TERMS OF REFERENCE (ToR)
PROCUREMENT OF AN INDIVIDUAL FINANCIAL MANAGEMENT SPECIALIST FOR MoEST HEET PROJECT
The Government of the United Republic of Tanzania has secured a loan from the World Bank to support the higher education sector through “Higher Education for Economic Transformation (HEET) Project”. The HEET Project Development Objective (PDO) is to strengthen the learning environments and labor market alignment of programs in priority areas and the management of the higher education system.
This 5-year (2021 – 2026) project, coordinated by MoEST, seeks to enable Universities and colleges/schools to be in the driving seat for the envisaged economic transformation, whereas three MoEST agencies, namely Tanzania Commission for Universities (TCU), the Commission for Science and Technology (COSTECH) and the Higher Education Students Loan Board (HESLB) are expected to create the needed enabling environment.
HEET project through the Ministry of Education, Science and Technology (MoEST) would like to recruit a financial management specialist aimed to:
- Provide technical assistance to ensure that financial transactions within HEET project at MoEST are executed timely and in accordance to approved budget, Project’s Covenant Documents, World Bank Financial Regulations for Borrowers under Investment Project Financing, Fourth Edition, November 2020) and that of the United Republic of Tanzania as the case may be.
- Provide technical assistance to ensure that financial management within HEET project at MoEST are well coordinated and comply with the World Bank Financial Regulations as agreed in the Financial Agreement
- Provide technical advisory services on all aspects of the project financial management.
- COORDINATION AND REPORTING
- The Financial Management Specialist will report to HEET Project National Coordinator and Chief Accountant (CA) – MoEST will work closely with other MoEST Project members to deliver the required outputs.
- MAIN RESPONSIBILITIES
The Financial Management Specialist shall inter alia, undertake the following:
- Ensure that financial management within HEET project are well coordinated and comply with the World Bank Financial Regulations as agreed in the Funding Agreement; PAD and POM; and that of the United Republic of Tanzania as the case may be;
- Providing support and technical advice to Project Coordinator on all aspects of finance, internal control and accountability.
- Maintain an inventory file to support purchases of all equipment/assets;
- Monitoring budget implementation and revision, and report on any variances in a timely manner
- Participate in annual and periodic project’s budget plans
- Ensuring timely and efficient administration of allocated funds in accordance with the approved work plans and the applicable financial regulations, rules and resolutions.
- The incumbent will also monitor to ensure smooth flows of funds from the Word Bank to the project and recommend improvements where required, and ensure that appropriate procedures are followed.
- Receive invoices and check that all supporting documentations are provided
- Participate actively in the preparation of the annual and quarterly disbursement forecasts.
- Preparation of the project financial management reports
- Financial Statements and reports to be submitted to Project Steering Committee, Project Coordinator and the World Bank as per the terms of the Financing Agreement.
- Implement and update the project implementation manual (PIM), incorporating all financial controls for the project activities related to financial transactions and reporting.
- Continuously improve systems & procedures to enhance internal controls to satisfy audit requirements;
- Oversee the preparation of an IT needs assessment considering user requirements and specifications for an FMIS.
- Assessing the need for additional financial monitoring reports under the project, and track project progress in relation to overall budget allocated and spent under each component/sub components.
- Continually assess any financial risks and report any concerns to the Project Coordinator.
- Ensure compliance with the laws, rules and regulations guiding the project
- Supervising and coaching subordinates in the project.
- Prepare periodic expenditure reports and fund replenishment requests, carefully checking and inspecting all supporting documents;
- Preparing annual financial statements on time and liaising with Office of the Controller and Auditor General (CAG) to ensure the project is audited on timely basis and copies submitted to the Bank.
- Key Performance Measurement
- The Financial Management Specialist will prepare a quarterly an Interim Unaudited Financial Report (IFR) to be submitted to the Project Coordinator within 15 working days from the last day of the previous quarter of reporting. The report should be shared with the Bank for monitoring purpose.
- He/she must prepare an on-job training strategy for the MoEST finance staff as well as to be approved by the Project Coordinator at any time when deemed necessary.
- Perform any other duties as may be assigned.
- QUALIFICATIONS AND EXPERIENCE
The Financial Management Specialist should be a reputable and experienced person, and shall have extensive expertise in the relevant financial policies and procedures of the World Bank. The candidate must meet the minimum required qualification and experience stipulated below:
- Must have a degree from a recognized University in any of the following speciality: Accounting, Business Administration, Commerce, Finance, Economics and must be a qualified and registered Accountant – CPA(T) or ACCA or any other relevant qualification recognized by the National Board of Accountants and Auditors (NBAA)
- Experience of not less than eight (8) years working as a financial expert/specialist on the donor financed projects, out of which at least five (5) years must have been on financial management, on the World Bank funded projects/programs;
- The candidate should be eligible and have no Conflict of Interest as per Bank's Financial Regulations
- Should have well developed interpersonal and communication skills, strong negotiations skills and ability to cultivate team spirit.
- Must be a person of proven honesty and integrity with no criminal record, result oriented and proactive.
- Fluent in both, spoken and written English.
- OUTPUTS/EXPECTED DELIVERABLES
The specialist shall inter alia be expected to produce the following deliverables:
- Timely and good quality Financial Plans and Budgets
- Financial management and other reports prepared
- Inventory and Assets Register in place
- Annual, semi-annual and quarterly cash flow forecast
- Financial Statements and reports submitted to the Project Coordinator and the World Bank
- Project implementation manual (PIM), incorporating all financial controls, is in place
- Annual financial statements are audited by the Controller and Auditor General (CAG)
- Other reports and documents as required
- DURATION OF THE ASSIGNMENT
The services will commence immediately after signing the Contract. The assignment shall be for a period of twelve (12) months and may be renewed in case of business needs and subject to satisfactory performance. The duty station shall be Dodoma.
- FACILITIES TO BE PROVIDED BY THE CLIENT
The Client will provide the Financial Management Specialist with facilities that will enable him to perform her/his duties in an efficient manner as per Government policies. In case the Specialist is assigned activities outside Dodoma, MoEST will bear the cost of transport and per diem allowances as per the Government policy.
- PAYMENT TERMS
For payment purposes for the assignment, the Financial Management Specialist shall negotiate with MoEST on their monthly remuneration for carrying out the assignment. This being a Contract for Service, the agreed monthly remuneration shall cover all the experts’ expenses in carrying out the assignment including taxes, levies, pension etc.
PROCUREMENT OF AN INDIVIDUAL FINANCIAL MANAGEMENT...