Loan disbursement handbook

Such documentation should be retained for 10 years after the financing closing date. Each page of Form A or B must be fully completed, certified and signed, normally by the project accountant, project director and authorized representative in accordance with the Evidence of Authority to Sign Withdrawal Applications and Statements of Expenditure designated signatories.

The project accountant should additionally ensure the accuracy and correctness of the claims made under the SOE for the designated account. To ensure that no pages are omitted, these should be numbered, e. The project director will review the completeness and correctness of the withdrawal application. All three signatures are required on all pages of the SOE, except where the project director and the authorized representative are the same. These are considered standard and recommended for use by projects receiving IFAD financing.

Forms may be amended from time to time, when experience demonstrates improvements and efficiencies can be achieved. However, changes, alterations and omissions that lead to incomplete overall financial reporting may cause delay in release of payment, while awaiting receipt of correct and complete information.

The Checklist is a tool to be used by the project, whether this be the lead project agency or other designated party, in the preparation and final review of withdrawal applications before submission to IFAD. The project is encouraged to refer to the LTB and to the financing agreement, particularly to schedule 2, for specific instructions on disbursement, and any relevant provisions applicable to withdrawal of funds from the loan or grant account.

Separate sequential numbering should be maintained for different financing i. Withdrawal application amount tallies with sequentially numbered summary sheets: Summary sheets attached to the Application for Withdrawal form should be sequentially numbered to enable IFAD to determine the number of sheets attached to the application.

The total of all summary sheets should add up to the amount of the application for withdrawal. Mistakes and omissions will lead to payment delay. The subcategories should always be taken into consideration and not omitted. Percentage of expenditures to be financed by IFAD applicable for each category or subcategory.

This item is a trigger for reviewing the need for a reallocation of funds. The financing balance is also one of the triggers to initiate recovery of the ceiling amount provided as an advance to the designated account, if this option was chosen. Currency of payment: This is to ensure that the claim is made in the currency of expenditure, the denomination of the designated account, or in the case of direct payment, in the currency of the contract signed with suppliers, contractors or consultants.

Completeness and accuracy of banking instructions: Due to the use of international banking channels in the transfer of funds, complete banking details should be reflected in the WA. Indicate the complete name and address of the bank and avoid the use of acronyms. For payment to beneficiaries whose Depository Bank is in the European Union, it is mandatory to indicate the IBAN number, regardless of the currency of the account.

This is not a requirement when using the direct payment procedure. In a letter sent to IFAD, the official representative of the Government designates and authenticates the signature of the individuals who are authorized to sign WAs. The authorization is personal and may not be delegated, and only these individuals are recognized by IFAD.

Noncompliance with this requirement will lead to payment delays. Eligibility of expenditures claimed a Within SOE financial ceiling. This could be applicable to payments on contracts related to specific categories. Only claims below the financial threshold are eligible to be claimed under the SOE modality. Splitting of expenditures to enable charging against the SOE to maintain the threshold is unacceptable. Expenditures under specific category eligibility. Take note of the category specified that is eligible under the SOE modality, which will cover all expenditures irrespective of the amount.

Form signed by the designated signatories. Form includes a certification text. The Form signatories, normally the project accountant, project director and authorized representative, certify not only the accuracy and appropriateness of the figures, but also compliance with the provisions in the certification text, i.

In this respect, Form is not accepted as a supporting document for a WA if the certification text and three signatures are not complete and provided on all pages of the SOE being submitted. Amount within ceiling figure agreed as a reasonable limit imprest account option. This would normally apply to advances based on the imprest account methodology option. Amount at least equal to 20 per cent of the agreed reasonable limit.

The purpose of prescribing this financial ceiling is to reduce the number of transactions in the loan or grant account, thereby reducing administrative costs. During periods of intensified implementation activity, it is recommended that replenishment applications be submitted on a monthly basis to ensure that the project has sufficient, readily available liquidity. Amount agreed sufficient to cover a specific reporting period revolving fund option.

This may vary from time to time. Exchange rate used. Completeness of designated account banking and account details.

Failure to submit this information and documentation will lead to delay in payment. Enclosed designated account reconciliation s and bank statements. These documents must be attached to every WA submitted for replenishment. The financial period being reported on should be identical to that of each of the bank statements, reconciliation and period of replenishment.

At any given time, the total in the reconciliation statement should always be equal to the agreed limit figure if the imprest account option is applicable, or 2. For replenishment of the designated account covering expenditures that are not eligible under SOE, the relevant documents items 1 to 5 , including item 7, should be submitted. The duly completed and signed Form is considered a supporting document for claims applicable under the SOE facility.

It should be noted that not all expenditures financed from the designated account are automatically eligible under this facility. The prescribed SOE eligibility should be applied at all times. Failure to adhere to these requirements will lead to payment delay. Procurement shall be undertaken during the project implementation period. These are further elaborated, as necessary, in the LTB. During the six-month period between PCD and FCD, only expenditures to meet the costs of winding-up activities such as salaries and allowances of key project staff, limited operating costs, audit, completion report are eligible under the financing.

