FEDERAL GOVERNMENT OF SOMALIA

MINISTRY OF FINANCE

REQUEST FOR EXPRESSION OF INTEREST (REOI)

Country: Federal Government of Somalia (FGS)

Name of the Project: De-Risking, Inclusion and Value Enhancement of pastoral economies in the Horn of Africa Project (DRIVE) project

 Assignment Title: Finance Management Specialist for PIU DRIVE Project

Project ID: P176517

Individual/Firm: Individual Selection

Deadline for submission of EOI: 2nd August 2025 4:00PM.

Ref No.SO-MOF-496061-CS-INDV

1.  Background: The Republic of Somalia has received financing from the World Bank towards the cost of the De-Risking, Inclusion and Value Enhancement of pastoral economies in the Horn of Africa Project (DRIVE) projects; and intends to apply part of the proceeds of the above project to finance the position of Financial Management Specialist to support the Project Coordinator in managing and maintaining a sound financial and accounting system for the achievement of value for money and delivering on the project development objective.

The Project Development Objectives are to enhance pastoralists' access to financial services for drought risk mitigation, include them in the value chains, and facilitate the livestock trade in the Horn of Africa.

2 Responsibilities:

Financial Management Capacity Building and Compliance

i.                    Conduct financial management training needs analysis and develop structured capacity-building plans.

ii.                  Provide periodic financial training to implementing MDAs and ensure staff remain updated on regulatory changes.

iii.                Maintain accounting records in line with approved operation manuals: EAFS manual, PIM, and COAPM procedures.

b)                   Financial Reporting and Oversight

i.                    Prepare and submit periodic financial reports (monthly, quarterly, annually) in approved formats, ensuring compliance with the financing agreement.

ii.                  Prepare Unaudited Quarterly Financial Reports (IFRs) and Annual Financial Statements, ensuring adherence to international reporting standards.

iii.                Ensure timely identification and reporting of material variances for financial oversight and strategic decision-making.

iv.                Follow up with finance officers of Gargaara and PTA Reinsurance company to ensure financial reporting on the components implemented by the two Partners is consistent with the Project Appraisal Document and other project documents.

c)                  Budgeting and Financial Planning

i.                    Develop and review annual work plans and budgets in collaboration with project staff, ensuring alignment with the standard chart of accounts.

ii.                  Prepare, monitor, and interpret cash flow forecasts to support financial planning.

iii.                Ensure disbursements align with approved budgets, work plans, and financial agreements.

d)                 Fund Disbursement and Payment Processing

i.                    Verify payments adhere to accounting practices and financing agreements, obtaining No Objection letters where applicable.

ii.                  Facilitate prompt fund release to beneficiaries while ensuring proper accountability measures are in place.

iii.                Maintain comprehensive financial records for audits, reviews, and compliance verification.

e)                  Subledger Reconciliation and Documentation

i.                    Conduct monthly bank reconciliations for project accounts.

ii.                  Prepare Statements of Expenditure (SoEs) to ensure accurate financial tracking and timely documentation.

iii.                Ensure timely updates to the Fixed Assets Register, conducting physical verification of assets at least twice a year.

iv.                Ensure regular update the Contracts Disbursement Register, ensuring proper reconciliation of new contracts and supplier payments.

f)                   Audit Coordination and Risk Management

i.                    Work with auditors to facilitate timely financial audits and address queries.

ii.                  Ensure compliance with internal control systems, EAFS manual, PIM, COAPM, and other regulatory procedures.

iii.                Identify emerging fiduciary risks that inform revisions of the EAFS manual and PIM.

g)                  Procurement and Financial Oversight

i.                    Monitor financial management aspects of consulting services and procurement.

ii.                  Ensure compliance with procurement and disbursement procedures under World Bank and Government regulations.

h)                 Regulatory Compliance and Updates

i.                    Keep abreast of changes in financial regulations and ensure accounting staff remain updated.

ii.                  Ensure no project category or component is overspent without proper World Bank authorization.

All other specific tasks detailed in the Terms of Reference (TOR) for the assignment that can be found at the following website link: https://mof.gov.so/publications/tor-financial-management-specialist

3.  Duration: The proposed duration for the assignment is Twelve Months (12) calendar months from starts date.

3.  Selection Criteria: The selection shall be based on qualification, experience and skills of the candidate and followed by an interview. The qualifications, experience and competencies include:

•      Bachelor’s degree in accounting, finance or business administration (accounting). A Master’s degree in finance with be considered an added advantage

•      Professional qualification in financial management, registered by and attained final qualification of any financial management related recognized professional body e.g. CIPFA IPFM, ACCA, CPA etc.;

•      At least 8 years of experience in accounting and finance;

•      Preferably at least 3 years of post-qualification experience in financial management directly relevant to public sector and/or international development organization. Familiarity with the World Bank Accounting Guidelines will be an added advantage.

•      Experience of project financial management in a developing country; experience in a fragile state is preferable;

•      Excellent written and oral communication skills in English, to deliver technical financial documents, and reports; candidates familiar with Somali language will have an added advantage;

•       Knowledge of computerized accounting systems such as QUICKBOOKS, PASTEL, etc.;

•      Excellent computer skills in Microsoft Office tools (Word, Excel, and PowerPoint) and Internet use, including database use is required.

•       Familiarity with public sector financial management would be a distinct advantage.

4.  The Ministry of Ministry of Finance now invites eligible consulting (“Consultants”) to indicate their interest in providing the above-mentioned Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services and furnish the Curriculum Vitae (CV).

5.  Attention of interested Consultants is drawn to section III, para 3.14,3.16 & 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers: Procurement in Investment Projects Financing Goods, Works, Non -Consulting and Consulting Services dated in September

2023 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.

6.  A Consultant will be selected in accordance with the Individual Consultant method set out in the World Bank Procurement Regulations.

7.  Interested Consultant may obtain further information (in person or by e-mail) at the address below during office hours from 8.00 a.m.– 4.00 p.m. Saturday to Thursday except on public holidays.

9. Deadline for submission: Expressions of interest should be delivered in a written form to the address below (in person, or by e-mail) by 2nd August 2025 4:00PM. local Time.

Attention

Project Coordinator, DRIVE Project,

Ministry of Finance, Federal Government of Somalia, Shangani District, Mogadishu, Somalia

Email Address: [email protected]