Second Public Financial Management Capacity Strengthening Project

closed

The development objective of the Second Public Financial Management (PFM) Capacity Strengthening Project for Somalia is to establish and strengthen institutional capacity for the management of public funds in central finance agencies and targeted sectors. The project comprises of six components. The first component, revenue mobilization, planning, and budget preparation consists of following two sub-components: (i) strengthening planning and budget preparation; and (ii) revenue mobilization and tax administration. The second component, treasury management, budget execution, procurement, accounting, and financial reporting consists of following five sub-components: (i) treasury management and budget execution; (ii) accounting and financial reporting; (iii) concessions, procurement, and contract management; (iv) bespoke financial management information systems (FMIS); and (v) modernizing Central Bank of Somalia banking operations and financial control environment. The third component, strengthening the integrity pillars consists of following two sub-components: (i) foundations for supreme audit institutions (SAI); and (ii) planning, finance, and public accounts committee (PAC). The fourth component, PFM professionalization will build capacity at the individual level for planning and budget preparation officials, procurement officers, accountants, and internal and external auditors to obtain the required capability knowledge, skills, abilities, and other characteristics (values, integrity etc.). The fifth component, PFM oversight, coordination, and management will anchor the reform and capacity building efforts. The sixth component, demand-driven just-in-time services (Bank Executed) will be implemented by the Bank on behalf of the beneficiaries according to paragraph (12)(d) of the Bank’s operating policy (OP) 10.00 due to insufficient capacity by the beneficiaries to undertake such technical analytic and advisory work. It consists of following two sub-components: (i) social accountability and open government data (OGD); and (ii) governance and PFM reviews and advisory notes.