for road construction, project management, contract management, outsourcing, performance-based contracting, social and environmental management, and monitoring and evaluation. 3. Improvement of overload control facilities through upgrading of existing weighing stations and installation of new weighing stations along selected road coridors at key intersection areas of the NR3, NR4, and NR7. 4. Improvement of speed-limit zoning, including the installation of (a) guide-signs approaching in speed-limit zones, (b) solar-powered lights and surveillance cameras for speeding offences record, and (c) other road safety facilities recommended by road safety audits; development of safety corridors; and improvement of feeder road intersections. Part B: Operationalisation of Road Asset Management Canying out a program of activities to strengthen the institutional, organisational and technical capacity of the MPWT to perform its road asset management functions through: System upgrading and capacity development for road asset management of GDPWN, including: (a) upgrading and operation of the road data collection and management system of MPWTs road asset management office; (b) upgrading the road asset management system software; (c) preparation of a short-term and medium-term road improvement and maintenance program; (d) upgrading and calibrating Highway Development and Management Models (HDM-4); (e) upgrading and maintenance of International Roughness Index survey equipment, falling weight deflectometer (f) performing hydrological survey on the selected roads; and (g) provision of safeguards training to MPVVT staff. 10 Ministry of Public Works and Transport Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2018 1. Background and activities (continued) Part B: Operationalisation of Road Asset Management (continued) 1 (a) Carrying out of community-based road safety campaigns; and (b) implementation of road safety audits on Project roads. 2. Carrying out of Project technical and financial audits. 3. Provision of technical assistance to enhance the MPWTs capacity in procurement. 4. Provision of operational support for the day-to-day management of the Project. Part C: Contingent Emergency Response Provision of immediate response to an Eligible Crisis or Emergency, as needed. 2. Significant accounting policies (a) Basis of accounting The financial statements, which are expressed in the United States Dollars ("US$"), have been prepared in accordance with a modified cash basis of accounting. This is a basis of accounting that is designed to meet the requirements of the Project; it is not designed to produce financial statements that are compatible with International Financial Reporting Standards. Under this basis of accounting, income is recognised when funds are received in cash and expenditure is recognised when payments are made rather than when it is incurred, except for the advanced payments that are initially recognised as a receivable and only recognised as expenditure when they have been liquidated by supporting invoices. The financial statements present sources and uses of funds and the related financial information in relation to the IDA fund withdrawals and disbursements from the Project's designated accounts together with the corresponding counterpart funds as specified under the Original Financing Agreement No. 5789-KH and Additional Financing Agreement No. 6279-KH and between the MPWT and the IDA of World Bank. (b) Statement of designated accounts The statement of designated accounts is prepared in accordance with the financing agreement and is purely used to receive and disburse for expenditure funded by IDA financing proceeds. 11 Ministry of Public Works and Transport Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2018 2. Significant accounting policies (continued) (c) Non-expendable equipment The cost of non-expendable equipment is charged to the statement of sources of funds and expenditures upon acquisition. For control and management purposes, a memorandum account for non-expendable equipment is maintained by way of a non-expendable equipment listing. (d) Foreign currency transactions The Project executes transactions and maintains its accounting records primarily in the US$. Transactions in currencies other than US$ are converted into US$ at the rates of exchange prevailing on the transaction dates, Fund balances in currencies other than US$ are translated into US$ at the open market exchange rates at the reporting date. All foreign exchange differences are recognised in the statements of sources of funds and expenditures and designated accounts. 