Job Description

The Federal Democratic Republic of Ethiopia, Ethiopian Investment Commission, has received financing from the World Bank toward the cost of the Economic Opportunities Program, and intends to apply part of the proceeds of this Credit to eligible payments under the contract for the engagement of a Financial Management Specialist.

The main objective of hiring a Financial Management Specialist is to provide operational and analytical support to the Ethiopia Economic Opportunities Program. He/ She shall be accountable to the Program Director/ Head of the Program Coordination Unit.

Specific Roles and Responsibilities of the Financial Management Specialist

Financial Management Specialist shall be responsible for carrying out the following functions;

Overall Management

• Be responsible for the overall Financial Management arrangements of the project/program and will ensure the maintenance of sound arrangements throughout the life of the project/program consistent with agreements, manuals and project document;

• Coordinate with relevant beneficiaries and implementing entities in setting up and maintenance of financial management arrangements including budgeting, accounting, internal controls, fund flows, reporting, and audit reporting and serve as a focal person responsible for FM aspects of both the program and project

Budgeting and planning

• Manage or participate on the preparation of the project/program annual or other budget in consultation with relevant stakeholders and implementing the same when approved;

• Ensure that the program budget is proclaimed in government budget;

• Submit budget and secure the No objection of the development partners as appropriate;

• Ensure that budgets are disseminated to all relevant stakeholders on time;

• Maintain budget discipline; Report to management on variances from the established budget, and the reasons for those variances;

• Ensuring recording of commitments payable at the end of the fiscal year;

• Ensuring that unused budgets left over at the end of the year are re-budgeted for the subsequent year;

• Assist PCU management in the formulation of its overall strategic direction

Accounting and Reporting

• Design and implement adequate Financial Management systems and procedures to govern implementation of the project;

• Supervise, follow up and provide overall guidance on the financial management aspects of the project;

• Ensure that books of accounts are maintained as per the Financial Management Manual (FMM); If there is a need to change the arrangements or revise FMM, then discuss with the development partner team for necessary revision of the same;

• Maintain an up to date and reliable financial management system – ensure that all implementing agencies have installed the required FM system acceptable to the development partners and documented accounting system and policies and procedures;

• Collect financial reports from other implementers in a timely manner and consolidate the overall program financial report;

• Make sure that all accounting information is made available to internal and external auditors and answer queries regarding accounting and financial records and statements;

• Produce periodic financial reports for development partners as well as for the government as per reporting requirements and format Follow up on the preparation of acceptable financial reports from implementing entities; review the report to ensure that it complies with the agreed standards and requirements; ensure that unaudited financial reports are sent to the financiers on time and up to standards;

• Maintain suitable budget codes and chart of accounts for the program/operation within the PCU to record transactions and reporting on them

• Ensure that audited financial statements of the program/project are sent to development partners on time;

Funds Management

• Ensure that sufficient funds are available to meet ongoing program and operational requirements; Ensure that resources are available to beneficiaries/implementing entities; forecast cash flow positions,

• Ensure the conduct of sound and practical cash forecast based on approved budgets for disbursement purposes;

• Ensure that fund is transferred to implementing entities on acceptable basis and ensure on time reporting or accounting or settlement of the advances from these entities

• Mitigate financial risks and maintain close liaison with key Government counterparts involved in the project.

• Understand and implement development partner’s disbursement procedures for the Project/program as per agreements/requirements; Follow up on disbursement issues timely with the development partners; Ensure fund requests are made as per procedures and agreements;

• Manage project/program bank accounts; Conduct bank reconciliations on time;

Internal controls

• Ensure internal control arrangements are maintained consistently throughout the life of the program/project including proper controls in regard to approval and authorization; segregation of duties; cash and bank management; safeguarding of assets and properties (including fixed assets and inventories); payroll management; taxes obligations; contract management; advances and prepayments; payables are in place; reconciliations, et

• Ensuring monthly bank statements are received and reconciliations are prepared immediately;

• Authorizing payrolls to contract employees and ensuring that proper payroll records are maintained;

