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Assessment of the Zimbabwe : public finance management system for investment lending projects (Inglês)

This study was undertaken under the leadership of the Ministry of Finance and Economic Development (MOFED) to assess fiduciary risks in using country financial management (FM) systems in full, or in part, for implementing Donor and Bank-financed investment projects in Zimbabwe and to identify risk mitigation measures required for such use. Fiduciary risk is the risk that Bank funds (or donor funds) will not be used for their intended purposes or that they will be used without due attention to economy and efficiency. In projects using country FM systems, Bank funds are potentially commingled with the country’s own funds; therefore, a fiduciary risk assessment also needs to consider broader country PFM risks that could affect the fiduciary risk. This assessment uses a risk-based approach consistent with the interim guidance note issued by the FM Sector Board in 2009, entitled ‘assessment of fiduciary risks in the use of country FM systems in bank-financed investment projects’; and supplemented by the framework methodology for channeling investment lending projects through country financial management systems and the approach used for regular FM assessments. The risk-based approach provides a ranking of the fiduciary risks to be managed as high, substantial, moderate, or low. The decision to use country systems for a specific project then rests with the project's task team, guided by the country management team, after taking into account this fiduciary risk assessment and other factors such as the nature and complexity of the project and an assessment of implementing entities.


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    Domelevo,Daniel Yaw

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    Documento de Trabalho

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    Assessment of the Zimbabwe : public finance management system for investment lending projects

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    Integrated Financial Management Information System;accounting and reporting;Senior Financial Management Specialist;public financial management system;Food Security and Nutrition;Systems, Applications and Products;central government accounting system;private sector audit firms;fiduciary risk;internal audit system;financial management arrangement;national budget system;segregation of duty;supreme audit institution;budget classification system;annual budget appropriation;donor to donor;degree of independence;chart of account;level of compliance;internal control;expenditures for salaries;protection and security;cash management system;public service reform;availability of data;Donor funded projects;fiduciary risk management;enforcement of legislation;Public Finance Management;internal control system;budget preparation process;fight against corruption;private sector entities;separate bank account;International Auditing Standards;land reform program;cooperation and assistance;appropriation of funds;south african rand;central government institution;internal audit function;unaudited financial statement;external audit quality;internal audit staff;central government entity;transfer of fund;adverse weather conditions;public accounts committee;flow of fund;statutory fund;funds flow;legal framework;mitigation measure;residual risk;intended beneficiary;Cash flow;commercial bank;budget fund;budget execution;account data;Country Systems;payroll control;government budget;project costing;reimbursable expense;budget planning;bank reconciliation;government system;oversight mechanism;audit finding;budget statement;Bank Fund;external auditing;financial information;public money;development partner;reporting system;security audit;lessons learnt;Government Accounts;reasonable assurance;parliamentary majority;system control;reporting requirement;lima declaration;Consulting services;general elections;extreme poverty;financial account;procurement management;rural dweller;political crisis;government cash;government fund;rural area;human capacity;economic vulnerability;political conflict;separate account;external stress;limited capacity;specific issue;fiscal policy;Fiscal policies;medical supply;sector work;international donor;finance committee;transaction cost;internal auditor;central unit;banking service;financial issue;economic stability;budget control;independent assurance;audit entity;government revenue;zimbabwe dollar;regularity audit;government payment;Wage Bill;inflationary environment;project negotiation;inherent risk;budget monitoring;economic crisis;national system;accounting policy;accounting standards;donor coordination;audit responsibility;auditing requirements;establishment list;budget releases;stateowned enterprises;treasury system;disbursement rate;Project Monitoring;procurement aspects;employment tax;real time;financial reporting;Budget Management;joint audit;expenditure arrears;audit oversight;government function;statutory bodies;government authority;donor support;pipeline investment;audit opinion;recovery program;audit arrangement;acceptable standard;audit trail;audit scope;action agenda;payment process;government control;efficient banking;government management;National Institutions;cumbersome procedures;management performance;corruption challenge;external resource;central institution;project finance;budget process;government expenditure;appropriation process;public fund;client ownership;Advisory services;Macroeconomic Policy;budget approval;landlocked country;fiduciary assessment;central treasury;procurement process;partner country;international cooperation;maximum extent;investment lending;



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