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Financial Management Specialist at Ministry of Finance

  • Full Time
  • Lilongwe
  • Applications have closed
  • Salary: 00

Ministry of Finance

Government of Malawi
(Appointment Type: Local Hire)

The Government of Malawi (GoM) through the Ministry of Finance (MoF) has applied for financing towards the cost of the Regional Climate Resilience for Eastern and Southern Africa 2 (RCRP). The EP&D intends to apply part of the proceeds of this financing to eligible payments under the contract for hiring various Project specialists and an intern.

The EP&D invites applications from suitably qualified and interested candidates to fill the position of Project Monitoring and Evaluation Specialist, recruited as individual consultants following World Bank Regulations dated September 2023.

Position Title : Financial Management Specialist (1 Position)

The Objectives of the Assignment

The overall objective of the assignment is to manage all accounting, internal control and other financial management under the project in adherence with the World Bank’s Regulations for IPF Borrowers dated September 2023.

Duties and Responsibilities

  • Liaise with appropriate Government offices and IDA in overseeing and managing the special and project bank accounts established for the implementation of activities under the Project;
  • Preparation of consolidated Financial Statements in accordance with the International Public Sector Accounting Standards (IPSAS) that give true and fair view of the financial position of the RCRP at the end of the financial year;
  • Coordinating budget planning and preparation, execution and monitoring including liaising with Sector Specialists and relevant cost centres;
  • Ensure that RCRP resources are used in accordance with the conditions of the relevant financing agreement, with due attention to economy and efficiency, and only for the purposes for which the financing was provided;
  • Verify the contractual and financial details of each invoice, payment requests and interim or final itemised statement of account before making any payment;
  • Preparation of disbursement requests and financial justifications for the project and submit to Treasury and IDA;
  • Ensure that all necessary supporting documents, records, and accounts have been maintained in respect of all project activities, including expenditures reported using Statement of Expenditures (SEO) or Interim Financial Reports (IFRs) methods of reporting;
  • Ensure all financial reports are in agreement with underlying books of account;
  • Ensure national laws and regulations have been complied with, and that the financial and accounting procedures approved for the RCRP (e.g. Operational Manual, financial procedures manual, etc.) are followed and used;
  • Periodically review the performance of control functions to ensure that internal controls are sufficient and functioning correctly;
  • Ensure that the Financial Performance of the RCRP is Satisfactory;
  • Ensure that assets procured under the RCRP exist and there is verifiable ownership in line with the relevant financing agreements;
  • Supervise and conduct in-house financial management and accounting training for Project staff;
  • Establish central accounting filing system, and ensure all project documents are properly retained in accordance with GoM and Bank requirements;
  • Ensure annual financial statements and all project accounts are audited timely once a year by a reputable auditing firm and submit an annual audit report to GoM and financiers not later than March 31;
  • Coordinate as necessary with Internal and External Audit, GoM and Bank supervision missions, including attending to follow up on findings and recommendations;
  • Maintain accurate and traceable schedules for VAT and timely remittance of tax deductions to the Malawi Revenue Authority;
  • Advise the Project Coordinator on all financial and control considerations of the project; and
  • Undertake all other duties and responsibilities commensurate with the role and level of this position as may be requested by the Project Coordinator

Performance Criteria

The performance of the Financial Management Specialist will be regularly assessed against performance criteria that will be agreed within one month of taking up the positions. The
performance criteria will emphasize the inclusiveness of RCRP institutions and capacity building of the counterparts in taking over these responsibilities after the expiry of the contracts.

a) Fortnight reconciliation of reports indicating progress of work and plans for the next fortnight;
b) Quality monthly financial reporting including bank reconciliations;
c) Quarterly financial reports to the World Bank;
d) Quality annual financial reports; and
e) Completion reports following all key financial special assignments.

Reporting Requirements

The Financial Management Specialist will be directly reporting to the Project Coordinator and will also be responsible for supervision of the other finance officers in the PCU, the RCRP implementing agencies and their field offices, and Director of Finance and Project Accounts Assistant in District Councils where the RCRP is implementing its activities.

Qualification and experience

The Financial Management Specialist will need to have:

i. Professional accounting qualification, CPA (MW), ACCA, CIMA;
ii. Bachelor’s Degree in Accounting, or Finance or Business Administration. A Master’s Degree will be an advantage;
iii. At least 10 years of post-qualification experience in financial management in a reputable and highly performing public sector organization and at least 5 years’ experience of managing donor funded projects covering highly complex financial management issues, and those with Audit
experience would have an added advantage;
iv. Demonstrate extensive practical experience and skills in all aspects of international financial management with due regard to World Bank projects and GoM financial regulations;
v. Computer literate; good knowledge of MS Office application and Project Computerized Accounting;

vi. Outstanding numeracy, planning, organising and controlling skills;
vii. Excellent leadership, organizational and interpersonal skills; and
viii. Excellent communication and analytical skills.

Duration of the assignment

The Project Financial Management Specialist will be recruited for a period of five (5) years, with the contract renewable annually subject to satisfactory performance, need and availability of funding.

Facilities to be provided by the Client

The following shall be provided by the Client: office space, furniture, office equipment, communication, and internet facilities. For all field related assignments, the Project shall provide transport and costs and other expenses (per diems etc.) related to the fieldwork.

Location of Employment

All the Project Specialists will be based at the Project Coordination Unit in Lilongwe but would be required to travel regularly to other relevant field offices where the RCRP is implementing its activities.

Method Of Application

Interested Individuals meeting the stated requirements should submit their Expressions of interest including updated detailed curriculum vitae (CVs) and copies of professional certificates must be delivered in a written form to the address below (in person, or by mail, or by fax, or by e-mail) by Tuesday, 13th February, 2024 on or before 10:00 hours, local time.

The Project Coordinator,
Regional Climate Resilience Program for Eastern and Southern Africa 2 Project,
Department of Economic Planning and Development,
P. O. Box 30136,

(Attention: The Procurement Officer)

Alternatively, applications may be emailed to: : /copy