Summary
| Job Title Job No | Sr Financial Management Specialist 171129 |
| Organisation | World Bank Group |
| Location | Washington, DC |
| Job Type | Professional & Technical |
| Recruitment Type | International Hire |
| Application Closes | 22 June 2017 |
Established in 1944, the World Bank Group (WBG) is one of the world’s largest sources of funding and knowledge for development solutions. In fiscal year 2014, the WBG committed US$65.6 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which US$22.2 billion was concessional finance to its poorest members. The WBG uses financial resources and extensive experience to help poor nations reduce poverty, increase economic growth, and improve the quality of life. The WBG is the world’s largest funder of education; the world’s largest external funder of the fight against HIV/AIDS; a strong supporter of debt relief; and the largest international financier of biodiversity, water supply, and sanitation projects.
The WBG is governed by 188 member countries and delivers services out of 120 offices with nearly 15,000 staff located globally. It consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). IBRD and IDA are commonly known as the World Bank.
The vision of the WBG is to eradicate extreme poverty by reducing the number of people living on less than US$1.25 a day to 3 percent by 2030, and to promote shared prosperity by fostering the income growth of the bottom 40 percent in every country. To achieve this vision, the WBG Board of Governors has approved a strategy that leverages the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver customized development solutions backed by finance, world class knowledge and convening services.
Since July 2014, the World Bank is organized into six client-facing Regional Vice-Presidencies (Africa, East Asia and Pacific, Europe and Central Asia, Latin America and Caribbean, Middle East and North Africa, and South Asia); several corporate functions; and fourteen Global Practices (GPs) as well as five Cross-Cutting Solution Areas (CCSAs) to bring best-in-class knowledge and solutions to regional and country clients. The 14 GPs are: Agriculture; Education; Energy and Extractives; Environment and Natural Resources; Finance and Markets; Governance; Health, Nutrition and Population; Macroeconomics and Fiscal Management; Poverty; Social Protection and Labor; Social, Urban, Rural and Resilience; Trade and Competitiveness; Transport and ICT; and Water. The 5 CCSAs are: Climate Change; Fragility, Conflict and Violence; Gender; Jobs; and Public-Private Partnerships.
GOVERNANCE GLOBAL PRACTICE CONTEXT
Governance Global Practice Departments & Activities
Sound governance and effective institutions are essential for achieving shared prosperity and sustained reductions in poverty. A rapidly-growing body of analytical work demonstrates that there are clear linkages between good governance and the quality of health and education services, and that the poor often suffer disproportionately from lack of alternatives. Countries capable of improving governance are able to use their human and financial resources more efficiently with fewer losses and distortions. They are able to attract higher levels of foreign and domestic investment and, on average, grow more rapidly.
The Governance Global Practice (GGP) is part of the Vice Presidency for Equitable Growth, Finance, and Institutions (EFI) which also includes the Finance and Markets (F&M), Macro-Fiscal Management (MFM), and Trade and Competitiveness (T&C) Global Practices. The GGP comprises a variety of professional disciplines working on public institutions, including public sector management, governance and anti-corruption, procurement, financial management, social accountability and justice reform. These professional disciplines are grouped in the following Departments:
• Public Sector and Institutions (PSI) to support a continuous and sustainable improvement in the delivery of public goods and services both from central government, local governments, state-owned enterprises (SOEs), public private partnerships (PPPs) and through regulation.
• Financial Accountability and Reporting (FAR) to provide policy advice and support to institutions and processes across the entire cycle of public financial management, both to countries and to WBG operations.
• Solutions and Innovations in Procurement (SIP) to provide policy advice, institutional support, assistance and capacity building for more transparent, honest and accountable governments.
The Practice utilizes a problem-driven, diagnostic approach, combining global comparative knowledge of reform successes and challenges with keen understanding of the institutional challenges and opportunities of developing countries.
GGP interventions range from diagnostics, technical assistance and advisory services, knowledge management and sharing, and creating peer learning platforms to lending and reform project implementation and monitoring and reporting. In terms of instruments, the GGP’s global portfolio includes a significant number of investment project financing operations, components in Development Policy Financing, activities funded by Reimbursable Advisory Services (RASs) and Trust Funds (TFs), as well as an important portfolio of Advisory Services and Analytics (ASA). An important part of its responsibilities is to deliver operational support to other Practices, including through inputs for policy-based operations, hands-on implementation advice and direct fiduciary due diligence of investment financing.
AFCS2 SUB-REGION CONTEXT:
AFCS2 comprises five countries -Mozambique, Madagascar, Mauritius, Seychelles, and Comoros - with a major share of portfolio distributed between the first two.
