SUPPORT TO FINANCIAL GOVERNANCE POLICY DIALOGUE

Sector Context: In 2014 the Federal Government of Somalia (FGS) and the international community established a high-level and hybrid institution - the Financial Governance Committee (FGC) - to increase transparency and accountability on key financial governance issues. The first biannual review of the FGC highlighted the need for additional, more sustainable financing to enable the FGC to fulfil its mandate. This project provides the FGC with: a) predictable, reliable funding for its basic operations and b) technical assistance to help advance its work program in the FGC’s second year.

Timeframe 2015-16

Financials Appraised Value: US$ 2 m

Components

Component 1: Facilitating policy dialogue and mutual accountability on financial governance

This component will finance the main elements of the FGC architecture. It will also aim to strengthen mutual accountability between the government and international partners as well as between government and key Somali actors by monitoring and communicating financial governance progress and stimulating public debate.

Component 2: Strengthening high value public procurement and concessions

This component will provide dedicated technical assistance to strengthen the area of high value public procurement and concessions. It will support the FGC and the FGS by facilitating technical advisory services and by improving transparency in strategic procurement and concessions.

Component 3: Supporting Oversight and Transparency of Asset Recovery

This component will contribute to greater transparency of the asset recovery process by supporting the FGC’s oversight role and monitoring asset recovery and the use of proceeds of recovered assets. It will complement the assistance provided under the World Bank / UNODC Stolen Asset Recovery (STAR) initiative and provide limited technical assistance to support the Central Bank of Somalia and the government in implementing its asset recovery strategy, if required. 

Beneficiaries Financial governance and oversight institutions of the FGS

Government Counterparts The Ministry of Finance, the Central Bank of Somalia, the Office of the Prime Minister, the Office of the President, the Office of Auditor General and the Parliamentary Financial Oversight Sub-Committee.

Implementation Arrangements World Bank Executed

Geographic Coverage Federal Government of Somalia