| Financier | Commitments |
|---|---|
| Borrower/Recipient | 0.50 |
| IDA Grant | 11.00 |
Project for Strengthening Public Financial Management
Abstract*
The objective of the Strengthening Public Financial Management Project for Micronesia is to improve tax administration and the completeness, reliability and timeliness of financial reports of the National and State Governments. The project has 5 components. 1. Strengthening the public financial management environment component will strengthen the Public Financial Management (PFM) environment by ensuring that the legal and regulatory framework and... Show More
Development Objective
The objective of the project is to improve tax administration and the completeness, reliability and timeliness of financial reports of the National and State Governments.
Key Details
Project Details
P161969
Active
Bonnie Sirois , Elena Georgieva-Andonovska, Pike Aye
The Federated States of Micronesia
October 1, 2017
(as of board presentation)
May 30, 2018
October 1, 2018
US$ 11.50 million
Department of Finance and Administration
2018
US$ 11.00 million
B
April 19, 2024
August 25, 2025
Yes
BANK APPROVED
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | 11.00 |
| IBRD + IDA Commitment | 11.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 11.50 |
Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Jan 4, 2022 | IDA-D9360 | Loan Commitment | 5,000,000.00 |
| May 30, 2018 | IDA-D3240 | Loan Commitment | 11,000,000.00 |
| Jul 16, 2024 | IDA-D9360 | Loan Disb | 500,000.00 |
| Jul 17, 2024 | IDA-D9360 | Loan Disb | 302,049.94 |
| Feb 3, 2022 | IDA-D3240 | Loan Disb | 167,498.55 |
| Aug 12, 2022 | IDA-D3240 | Loan Disb | 142,392.12 |
| Oct 21, 2022 | IDA-D3240 | Loan Disb | 139,570.97 |
| Feb 23, 2023 | IDA-D3240 | Loan Disb | 496,194.97 |
| Jun 20, 2023 | IDA-D3240 | Loan Disb | 204,174.86 |
| Apr 11, 2023 | IDA-D3240 | Loan Disb | 613,388.75 |
| Sep 26, 2023 | IDA-D3240 | Loan Disb | 407,899.80 |
| Jan 29, 2024 | IDA-D3240 | Loan Disb | 340,069.56 |
| Dec 4, 2023 | IDA-D3240 | Loan Disb | 402,252.50 |
| Jan 7, 2019 | IDA-D3240 | Loan Disb | 500,000.00 |
| Jul 9, 2019 | IDA-D3240 | Loan Disb | 131,672.77 |
| Mar 24, 2020 | IDA-D3240 | Loan Disb | 166,952.36 |
| Oct 30, 2019 | IDA-D3240 | Loan Disb | 493,089.12 |
| Apr 28, 2020 | IDA-D3240 | Loan Disb | 218,237.89 |
| May 26, 2020 | IDA-D3240 | Loan Disb | 226,549.23 |
| Aug 26, 2020 | IDA-D3240 | Loan Disb | 239,466.36 |
| Aug 16, 2019 | IDA-D3240 | Loan Disb | 197,932.72 |
| Nov 30, 2020 | IDA-D3240 | Loan Disb | 482,321.22 |
| May 14, 2021 | IDA-D3240 | Loan Disb | 167,805.55 |
| Feb 4, 2021 | IDA-D3240 | Loan Disb | 218,256.27 |
| Sep 20, 2021 | IDA-D3240 | Loan Disb | 118,263.97 |
| Oct 27, 2021 | IDA-D3240 | Loan Disb | 104,497.82 |
| May 20, 2022 | IDA-D3240 | Loan Disb | 148,793.55 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Overall Safeguards Rating | Satisfactory | 2024-12-27 |
| Progress towards achievement of PDO | Moderately Satisfactory | 2024-12-27 |
| Procurement | Moderately Satisfactory | 2024-12-27 |
| Project Management | Moderately Satisfactory | 2024-12-27 |
| Financial Management | Satisfactory | 2024-12-27 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2024-12-27 |
| Monitoring and Evaluation | Satisfactory | 2024-12-27 |
COMPLETION RATINGS
No data available.
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
PDO-1: In-year budget reports prepared and published by National and all four State governments Value In-year budget reports not prepared and not publis Not yet In-year budget reports prepared and cleared for pu Date June 29, 2018 March 15, 2024 September 30, 2024 Comment PDO-2: Revenue Management System installed and in use by CTA for improved revenue accounting Value “C” score in 2016 self-assessment for PI-20.3 Year 1 and 2 targets achieved. Year 3 target in pr Criteria for “B” score of PI-20.3 met Date June 29, 2018 March 15, 2024 September 30, 2024 Comment PDO-3: New FMIS used by all five govts for recording and reporting budget, revenue and expenditure Value FundWare accounting system being phased out Not yet New FMIS used for preparation of budget for FY2024 Date June 29, 2018 March 15, 2024 September 30, 2024 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
IR-1: New chart of accounts for all govts for better management, financial and statistical reporting Value "C" score in 2016 self-assessment. Functional clas Year 1 and 2 targets met. “A” score criteria for PI-4 met Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-3: Financial data integrity maintained to meet “B” score for PI-27 Value “B+” score for PI-27 in 2016 self-assessment No change Criteria for "B" score for PI-27 fully met Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-4: Taxpayer accounting in Customs and Tax Administration (CTA) automated Value No RMS in place Year 1 and 2 target met.Year 3 and 4 targets in pr All modules of RMS implemented and in use Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-5: Competency framework specifying minimum skillsets adopted and used for all PFM related jobs Value No competencies defined for PFM related roles Y1 target partially complete, pending gender analy Competency framework specifying minimum skillsets Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-2: Procedures Manuals updated with detailed guidance for all five governments Value Operations Procedure not covering all required are Not yet Procedures Manuals in place with detailed guidance Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-6: External training program partnerships for PFM related certification and degree courses Value No external training program partnerships in place Target has been met. Four (4) external training program partnerships fo Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-7: Number of staff completing external training programs in PFM related disciplines Value 0.00 21.00 50.00 Date June 29, 2018 March 15, 2024 September 30, 2024 Comment Of which female Value 0.00 0.00 0.00 Date Comment IR-8: Gender-sensitive communication conducted for the project for awareness and building ownership Value No communication strategy; regular updates and inf Not yet DoFA website enhanced and regularly updated with i Date June 29, 2018 March 15, 2024 September 30, 2024 Comment IR-9: Transparency and citizen engagement in budget preparation and execution by National government Value DoFA website exists but does not provide platform Yr.1 target achieved. DoFA website includes functionality to capture cit Date April 30, 2018 March 15, 2024 September 30, 2024 Comment