For Mozambique, World Bank projections place growth at 3.6% for 2016, with significant downward risks. Despite these unfavorable short-term prospects, long-awaited LNG investments will shape the recovery with growth projected to reach 6.9% by 2018 as the two Rovuma basin gas mega-projects come on stream. Foreign Direct Investment (FDI) inflows will support the external position, with international reserves expected to recover, although at a slow pace, to 3.3 months cover for non-mega-project imports by 2018.
The discovery in April 2016 of previously undisclosed debt worth $1.4 billion, 10.7% of Mozambique’s gross domestic product (GDP), combined with the impact of the exchange rate depreciation, has led to a substantial increase in debt ratios and the debt service burden. As a result, the fiscal position is likely to remain under stress until the end of the decade. The startup of gas mega projects will not yield significant fiscal revenues before the large external debt obligations fall due. Some respite to government finances might come in the form of mega-project linked capital gains taxes, but amounts and prospects are uncertain. Hence reforms aimed at deep fiscal consolidation will be required and remain a priority in the medium term.
Madagascar has emerged from a political crisis, the new Country Partnership Framework supports the Government’s goal of generating a higher, inclusive and sustainable growth to reduce poverty, as presented in its 2015-2019 National Development Plan. The expanded resources and the larger range of instruments available under IDA18 enable the WBG to support the Government in putting the country on a higher development trajectory, by investing at scale in a few areas that could unlock Madagascar’s development. Success in achieving ambitious goals – such as doubling the access rate to electricity – will hinge on the authorities’ ability to sustain reforms while addressing some of the causes of the country’s cyclical instability.
Madagascar’s recurrent political crises are the result of deep-rooted governance challenges. First and foremost, the state and political system is highly determined by networks of a few powerful political and business leaders who form and shift alliances periodically to preserve their access to rents. Their influence is barely checked by a justice sector that is perceived as highly corrupted and contributes to a generalized feeling of impunity. Second, society is fragmented along ethnic, religious, wealth, and gender fault lines. The strongly centralized state system is not conducive to resolving those tensions. These social divisions are also at times exploited by leaders for political purposes. Third, the abundance of natural resources, coupled with weak governance, has contributed to the rapid growth of a trafficking economy around precious woods, gold and stones, cattle, and valuable biodiversity (e.g., corals, turtles). Tensions around the capture of these natural resources rents have been increasing and it is thought that those rents may play an important role in financing political ambitions. Finally, the system of checks and balances remain nascent because of: (i) a parliamentary system where political alliances are fragmented, unstable and not grounded in common agendas; (ii) the weakness of civil society, though a few platforms recently formed are becoming important stakeholders in the dialogue on natural resources, budget transparency, and service delivery; and (iii) the lack of independence of the media, as the major publications, radio and TV stations are affiliated with influential economic groups or owned by political leaders.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 2 year term appointment.
Duties and Accountabilities:
The selected candidate will serve as the AFCS2’s Governance Focal Point, working in close collaboration with the GGP team based in Maputo, Antananarivo, and WB headquarters. In particular, the selected candidate will play a critical role in developing and leading the implementation of FAR-PSI work program in AFCS2 countries. He/she is expected to perform a full range of operational duties, working under minimal supervision, and to take a leading role in the following tasks:
• Coordinate the Governance team and ensuring overall oversight and quality review of the AFCS2 governance program.
• Support the Practice Manager in program development, work program discussions and in supervising the quality and timeliness of work program deliverables.
• Ensure integration of the overall GGP program in AFCS2.
• Generate and exchange knowledge relating to public sector and finance reform, capacity building and governance issues for Country Partnership Framework implementation, and facilitate multi-sector approaches to governance reforms with special focus on monitoring and evaluation, service delivery, tax administration and corporate governance of state owned enterprises.
• Help coordinate and supervise the fiduciary oversight of the AFCS2 portfolio. Provide guidance and mentoring to the FM staff responsible for supporting Bank-financed operations.
• Strategic advice on financial management and governance matters to the Government, the Country Director, the country management unit, the GPs, and the Development partners;
• Contribute technical input into policy and strategic work in the field of FM – e.g. providing inputs to SCD/CPF, sector strategies, policy and technical advisory notes;
• Take a lead role in the FM aspects of preparation and supervision of high visibility, complex, and sensitive operations such as DPCs, P4R; DLIs based operations. Assuring the quality of FAR-PSI inputs in all kinds of operations including IPF, PforR and DPF;
• In coordination with other GPs, seek opportunities to make significant enhancements to PFM country-systems in AFCS2, including capacity-building activities to address governance challenges in the sectors;
• Provide advice and support to other World Bank sector operations involving public sector, service delivery, budget analysis and management, tax administration and institutional diagnostic.
