Financial Management under ADBs Strategy 2030 Flor Asistin
Financial Management under ADB’s Strategy 2030 Flor Asistin Senior Operations and Institutional Coordination Officer, Pacific Department
Seven operational priorities under Strategy 2030 (i) addressing remaining poverty and reducing inequalities; (ii) accelerating progress in gender equality; (iii) tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; (iv) making cities more livable; (v) promoting rural development and food security; (vi) strengthening governance and institutional capacity; and (vii) fostering regional cooperation and integration. 2
S 2030: Attention to SIDS and Fragile and Conflict-Affected Situations (FCAS) • • • 3 Focus on climate change, environmental sustainability and disaster risk management; Strengthen connectivity and access; Strengthen institutions to manage financial and economic risks; Tailor business processes to meet needs and address constraints in SIDS; and Further strengthen field presence
ADB’s Support under S 2030 • Sovereign and non-sovereign lending, technical assistance and knowledge products; • Integrated solutions (public, private, and PPP) and innovative funding solutions; • Supporting capacity building and policy dialogue in DMCs; • In-house knowledge in evaluation, results management, anticorruption and integrity, laws, procurement, audit and internal control, risk management, will also support DMCs; and • Develop knowledge partnerships to inform operational work. 4
Findings of the FM Review • • • 5 48% of audited project financial statements were submitted late; 5% were never received; Non-compliance with other financial covenants; Adverse audit opinions, and unresolved audit findings; Low FM capacity of PMU staff; Lack of internal audit function; and Poor asset management affecting sustainability of investments
Raising the Profile of FM in ADB Operations ADB President strongly supports strengthening FM to ensure accountability for ADB Funds provided to DMCs • • Enhanced reporting to Management; Prompt follow up action on audit findings; Support capacity building for EA/IA; and Strict enforcement of policy for non-compliance (e. g. suspension of disbursements). 6
Thank you
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