Detailed information should be provided in the forms attached to the WA when applicable to these circumstances, to enable IFAD to determine eligibility of expenditures in order to avoid protracted communications and payment delay. Sequential numbering of withdrawal application 2. Withdrawal application amount tallies with sequentially numbered summary sheets 3.

Percentage of financing applicable for each category or subcategory 5. Availability of funds in categories and the overall financing amount 6. Currency of payment 7. Completeness and accuracy of banking instructions 8. Complete name and address of correspondent bank 9. Eligibility of expenditures claimed a Within SOE financial ceiling b Expenditures under specific category [] eligibility 2.

Amount agreed sufficient to cover a specific reporting period revolving fund option 4. Exchange rate used 5. Completeness of designated account banking and account details 6. Copy of contract 2. Copy of invoice, certified by Project Director 3. Copy of bank guarantee and performance guarantee for advance payment 4.

Copy of delivery receipt 5. Copy of evidence of payment 6. Completed Form 7. In accordance with terms in section E of the Financing Agreement 2. In order to verify that conformed copies of each awarded contract have been received by IFAD, the monthly reporting procedure indicated below will be applicable. A record of contracts awarded by the lead project agency during a calendar month that are expected to be financed — in part or in full — by proceeds of the IFAD financing must be submitted to the Fund in the format Register of Contracts.

A copy of this format is provided as Form C, indicating the information required for due completion. The information required in columns 2 through 11 of the Register of Contracts pertinent to the amendment will also be recorded as may be applicable i. Updated versions of Form C will continue to be submitted for the life of the contract through final payment.

Date Invoice No. Form A or B is to be completed using the format that applies to the type of designated account opted for, and specific for the project concerned, i. Copies of bank statements are required as supporting documentation for all bank accounts, and need to reflect the same reporting period: for example, if the WA reporting period for replenishment is intended to be 21 February through 31 March , all bank statements and funds being reported in the reconciliation statement are required to cover that same period.

Bank statements presented must include the opening balance as of 21 February , the closing balance as of 31 March , and all transactions that occurred during the reporting period. Inconsistencies will give rise to protracted exchange of correspondence to clarify, and will cause delay in the release of payment. Project Title: Indicate the relevant project name. WA No. Designated Account No.

If there are several tranches, indicate here the total amount paid by IFAD as of the date of preparation of the reconciliation statement. Equals Present Outstanding Amount Advanced to the Designated Account: This figure should be the net amount after deducting line 2 from line 1.

If recovery of the advance has not yet started, the entry in this section is always the amount shown in line 1. If there are two or more withdrawal applications, list the relevant applications separately and provide a subtotal. Total Advance Accounted for: Indicate the total of lines 5 through 9. The amount reflected here should always be the same as the amount in line 3. Explanation of any Difference Between the Totals Appearing on Lines 3 and If there is a discrepancy between the figures on lines 3 and 10, the explanation for the difference is shown here.

List each circumstance and figure separately. In order to regularize the designated account, the reconciling items as shown in line 11 should be adjusted by the time of receipt of the next WA for replenishment, for example via deposit or 60 other adjustment, depending on the circumstance, back into or from the designated account, and should be reflected in the next bank statement. Date and Signature: The completed Designated Account Reconciliation Statement should be dated and signed by the authorized project staff, including printed name and title.

If there are several tranches, indicate each as paid by IFAD with corresponding value date s as of the date of preparation of the reconciliation statement. In order to regularize the designated account, the reconciling items as shown in line 11, should be adjusted by the time of receipt of the next WA for replenishment, for example via deposit or other adjustment, depending on the circumstance, back into or from the designated account, and should be reflected in the next bank statement.

Non-eligible amount to be refunded to the Designated Account e. Counterpart financial resources to be reimbursed e. All requirements related to audits and establishment of audit arrangements, together with sample templates, are provided in the guidelines, and some are also found in this annex. The format for the financial and audit reports and the distribution channels will be discussed at the time of the start-up mission.

The sample templates provided herewith are: 1. The audited designated account and the SOE-WA schedule need to be reconciled with the audited financial statements, since these may often be in different currencies. Other sample templates are provided in this annex: Form - Status of Financial Statement, duly updated, provides a record of the status of preparation and submission of financial statements as required by section 9.

Loan disbursement handbook Disbursement under Suspension of Loan 4. Loan disbursement handbook Loan Proceeds and Disbursement Procedures The loan proceeds may be utilized to finance economy-wide import requirements on the basis of a negative import list, or sector-specific import requirements on the basis of a positive Loan disbursement handbook. Simplified Documentation under the Reimbursement Procedure 6. Author : N. A Publisher: N.

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