Terms of Reference for Finance Officer (two positions)
Federated States of Micronesia
LOCATION: Department of Finance and Administration – Central Implementation Unit
within the Investment Division
DURATION: Initial contract duration of one year (full time). Potential to extend based
on satisfactory performance.
A. Background
The National Government of the Federated States of Micronesia (FSM) has partnered
with the World Bank (WB) to implement development activities within the FSM. The
current and pipeline portfolio includes projects in the sectors of Energy, Fisheries,
Information & Communication Technology (ICT), Public Financial Management
strengthening and Maritime Transport. To support the preparation and
implementation of WB financed projects the National Government proposes to
strengthen its capacity in core cross cutting functions including financial management,
environmental and social safeguards, communications and procurement.
In order to strengthen financial management support to the projects, a Central
Implementation Unit has been established under the Investment Finance Unit in the
Department of Finance. The objective of the CIU is to provide support to Implementing
Agencies in the preparation, implementation and reporting of WB financed projects.
The Finance Officers will work under the direction of the CIU Program Manager.
B. Scope of Work
The Finance Officer will assist in all financial matters relating to implementation of the
project. S/he will be mainly responsible for preparing quarterlyFinancial Progress, Project
Account, Financial Management section of the Project Implementation Manual,
Statement ofExpenditures and other related financial reports as required by the donors
and the GoFSM. The Finance Officer will work with the Project Coordinators projects and
DoFA officers in both the preparation and regular reviews of the project budget. The
Finance officer will also provide backup to all other donor financed projects as needed and
join project implementationsupport missions as required.
The Finance Officer main responsibilities include:
i.
Work with the Government of FSM (GoFSM) to incorporate project funds directly into
the government accounts, which may include providing advice of chart of accounts
structure, to meet the requirements of the GoFSM and the World Bank;
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Enter the project transactions directly onto the FundWare (the accounting software)
or prepare all the documentation and oversee the entering of transactions. Ensure
FundWare is able to generate the appropriate reports, eg, IFRs, transaction listings,
etc.
Monitor financial disbursements and all administrative procedures in line with GoFSM
and the World Bank requirements; this will include being trained and becoming
proficient on the World Bank’s client connection system;
Work closely with DOFA staff to ensure the audited Financial Statements of
the National Government,including preparation of a note to the accounts for each
project reflecting project activities for the year;
Work with DOFA staff to ensure IFRs produced from Fundware meet the reporting
requirements of both the project management and the World Bank;
Prepare financial management sections of the Project Implementation Manual/Project
Operations Manual as per need of each project;
Ensure the timeliness of required financial reports to the World Bank on a regular
basis;
Attend and participate in project meetings and give input to financial related matters;
Assist in the planning and budgeting for the project program, taking the lead role in
the financial plan and budgets and ensuring that the assumptions, parameters,
guidelines and policies in planning are complied with; and
Review and monitor project performance and make recommendation to improve
performance in relation to Financial Management.
C. Skills, qualification and experience
Mandatory
 The Finance Officer must have a minimum of bachelor´s degree in Accounting or
Finance or Business Management, Public Administration or other relevant field.
 S/he must have a minimum of five years of work experience in public sector financial
management
Desirable
 Training in relevant fields (management, financial management, accounting (CA, CPA,
ACCA) is preferable.
 S/he should have a good understanding of Govt. accounting system.
 Experience in donor - funded projects is preferable.
 Additional work experience with national and or international non-governmental
organizations will be an added advantage.
D. Reporting
The Finance Officer will report directly to the Program Manager for the Central Implementation
Unit under the overall direction of the Assistant Secretary of Investment.
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