3. Cash and bank balances As at 31 December 2018 As at 31 December 2017 IDA RGC Total IDA RGC Total US$ US$ US$ US$ US$ US$ Cash on hand 81 - 81 431 - 431 Cash at bank 968,714 16,524 985,238 151,173 28,670 179,843 968,795 16,524 985,319 151,604 28,670 180,274 Cash at banks comprises bank accounts used for designated account fund and govemment counterpart fund maintained in current account with the National Bank of Cambodia, bear no interest and earmarked specifically for the use of the Project. 12 Ministry of Public Works and Transport Road Asset Management Project I IDAIRGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2018 4. Advances As at As at 31 December2018 31 December2017 US$ US$ Advances - IDA 4,365,858 Advances - RGC 350,011 4,715,869 This represents the cash advances which paid directly to its contractor and consultant to implement the Project's activities. 5. Receipts Cumulative Period from Period from Yearended 9 June 2016 to 9 June 2016 to 31 December 2018 31 December 2017 31 December 2018 Note US$ US$ US$ International Development Association ("IDA") (a) 6,894,449 462,891 7,357,340 Government counterpart fund (b) 392,491 78,350 470,841 7,286,940 541,241 7,828,181 (a) This represents 'fund" received from the IDA transferred directly to the Project's designated accounts held at the National Bank of Cambodia and transferred directly to contractors of US$1,752,949 and US$5,141,500 respectively (2017: US$462,891 and US$ Nil). (b) This comprises cash transferred from the National Treasury of Cambodia to the Project's bank account. 13 � г � а `- о иу �� с� с7 ао ttз tr оо сг, сз г е� � ` га ti аэ rn n� �t ��t оэ ��© ш ол с���е� cs,a с� � Q � �� й� �ййс�v �.г'� ссsзц Q� � � CV Ci? СЧ �- г г �С С i� 'С,� � � � � (Sэ г � � О г ® а i i i �� ��., б�3 О О Ci� {f} _Q г Ш С�- R г Cri 6? й О � U'3 � � °� � � . 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Civil works Civil works represents the expenditure paid directly by the International Development Association ("IDA") and Gover-nment counterpart fund to the contractor and consultant to implement the Project activities which will benefit local residents in the four provinces of Kampot, Preah Sihanouk, Tbong Khmom and Kratie. 8. Goods Cumulative Period from Pedod from Yearended 9 June 2016 to 9 June 2016 to 31 December2018 31 December2017 31 December2018 US$ US$ US$ Furniture and equipment 331,680 331,680 Vehicles 195,626 - 195,626 Technical and software 36,903 47,307 84,210 564,209 47,307 611,516 The payments on goods were made through designated account and direct payments of US$268,529 and US$295,680 respectively (2017: US$47,307 and US$ Nil). 9. Consultancy services Cumulative Period from PeriDd from Yearended 9 June 2016 to 9 June 2016 to 31 December2018 31 December2017 31 December2018 US$ US$ US$ National consultants 675,735 31,824 707,559 International consultants 116,230 149,990 266,220 791,965 181,814 973,779 The payments on consultancy service were made through designated account and direct payments of US$561,467 and US$230,498 respectively (2017: US$181,814 and US$ Nil). 15 Ministry of Public Works and Transport Road Asset Management Project II IDA/RGC Financing Agreement Number 5789-KH and 6279-KH Notes to the financial statements (continued) for the year ended 31 December 2018 10. Training and workshops Cumulative Period from Period from Yearended 9 June 2016 to 9 June 2016 to 31 December 2018 31 December 2017 31 December 2018 US$ US$ US$ Workshop expenses 9,544 1,864 11,408 16 � � г�. ; ао г © � r"I�sfV rCМΡг0,M10��а�6�N�ГАΡмr�CГtSАΡ)CМΡV 0�Г31et173 CV � °J � г Lп� ь4f К%' гЧ� I.�.'�}} �ь. г .W.rt.+ V! 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Designated accounts and withdrawal applications 12.1 Statement of designated accounts Cumulative Period from Period from Yearended 9 June 2016 to 9 June 2016 to 31 December2018 31 December2017 31 December2018 US$ US$ US$ Balance as at beginning of the year/period 151,604 - - Add: Total funds received from IDA during the year/period 6,894,449 462,891 7,357,340 Less: Total funds withdrawn for expenditures during the period (1,711,400) (311,287) (2,022,687) Balance as at end of the pehod 5,334,653 151,604 5,334,653 18 о о гл оа v� аа rn r- о и и'л г� с�л °' о о о с� г �t �з сз� г г�о aQ ' b- г О а и �э s�г r? м� с� с�л сз и г� иэ rn �g ыэ сз цi с*э � и оз ocr on ссл с*�i � си � ,� ��о с�'� с� с� v сд r� cv с� с� с`�i Н Г Г , _ ! cV г и 1*- �(D ц7 �1" о Э Э О f- ,� 87 �t � , ц7 � �� г'� � t+'� � С) � ��� � � и� Г О� {'� СО N �г- ОО НЭ� ���� � с� В 1 �... 1 Э 1 _ i ! . 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