The Financial Management function is responsible for ensuring the effective, efficient, transparent and accountable management of all financial resources of the GREAT-TDP in accordance with World Bank financial management requirements, Government of the Republic of Zambia (GRZ) financial regulations, the Public Finance Management Act, the Financing Agreement, the Project Appraisal and Project Documents, and other applicable laws, policies and procedures.
Key functions
- Coordinates the preparation of the financial management aspects of the Annual Work Plan and Budget (AWPB), and provides financial inputs to the overall project budget to ensure that planned activities are adequately resourced and aligned with approved project priorities.
- Ensures that project financial management activities comply with World Bank guidelines, GRZ Financial Regulations, the Public Finance Management Act, the Financing Agreement and other applicable financial management requirements, while maintaining effective internal controls.
- Prepares and processes withdrawal applications for advances, direct payments and documentation of advances through the World Bank designated systems, and ensures timely availability and disbursement of project funds.
- Maintains complete and accurate accounting records for all project transactions, verifies supporting documentation, processes payment vouchers and ensures that payments to suppliers, contractors, consultants and other beneficiaries comply with contractual, procurement and budgetary requirements.
- Monitors project cash flows, bank accounts and funding requirements, ensuring adequate liquidity for timely implementation of project activities and undertaking regular bank and ledger reconciliations.
- Monitors the allocation and utilisation of project funds across all components and financing windows, including Matching Grants, SME Technical Assistance Grants and infrastructure investments, and provides financial management support to implementing entities and beneficiaries.
- Prepares accurate and timely monthly, quarterly and annual financial reports, including Interim Financial Reports (IFRs), and provides financial information to management, the Project Steering Committee, World Bank and other relevant stakeholders to support decision-making and accountability.
- Coordinates the preparation of annual project financial statements, facilitates external audits, responds to audit queries and ensures timely submission of audited financial statements and management letters to the World Bank and other relevant authorities.
- Maintains and controls project imprest funds, fixed asset registers, stores and inventory records, and ensures that all financial and supporting documentation is properly recorded, safeguarded and readily available for review and audit.
- Conducts financial monitoring and field verification visits, in collaboration with the Planning, Monitoring and Evaluation Unit and other relevant specialists, to assess the utilisation of project funds, particularly under grants and other project-supported activities, and recommends corrective actions where necessary.