Overview

The Environmental Project Implementation Unit has received financing from the World Bank, acting as an implementing agency of the Global Environment Facility (“GEF”), toward the cost of the RESILAND: Armenia Resilient Landscape Project, and intends to apply part of the proceeds for individual consulting services.
The main objective of the Financial Management Specialist is to ensure the effective management of financial resources for a project or organization. This involves establishing and maintaining a robust financial management system, ensuring compliance with relevant guidelines and regulations, supervising the disbursement of funds, preparing financial reports and budgets, and coordinating audits.

Responsibilities:
  • Establish the financial management system for the Project;
  • Ensure that all Projects’ accounts are maintained in accordance with relevant WB guidelines and Armenian legislation;
  • Update written procedures (Financial Management Manual) for operation of the projects accounting systems; Supervise the disbursement of the Projects’ funds and preparation of disbursement applications according to the WB and MoF (Treasury) procedures;
  • Maintain the Projects’ Designated Accounts, prepare requests for Special Commitments and Letters of Credit, as applicable;
  • Prepare and submit Withdrawal Applications (WAs) with support of Statements of Expenditure (SOEs)) to the WB for Designated Accounts replenishment;
  • Support the procedures for checking and preparing payment documentation required for verification of the supplier's invoices. Ensure that all payments are made on a timely basis and according to the payment terms of the contract;
  • Ensure that regular reconciliations of the bank accounts balance to the project's accounts, as well as to the World Bank Client Connection system, foreign exchange revaluation of undisbursed balances of the project funds are done on a regular basis;
  • Participate in the preparation of the project’s annual and medium-term budget;
  • Coordinate the audit arrangements of the project including preparation of the TOR, and cooperate with the auditors; prepare the financial statements for auditing and ensure that all project statements to be audited are developed in accordance with the applicable reporting requirements for auditing by independent auditors acceptable to the WB and on the terms of reference acceptable to the WB;
  • Prepare the semi-annual IFRs and ensure that they are prepared and submitted to the WB on time and in the manner indicated in the legal agreements;
  • Cooperate with the WB missions during regular financial management supervision missions of the project, and properly address the observations and recommendations provided.

The Financial Management Specialist will report to Project Coordinator at PIU. The Financial Management Specialist will submit monthly reports that will include:
  • Monthly report – brief summary of work undertaken in the reporting period;
  • Time sheets for each reporting period.
Required Qualifications:
  • University-level degree in finance, economics, business administration, or related discipline;
  • At least 5 years of professional experience as a financial management specialist.
  • Experience in Financial Management under World Bank financed projects, or projects financed by other international financial institutions would be considered as an advantage,
  • Good interpersonal and communication skills,
  • Fluent knowledge of the English and Armenian languages,
  • Demonstrated ability to work in a team,
  • Computer literacy (MS Office).
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