• Ensuring the timely preparation of vouchers and payment to Vendors and other payees;

• Ensuring that of tax obligations are complied with;

• Monitoring the reconciliation of advances and prepayments and payables;

• Maintain complete and up to date database of Fixed assets procured using the project resources-Ensure that all fixed assets acquired are provided with identification number and recorded on the fixed asset registers;

• Following up on receipt of financial statements from implementing entities on monthly basis

• Ensuring count of cash in hand balance at least once a month to confirm existence of recorded cash balance, and other assets at least once a year

External and internal Audit

• Ensure that internal and external audits are arranged as per the agreements; ensure relevant accounting information is made available to them; address their queries

• Facilitating the completion of annual audit of project and program financial statements not later than six months after the close of the fiscal year

• Ensure that outstanding audit issues (as per audit findings) and recommendations are well taken, and appropriate corrective actions are taken; and report the action taken to the management and development partners immediately after the date of receipt of the Audit report.

• Ensure that appropriate actions are taken as appropriate as per the recommendation’s financial management supervision reports or reviews of quarterly financial reports made by the IFRs

Financial Analysis

• Review financial performance of the program/project and report on key issues to EIC

Management, the Program Director and program stakeholders

• Review administrative bottlenecks and recommend changes to improve efficiency

• Create additional analyses and reports as requested by management

Handing over report including

• Handing over report including the action plan and status report as to the overall activities of finance before he/she leaves the office for leave more than 3 days; and

• Preparing comprehensive handover report when he/she resign according to the handing over procedure

Job Requirement

• The candidate should have a minimum of First Degree/ Advanced (Masters) degree in finance or accounting, and minimum of 10 years (for MA) and twelve years (for BA) of progressively responsible experience in accounting and finance for a major Company, government or non-government institution.

• At least 5 years experience in financial policies and procedures of the World Bank funded Projects.

• Preference will be given to candidates with the Chartered Certified Public Accountant or Certified Management Accountant designations,

• Excellent communication skills are essential, particularly in regard to presenting results of analyses to management.

• Proficient use and knowledge of computerized financial management system, electronic spreadsheets and database is required.

• Fluency in English and Amharic languages

Duration: Two years, subject to renewal upon satisfactory performance.

Evaluation criteria:

The following two technical evaluation criteria will be followed to select the right individual consultant:

• Qualification (30%).

• Experience (70%). This criterion further divided into two:

  • General Experience (10%).

  • Relevant Experience (60%).

    • Experience in projects financed by external donors other than World Bank 20%

    • Experience and knowledge of financial policies and procedures of the World Bank (40%)

The Ethiopian Investment Commission, Economic Opportunities Program now invites eligible individual consultants (“Consultants”) to indicate their interest in providing the Services.

The Individuals should give information indicating that they are qualified to perform the services (CV, Relevant Testimonies, description of similar assignments, experience in similar conditions, etc.).

The attention of the Consultants is drawn to paragraph 3.14 of Procurement in Investment Project Financing Goods, Works, Non-Consulting and Consulting Services of July 1, 2016 revised November 2017, setting forth in the World Bank IBRD-IDA Procurement Regulations for IPF Borrowers on conflict of interest.

A Consultant will be selected in accordance with the Individual consultant (IC) Selection method set out in the World Bank’s Consultant Guidelines.

Further information can be obtained at the address below during office hours from 8.30-12:30 AM and 2:00- 5:00 PM local time from Monday to Thursday and from 8.30-5:30 AM and 2:00- 5:00 PM local time on Fridays.

How to Apply

Submit your necessary Documentary Evidences via email: kahsayeop@gmail.com or fikremariamal@gmail.com or in person at Ethiopian Investment Commission, Economic Opportunities Program, located in Bole Road around Olympia, Program Director or Procurement Specialist, 4th floor, Room No. 405 or can be delivered to the address below marked “Expression of Interest for the recruitment of “Financial Management Specialist”, Procurement Package Reference No.: ET-EIC-342644-CS-INDV on or before  13 March 2023 up to 4:00 P.M local time.