• Manage the preparation and supervision of assigned tasks and deliverables and ensure effective delivery of programs requested by Country Management Units on time and in high quality.
Selection Criteria:
The candidate should have an advanced degree in a relevant discipline (e.g. public sector management, public finance, public economics, finance, etc); membership of an internationally recognized professional accounting institute (CPA, CA or equivalent) or Business Administration qualification would be an added advantage.
• He/She should have a minimum of eight years of relevant experience working on financial management and/or public sector in operations, public finance and corporate financial reporting issues in an operational context for government and development agencies.
• He/She should demonstrate the following technical and behavioral competencies:
Technical competencies:
• Extensive experience in PFM reforms and PFM analytical work, including the PEFA Performance Measurement Framework, and detailed knowledge of the various dimensions of the PFM cycle (budget formulation, execution, controls, accounting and reporting, auditing and oversight of public finances).
• Demonstrated analytic and operational skills in the area of public sector financial management and practical experience working on the design and delivery of projects and/or studies on areas key to public sector reforms.
• Deep understanding and practical experience of Bank policies and practices related to financial management including implications relating to Investment Lending Reforms and disbursements.
• Conducts sector dialogue: (i) disseminating good/best practice to clients, and (ii) helping clients adapt Bank strategies, best practice to meet priority needs in a realistic fashion, taking into account prevailing constraints in the country/sector
• Accounting and Financial Reporting - Demonstrates thorough understanding of the individual IFRSs, IPSAS or comparable national standards, the latest trends in the area of corporate financial reporting, and the principles and processes applied to standards development.
• Good understanding of Bank policies, procedures and system.
• Effective verbal and written communications skills in English and Portuguese.
Behavioral Competencies
Lead and Innovate:
Effective WBG staff demonstrate personal leadership and commitment to the WBG's values and mission. They take initiative, and are persistent in their drive for results. They seek opportunities to improve and find innovative solutions, where appropriate, to problems. They inspire and encourage others to have a positive attitude and impact, are able to adapt to changing circumstances, and are willing to be bold to increase the Bank's Group's effectiveness.
Deliver Results for Clients:
Effective WBG staff set high standards and challenging goals, and measure impact. They address the needs and challenges of internal and external clients, while also keeping the goal of 'reducing poverty' and 'increasing prosperity' as the ultimate objective. They hold themselves accountable and take personal ownership for identifying and managing risks and delivering evidence-based results that are financially, environmentally and socially sustainable and have development impact.
Collaborate Within Teams and Across Boundaries:
Effective WBG staff collaborate and work with others across and outside of the World Bank Group in order to achieve the best results for clients. They cultivate and leverage their professional networks to this end. They are inclusive in gathering options and information, and align their behavior and priorities with the needs and goals of WBG. They maintain a WBG corporate mindset above an individual or team perspective and are proactive in mitigating and managing conflicts.
Create, Apply and Share Knowledge:
Effective WBG staff understand the value of creating, applying, and sharing knowledge.
Staff, rapidly and readily share their expertise; create and contribute to the WBG's body of knowledge and efficiently reflect and draw on lessons of past experience from colleagues, clients, partners and external sources to drive the WBG to achieve its goals. They expand their professional networks in their areas of expertise by forging linkages with others.
They energize others to create, apply and share knowledge and learn from each other. They also seek opportunities to grow personal and institutional knowledge and invest in the growth of others through mentoring, as well as developing themselves and others through feedback and continuous learning.
Make Smart Decisions:
Effective WBG staff balance the need for risk management with a sense of urgency by making quick, timely, and relevant decisions. They display the confidence to take smart risks and make timely and effective decisions and show confidence in own judgment and actions. They are good problem solvers, collect evidence, lessons from past experience, and research to support their actions, and are willing to make decisions and take smart risks that advance the goals of WBG. They take ownership for decisions they make, and ensure issues are pushed to the right level for decision-making when needed. Senior leaders drive alignment, and ensure information is shared to make realistic, sound decisions and recommendations. Trust and support is given to decision makers, regardless of level, with the assumption that the right decisions will be made.
The World Bank Group is committed to achieving diversity in terms of gender, nationality, culture and educational background. Individuals with disabilities are equally encouraged to apply. All applications will be treated in the strictest confidence.
