The Government of Mongolia has received Loan from International Bank for Reconstruction and Development for Mongolia Transport Connectivity and Logistics Improvement Project (MTCLIP). The Project aims to remove critical bottlenecks in the selected road networks and improve maintenance, deliver infrastructure and logistic services effectively to unlock the potential of the meat supply chain across the major freight routes and address information asymmetry and administrative barriers by delivering timely information to the right parties. The project components are: (i) infrastructure investments; (ii) transport and logistics services; (iii) Technical assistance and capacity building; and (iv) contingent emergency response.
This project is seeking a professional for the position of Financial Management Specialist. The selected candidate will directly report to the Project Coordinator.
The objective of the assignment: The position is fully responsible for project accounting and financial management, including responding to MRTD, MOF, and World Bank inquiries, in accordance with the financial covenants of the Loan Agreement and acceptable accounting. She/he would be responsible for planning and managing disbursement activities, including monitoring of the project fund utilization and timely disbursement of funds, preparation of withdrawal applications and related financial documents for World Bank’s review, processing of payments to consultants and contractors, financial records keeping, and preparation of regular financial reports, arranging documents for annual audits. Main tasks include the (i) preparation of quarterly and annual budgets; (ii) preparation of quarterly and annual financial reports; (iii) tracking disbursement progress of the Project; (iv) completing cash management and disbursements; (v) maintaining a fixed asset system; (vi) calculating and paying personal income tax for contracted PMO staff and consultants; and (vii) preparing financial and disbursement documents or other financial reports.
Contract: Full-time for one year with possible extension based on performance starting from December 2023.
Duties and responsibilities: The Financial Management Specialist will have the following duties (but are not limited to):
- Maintain an appropriate project financial management system and practices, including budgeting, funds flow and disbursement, internal controls, accounting, financial reporting and external auditing aspects;
- Be responsible for the overall day-to-day financial management of the project, liaise with Procurement specialist and others involved in project implementation;
- Efficiently execute financial procedures and processes, ensure proper management and disbursement of the project funds following a sound accounting, budgeting, financial control and audit procedures in line with policies and procedures of the World Bank and the Government of Mongolia (GOM);
- Prepare appropriate paperwork for approval of expenses and payment invoices by PMO, MRTD and Ministry of Finance (MOF), and ensure timely processing of payments to suppliers and consultants in accordance with the relevant contract terms and conditions;
- Prepare withdrawal applications for disbursement from the World Bank in a timely manner, together with the required supporting documents such as Statements of expenditures, Designated Account Reconciliation Statements and project bank account statements;
- Establish and maintain acceptable computerized accounting software for the project;
- Monitor the project expenditures, prepare and consolidate all requests for payments based on review and control of all payment documents, invoices, and supporting documents and carry out the process of approval for payment release in accordance with the Bank’s disbursement guidelines and the government procedures;
- Prepare annual project work plan and budget in line with project planned activities, ensure the project budget is properly reflected in the state budget, and regularly update the budget based on revised project activities to maintain an up-to-date budget;
- Maintain the project bank accounts and ensure all financial transactions are booked and recorded timely and accurately and prepare and compile financial reports that are in compliance with rules and procedures of GOM and World Bank;
- Periodically and timely prepare financial reports that are in conformity with donors and government requirements in accordance with acceptable accounting standards, including the project’s quarterly Interim Financial Reports, and ensure timely submissions;
- Prepare and issue reports as needed to different levels inside the PMO, World Bank, MOF and MRTD
- Assist and work with external auditors in completing the annual audit for the project in a timely manner and submitting the Project’s annual audit reports to the World Bank in accordance with the requirements stipulated in the project’s legal agreements, and take prompt remedial actions in respect to irregularities detected by the external auditors;
- Respond to reviews of and/or requests for financial information by the MOF, MRTD, and World Bank, as necessary, during project implementation;
- Maintain and update all financial records of the project, including closing out of project accounts after project closure.
- Bachelor or higher degree in fields of Finance, Accounting, Business Administration and/or other similar discipline;
- At least 8 years of direct/relevant professional experience in accounting and financial management, preferably in a similar role on other projects funded by the World Bank or other international development organizations;
- At least 2 reference letters from previous employers as proof of professional experience and work ethics;
- Knowledge of International Public Sector Accounting Standards (IPSAS);
- CFA, CPA, CA, ACCA or an equivalent would be an advantage;
- Understanding of information systems, including previous work experience in using financial and accounting software to maintain accounting records and generate project financial reports;
- A solid understanding of project implementation policies and procedures adhered to by the Government, World Bank, or other international development organizations;
- Good interpersonal, communication, and participatory skills with the ability to function
- effectively and collaboratively in a team environment;
- Excellent computer literacy, high proficiency in using accounting program, MS Office;
- Fluency in English and Mongolian languages (both oral and written).
If you possess the above qualifications, please submit a cover letter indicating why she/he considers her/himself suitable for the position, detailed public servant CV highlighting skills/experience, copy of diplomas or certificates, one reference letter from last two employers no later than 16:00, 1 December 2023. Only those successful candidates will be contacted. The application documents under the name of financial management specialist shall be submitted in person to the below address. The submitted documents will not be returned to the applicants. Incomplete applications would not be considered. If you need any further details, please feel free to contact us.
Contact address: Ministry of Road and Transport Development, Government Building-13, room 403, Chinggis Avenue 11, Ulaanbaatar 14251, Mongolia Contact person: Bayanzul.L
Tel: +(976) 51263208