| Financier | Commitments |
|---|---|
| Borrower/Recipient | 0.50 |
| IDA Grant | 9.00 |
Project to Strengthen budget execution and financial reporting systems
Abstract*
The objective of the Project to Strengthen budget execution and financial reporting systems for Marshall Islands is to improve the completeness, reliability and timeliness of Government’s annualfinancial statements, and the availability of reliable socioeconomic statistics. The project has 5 components. 1. Strengthening the public financial management environment component will improve the legal and regulatory framework of the Public Financial Management... Show More
Development Objective
The objective of the project is to improve the completeness, reliability and timeliness of Government’s annual financial statements, and the availability of reliable socioeconomic statistics.
Key Details
Project Details
P163131
Active
Bonnie Sirois , Elena Georgieva-Andonovska, Pike Aye
The Republic of the Marshall Islands
September 29, 2017
(as of board presentation)
May 30, 2018
October 1, 2018
US$ 9.50 million
Ministry of Finance
2018
US$ 9.00 million
B
June 6, 2024
March 31, 2025
Yes
BANK APPROVED
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | 9.00 |
| IBRD + IDA Commitment | 9.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 9.50 |
Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Apr 25, 2024 | IDA-D3220 | Loan Disb | 82,385.10 |
| May 18, 2022 | IDA-D3220 | Loan Disb | 819,534.94 |
| May 18, 2022 | IDA-D3220 | Loan Disb | 157,314.14 |
| Jan 25, 2022 | IDA-D3220 | Loan Disb | 182,300.22 |
| Jan 20, 2022 | IDA-D3220 | Loan Disb | 199,598.60 |
| Dec 17, 2020 | IDA-D3220 | Loan Disb | 270,331.62 |
| Jun 16, 2021 | IDA-D3220 | Loan Disb | 199,864.27 |
| Jun 24, 2019 | IDA-D3220 | Loan Disb | 186,305.56 |
| Mar 22, 2019 | IDA-D3220 | Loan Disb | 125,965.08 |
| Oct 1, 2018 | IDA-D3220 | Loan Disb | 200,000.00 |
| Apr 1, 2020 | IDA-D3220 | Loan Disb | 195,955.52 |
| Jun 29, 2020 | IDA-D3220 | Loan Disb | 187,257.55 |
| Feb 24, 2021 | IDA-D3220 | Loan Disb | 197,092.11 |
| May 30, 2018 | IDA-D3220 | Loan Commitment | 9,000,000.00 |
| Feb 2, 2023 | IDA-D3220 | Loan Disb | 1,321,745.40 |
| Jan 9, 2023 | IDA-D3220 | Loan Disb | 195,181.30 |
| Jan 9, 2023 | IDA-D3220 | Loan Disb | 193,323.30 |
| Jan 9, 2023 | IDA-D3220 | Loan Disb | 195,416.16 |
| Jan 9, 2023 | IDA-D3220 | Loan Disb | 32,520.51 |
| Jan 9, 2023 | IDA-D3220 | Loan Disb | 197,126.28 |
| Aug 9, 2024 | IDA-D3220 | Loan Disb | 46,333.64 |
| Nov 16, 2023 | IDA-D3220 | Loan Disb | 534,210.30 |
| Nov 7, 2023 | IDA-D3220 | Loan Disb | 199,395.06 |
| Nov 10, 2023 | IDA-D3220 | Loan Disb | 198,235.70 |
| Apr 16, 2024 | IDA-D3220 | Loan Disb | 4,905.40 |
| Feb 23, 2024 | IDA-D3220 | Loan Disb | 102,509.42 |
| Apr 16, 2024 | IDA-D3220 | Loan Disb | 73,066.54 |
| Feb 14, 2024 | IDA-D3220 | Loan Disb | 199,326.39 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Overall Safeguards Rating | Satisfactory | 2024-11-20 |
| Monitoring and Evaluation | Moderately Satisfactory | 2024-11-20 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2024-11-20 |
| Progress towards achievement of PDO | Moderately Satisfactory | 2024-11-20 |
| Procurement | Moderately Satisfactory | 2024-11-20 |
| Project Management | Moderately Satisfactory | 2024-11-20 |
| Financial Management | Moderately Satisfactory | 2024-11-20 |
COMPLETION RATINGS
No data available.
