The activities the Agency undertakes within its competencies are largely funded from the World Bank and other donors’ donations and credits. All such projects are implemented and the donor funds used in line with clearly defined procedures as a strict adherence thereto is a condition for their use.
A special Project Management Unit (PMU) within the Agency is responsible for technical and financial administration of projects financed from donations and proceeds of credits granted by international financial institutions. PMU activities include implementation of procedures for selection of consultants and procurement of goods, fund management, use of funds, record-keeping and reporting on the use of funds.
The Agency’s partners from 2001 onwards include:
· Swiss State Secretariat of Economic Affairs - SECO http://www.seco.admin.ch/index.html?lang=en
· The World Bank http://www.worldbank.org/
· Department for International Development of the Government of the United Kingdom of Great Britain and Northern Ireland - DFID http://www.dfid.gov.uk/
· Swedish International Development Cooperation Agency - SIDA http://www.sida.se/
· US Treasury http://www.ustreas.gov/
LINKS TO INSTITUTIONS’ WEBSITES
Owing to its considerable experience with projects financed by the World Bank and other donors, and to its exceptional performance so far, the PMU also provides services of technical and financial administration of projects funded by the WB and other donors to other institutions, including:
· Republic of Serbia Government (Office of Deputy Prime Minister for EU Integrations and General Secretariat) http://www.srbija.gov.rs/
· Ministry of Labor and Social Policy http://www.minrzs.gov.rs/cir/
· Ministry of Finance http://www.mfin.gov.rs/
LINKS TO INSTITUTIONS’ WEBSITES
PMU has successfully administered over 30 projects amounting in total to approx. EUR 25 million, financed by various donors.
Financial Audit of the Agency to Assess Fiduciary Risk
Since the Agency is the fund manager in a number of DFIDprojects, in December 2009, the DFIDoffice in Serbia conducted a financial audit of the Agency to assess fiduciary risks.
Fiduciary risk is a potential risk that donated funds may not be used for the targeted purpose, that the investments may fail to achieve the optimum value, and/or that the use of funds may not be fully justified. The most common reasons for conducting a fiduciary risk assessment in a country are the lack of capacities, insufficient expertise and knowledge, inefficiency of bureaucracy and/or high level of corruption.
Fiduciary Audit was carried out in line with PEFA (LINK TO PEFA WEBSITE)http://www.pefa.org/ indicators and included a thorough scrutiny of the Agency’s trustee system and procedures related to DFID(and other donors’) fund management as well as the review of audit reports for DFID projects. The audit also included information on the Agency’s operations in the context of public finance management in the country and fiduciary risks identified in the last PEFA report on Serbia from 2007. The audit report findings were as follows:
 The Public Expenditure and Financial Accountability Program was launched in December 2001, co-financed by the World Bank (Development Grant Facilities - DGF), European Commission, Department for International Development of the Government the United Kingdom of Great Britain and Northern Ireland (DFID), Swiss State Secretariat of Economic Affairs (SECO), Royal Norwegian Ministry of Foreign Affairs, French Ministry of Foreign Affairs and International Monetary Fund (IMF). PEFA Program aims to improve the borrowers’ abilities and capacities to: (i) assess the country’s public expenditure, procurement and financial accountability, and (ii) develop a set of practical activities aimed at capacity reform and development. PEFA reports provide a snapshot of the situation with regard to public finance management in each country. The assessment is conducted by applying the methodology developed by PEFA.
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