Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects

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 i...

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Main Author: World Bank Group
Format: Report
Language:English
en_US
Published: World Bank, Washington, DC 2016
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2016/01/25805259/assessment-zimbabwe-public-finance-management-system-investment-lending-projects
http://hdl.handle.net/10986/23815
id okr-10986-23815
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic GOOD PRACTICE
EMPLOYMENT
CAPITAL MARKETS
REGULATORY FRAMEWORK
LEGAL PROVISION
BUDGET MANAGEMENT
ACCOUNTING
REVENUE MOBILIZATION
FINANCIAL MANAGEMENT
PRINCIPAL
FISCAL DEFICITS
GOOD PRACTICES
SALES
INTEREST
LAWS
GUARANTEES
BUDGET ESTIMATES
BUDGET CONTROL
INTERNAL AUDITS
LOCAL GOVERNMENTS
BANKING SYSTEM
CURRENT EXPENDITURES
BANKING SERVICES
SERVICES
FISCAL POLICY
FINANCIAL STATEMENTS
HUMAN RESOURCE MANAGEMENT
IMPACTS
DISTRIBUTION
MDAS
GOVERNMENT ACCOUNTING
BUDGET CONSTRAINTS
PROJECTS
OWNERSHIP
PLANNING
QUALITY
BUDGETING
ECONOMIC STABILITY
REPORTING
CASH FLOWS
UNAUDITED FINANCIAL STATEMENTS
BILLS
AUDITS
BUDGET
SAVINGS
TECHNICAL ASSISTANCE
BUDGET SYSTEMS
AUDIT TRAILS
FINANCIAL DATA
ACCOUNTING POLICIES
DISCLAIMER OF OPINION
LOGISTICS
PUBLIC ACCOUNTANTS
COLLECTIONS
TRANSFERS
MARKETS
MARKETING
DEBT
FINANCIAL REPORTING
FORECASTING
LOCAL GOVERNMENT
LEGISLATION
DEFICITS
PUBLIC FINANCE
ACCOUNTING FIRMS
FIXED ASSET
LOANS
LABOR
BILLING
ENTERPRISES
BUDGET TRANSFERS
TRUST FUNDS
LEGAL FRAMEWORK
ACCOUNT
FINANCE
GRANTS
INFRASTRUCTURE
BANKS
BUSINESS INTELLIGENCE
BUDGET CLASSIFICATION
EXPENDITURE
RESOURCES
BUDGET APPROPRIATIONS
AUDITED FINANCIAL STATEMENTS
ACCOUNTABILITY
PROCUREMENT
INTERNAL AUDITORS
ACCOUNTANTS
WAGES
AUDITORS
EXPENSES
SOCIAL SERVICES
BUDGET PROCESS
AUDITED ACCOUNTS
INTERNATIONAL AUDITING STANDARDS
VALUE
PENSIONS
BANK
BUDGETS
PUBLIC ENTERPRISES
MAINTENANCE
REPORTING SYSTEMS
EXPENDITURES
INTERNAL CONTROLS
MANDATES
COST
FISCAL YEAR
PERFORMANCE ANALYSIS
ACCRUAL ACCOUNTING
AUDIT ENGAGEMENTS
TRANSACTION COSTS
REPORTING PROCEDURES
FUNDS FLOW
AUDIT REPORTS
QUALITY CONTROL
CONSOLIDATED FINANCIAL STATEMENTS
BANK ACCOUNTS
ACCOUNTING SYSTEMS
ADMINISTRATION
GOVERNANCE
STANDARD PRACTICES
INTERNAL AUDITING
CURRENCIES
PAYROLL
LAND
RETAINED EARNINGS
ACCOUNTING STANDARDS
AUDIT COMMITTEES
BUSINESS
RISK
COMMERCIAL BANKS
INTERNAL AUDIT
TAX ADMINISTRATION
CASH COLLECTIONS
INSTITUTIONAL DEVELOPMENT
REVENUE
BUDGET MONITORING
RISK MANAGEMENT
LENDING
ACCOUNTS
CAPITAL EXPENDITURES
QUALITY ASSURANCE
AUDIT
AUDITING STANDARDS
FINANCIAL SYSTEMS
GOVERNMENTS
ACCOUNTING RECORDS
CIVIL SERVICE
CERTIFIED PUBLIC ACCOUNTANTS
IMPLEMENTATION
INTERGOVERNMENTAL FISCAL RELATIONS
AUDITING
FINANCIAL REPORTS
CONSOLIDATION
spellingShingle GOOD PRACTICE
EMPLOYMENT
CAPITAL MARKETS
REGULATORY FRAMEWORK
LEGAL PROVISION
BUDGET MANAGEMENT