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
PDO-1: Completeness, quality and timeliness criteria met for Annual Financial Statements by MoF Value Single audit submission deadline (9 months after y Year 4 target delayed, FY23 will be the first year AFS for FY2022 submitted for audit by Dec 31, 2022 Date June 29, 2018 March 31, 2024 June 30, 2023 Comment PDO-2: Production, publication of statistical abstract featuring key findings from the HIES Value No HIES data available since 2002 Achieved Statistical abstract featuring key findings from H Date June 29, 2018 March 31, 2024 March 31, 2021 Comment PDO-3: New FMIS used for preparation of budget and recording of revenue and expenditure transactions Value Accounting software 4-Gov in use but being phased Achieved New FMIS used for recording revenue and expenditur Date June 29, 2018 March 31, 2024 July 31, 2023 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
IR-1: Procedures Manual updated with detailed guidance Value As-is manuals for three functions available Year 2: achieved. Year 3 in progress. Year 4 delay Procedures Manual in place with detailed guidance Date June 29, 2018 March 31, 2024 March 31, 2022 Comment IR-4: Financial data integrity achieved to meet “B” score for PI-27 Value “D” score in 2012 PEFA PI-22. Bank account reconci Year 1 and 3 achieved – workflows documented. Year Criteria for “B” score for PI-27 fully met Date June 29, 2018 March 31, 2024 December 31, 2022 Comment IR-6: Competency framework with gender targets adopted for PFM related jobs across govt Value No competencies for PFM related roles defined. Gen Year 1 and 2 achieved. Year 3 partially achieved – Competency framework specifying minimum skillsets Date June 29, 2018 March 31, 2024 June 30, 2023 Comment IR-12: Household Income and Expenditure Survey (HIES) fieldwork and data cleaning completed Value HIES not conducted since 2002 Achieved HIES data cleaning completed and documented Date June 30, 2018 March 31, 2024 December 31, 2020 Comment IR-2: New chart of accounts adopted to facilitate management, financial and statistical reporting Value “D” score in 2012 PEFA PI-5; economic classificati Achieved New COA meets criteria for "A" score for PI-4 Date June 29, 2018 March 31, 2024 December 30, 2020 Comment IR-5: In-year budget reports prepared and published by MoF to meet PEFA Framework “B” score of PI-28 Value In-year budget reports not prepared and not publis Yr 1 achieved. Yr 2-4 in progress In-year budget reports prepared and cleared for pu Date June 29, 2018 March 31, 2024 June 30, 2023 Comment IR-7: Number of staff completing external training programs in PFM related disciplines Value 0.00 129.00 50.00 Date June 29, 2018 March 31, 2024 September 30, 2023 Comment IR-3: Update to Public Procurement Code and Implementation Guidance issued Value Code in need of update and no implementation guida Year 1 and 2 achieved. Year 3 in progress – IRR de Updated Public Procurement Code and IRR in use for Date June 29, 2018 March 31, 2024 June 30, 2023 Comment IR-8: Gender-sensitive communications conducted for the project for awareness and building ownership Value No communication strategy; regular updates and inf Year 1, 2 and 3 partially achieved. Year 4 delayed MoF website enhanced and regularly updated with in Date June 29, 2018 March 31, 2024 June 30, 2023 Comment IR-9: Transparency and citizen engagement in budget preparation and execution Value MoF website exists but does not provide platform f Year 3 partially achieved. Year 4 delayed – Citize MoF website includes functionality to capture citi Date April 30, 2018 March 31, 2024 June 25, 2024 Comment IR-10: Training plan developed to meet standards set in competency framework and address skills gaps Value No training plans in place Achieved Training plans in place for MoF staff Date June 29, 2018 March 31, 2024 January 31, 2022 Comment IR-11: Number of external training program partnerships for certification and degree courses in PFM Value No external training program partnerships in place Achieved Four (4) external training program partnerships fo Date June 30, 2018 March 31, 2024 June 30, 2023 Comment