ACCOUNTING
REVENUE MOBILIZATION
FINANCIAL MANAGEMENT
PRINCIPAL
FISCAL DEFICITS
GOOD PRACTICES
SALES
INTEREST
LAWS
GUARANTEES
BUDGET ESTIMATES
BUDGET CONTROL
INTERNAL AUDITS
LOCAL GOVERNMENTS
BANKING SYSTEM
CURRENT EXPENDITURES
BANKING SERVICES
SERVICES
FISCAL POLICY
FINANCIAL STATEMENTS
HUMAN RESOURCE MANAGEMENT
IMPACTS
DISTRIBUTION
MDAS
GOVERNMENT ACCOUNTING
BUDGET CONSTRAINTS
PROJECTS
OWNERSHIP
PLANNING
QUALITY
BUDGETING
ECONOMIC STABILITY
REPORTING
CASH FLOWS
UNAUDITED FINANCIAL STATEMENTS
BILLS
AUDITS
BUDGET
SAVINGS
TECHNICAL ASSISTANCE
BUDGET SYSTEMS
AUDIT TRAILS
FINANCIAL DATA
ACCOUNTING POLICIES
DISCLAIMER OF OPINION
LOGISTICS
PUBLIC ACCOUNTANTS
COLLECTIONS
TRANSFERS
MARKETS
MARKETING
DEBT
FINANCIAL REPORTING
FORECASTING
LOCAL GOVERNMENT
LEGISLATION
DEFICITS
PUBLIC FINANCE
ACCOUNTING FIRMS
FIXED ASSET
LOANS
LABOR
BILLING
ENTERPRISES
BUDGET TRANSFERS
TRUST FUNDS
LEGAL FRAMEWORK
ACCOUNT
FINANCE
GRANTS
INFRASTRUCTURE
BANKS
BUSINESS INTELLIGENCE
BUDGET CLASSIFICATION
EXPENDITURE
RESOURCES
BUDGET APPROPRIATIONS
AUDITED FINANCIAL STATEMENTS
ACCOUNTABILITY
PROCUREMENT
INTERNAL AUDITORS
ACCOUNTANTS
WAGES
AUDITORS
EXPENSES
SOCIAL SERVICES
BUDGET PROCESS
AUDITED ACCOUNTS
INTERNATIONAL AUDITING STANDARDS
VALUE
PENSIONS
BANK
BUDGETS
PUBLIC ENTERPRISES
MAINTENANCE
REPORTING SYSTEMS
EXPENDITURES
INTERNAL CONTROLS
MANDATES
COST
FISCAL YEAR
PERFORMANCE ANALYSIS
ACCRUAL ACCOUNTING
AUDIT ENGAGEMENTS
TRANSACTION COSTS
REPORTING PROCEDURES
FUNDS FLOW
AUDIT REPORTS
QUALITY CONTROL
CONSOLIDATED FINANCIAL STATEMENTS
BANK ACCOUNTS
ACCOUNTING SYSTEMS
ADMINISTRATION
GOVERNANCE
STANDARD PRACTICES
INTERNAL AUDITING
CURRENCIES
PAYROLL
LAND
RETAINED EARNINGS
ACCOUNTING STANDARDS
AUDIT COMMITTEES
BUSINESS
RISK
COMMERCIAL BANKS
INTERNAL AUDIT
TAX ADMINISTRATION
CASH COLLECTIONS
INSTITUTIONAL DEVELOPMENT
REVENUE
BUDGET MONITORING
RISK MANAGEMENT
LENDING
ACCOUNTS
CAPITAL EXPENDITURES
QUALITY ASSURANCE
AUDIT
AUDITING STANDARDS
FINANCIAL SYSTEMS
GOVERNMENTS
ACCOUNTING RECORDS
CIVIL SERVICE
CERTIFIED PUBLIC ACCOUNTANTS
IMPLEMENTATION
INTERGOVERNMENTAL FISCAL RELATIONS
AUDITING
FINANCIAL REPORTS
CONSOLIDATION
World Bank Group
Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
geographic_facet Africa
Zimbabwe
description 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.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
title_short Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
title_full Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
title_fullStr Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
title_full_unstemmed Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects
title_sort assessment of the zimbabwe public finance management system for investment lending projects
publisher World Bank, Washington, DC
publishDate 2016
url http://documents.worldbank.org/curated/en/2016/01/25805259/assessment-zimbabwe-public-finance-management-system-investment-lending-projects
http://hdl.handle.net/10986/23815
_version_ 1764454770115870720
spelling okr-10986-238152021-04-23T14:04:17Z Assessment of the Zimbabwe Public Finance Management System for Investment Lending Projects World Bank Group GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS REGULATORY FRAMEWORK LEGAL PROVISION BUDGET MANAGEMENT ACCOUNTING REVENUE MOBILIZATION FINANCIAL MANAGEMENT PRINCIPAL FISCAL DEFICITS GOOD PRACTICES SALES INTEREST LAWS GUARANTEES BUDGET ESTIMATES BUDGET CONTROL INTERNAL AUDITS LOCAL GOVERNMENTS BANKING SYSTEM CURRENT EXPENDITURES BANKING SERVICES SERVICES FISCAL POLICY FINANCIAL STATEMENTS HUMAN RESOURCE MANAGEMENT IMPACTS DISTRIBUTION MDAS GOVERNMENT ACCOUNTING BUDGET CONSTRAINTS PROJECTS OWNERSHIP PLANNING QUALITY BUDGETING ECONOMIC STABILITY REPORTING CASH FLOWS UNAUDITED FINANCIAL STATEMENTS BILLS AUDITS BUDGET SAVINGS TECHNICAL ASSISTANCE BUDGET SYSTEMS AUDIT TRAILS FINANCIAL DATA ACCOUNTING POLICIES DISCLAIMER OF OPINION LOGISTICS PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS MARKETS MARKETING DEBT FINANCIAL REPORTING FORECASTING LOCAL GOVERNMENT LEGISLATION DEFICITS PUBLIC FINANCE ACCOUNTING FIRMS FIXED ASSET LOANS LABOR BILLING ENTERPRISES BUDGET TRANSFERS TRUST FUNDS LEGAL FRAMEWORK ACCOUNT FINANCE GRANTS INFRASTRUCTURE BANKS BUSINESS INTELLIGENCE BUDGET CLASSIFICATION EXPENDITURE RESOURCES BUDGET APPROPRIATIONS AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS ACCOUNTANTS WAGES AUDITORS EXPENSES SOCIAL SERVICES BUDGET PROCESS AUDITED ACCOUNTS INTERNATIONAL AUDITING STANDARDS VALUE PENSIONS BANK BUDGETS PUBLIC ENTERPRISES MAINTENANCE REPORTING SYSTEMS EXPENDITURES INTERNAL CONTROLS MANDATES COST FISCAL YEAR PERFORMANCE ANALYSIS ACCRUAL ACCOUNTING AUDIT ENGAGEMENTS TRANSACTION COSTS REPORTING PROCEDURES FUNDS FLOW AUDIT REPORTS QUALITY CONTROL CONSOLIDATED FINANCIAL STATEMENTS BANK ACCOUNTS ACCOUNTING SYSTEMS ADMINISTRATION GOVERNANCE STANDARD PRACTICES INTERNAL AUDITING CURRENCIES PAYROLL LAND RETAINED EARNINGS ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS INTERNAL AUDIT TAX ADMINISTRATION CASH COLLECTIONS INSTITUTIONAL DEVELOPMENT REVENUE BUDGET MONITORING RISK MANAGEMENT LENDING ACCOUNTS CAPITAL EXPENDITURES QUALITY ASSURANCE AUDIT AUDITING STANDARDS FINANCIAL SYSTEMS GOVERNMENTS ACCOUNTING RECORDS CIVIL SERVICE CERTIFIED PUBLIC ACCOUNTANTS IMPLEMENTATION INTERGOVERNMENTAL FISCAL RELATIONS AUDITING FINANCIAL REPORTS CONSOLIDATION 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. 2016-03-02T18:40:06Z 2016-03-02T18:40:06Z 2015-06-29 Report http://documents.worldbank.org/curated/en/2016/01/25805259/assessment-zimbabwe-public-finance-management-system-investment-lending-projects http://hdl.handle.net/10986/23815 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Country Financial Accountability Assessment Africa Zimbabwe