1. Organisational Context
The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialized United Nations agency dedicated to eradicating poverty and hunger in rural areas in developing countries. It does so by financing projects and programmes that increase agricultural productivity and raise rural incomes, and by advocating at the local, national and international level for policies that enable poor rural people to overcome poverty.
2. Divisional Context
The Controller's and Financial Services Division (CFS) is located in the Financial Operations Department. CFS supports the mission of IFAD by providing sound financial management practices, effective financial accounting, payments and reporting that supports decision making, and developing innovative solutions to assist the Fund in achieving its strategic goals. A Regional Team within CFS has the overallresponsibility for the financial management arrangements in Fund projects, and the timely and efficient delivery of loan and grant administration services for the portfolio within the assigned cluster of countries, in line with the CFS work plan. The Finance Officer, Loans and Grants (FO) would work under the direct supervision of the Regional Team Leader and overall supervision of Manager Loans and Grants, for an assigned group of countries within the Region. The FO will be highly committed to the delivery of objectives and activities assigned and keep abreast of the financial management developments and skills required to respond to the divisional work plans and results.
3. Purpose of Position
The main responsibilities of the incumbent will be the design of financial management arrangements in Fund projects, supervision of financial management during project implementation and the timely and efficient delivery of loan and grant administration services for the assigned portfolio of countries, in line with the CFS work plan. S/he will provide financial management support and guidance to IFAD¿s loans and grants portfolio activities, ensuring compliance with specific IFAD standards, policies and guidelines, and fiduciary integrity, whilst allowing flexibility within generic financial management principles to enhance operational effectiveness and efficiency. The scope of the role includes coordination with internal and external stakeholders for financial management activities, including risk analysis and assessment covering loan administration, auditing, accounting and reporting, fund flows and internal controls.
The Finance Officer is typically assigned a set of projects in countries within a specific region, comprising loans and DSF grants. Key responsibilities include loan administration of a complex portfolio with relatively sophisticated Borrowers and some challenging issues, proactively undertaking work for early identification of financial management or fiduciary risks in the Fund's lending and grants projects and the development of mitigation strategies thereon to ensure improved results of the financial management of IFAD projects and programmes in line with the Fund's objectives and divisional work plans and in compliance with Fund's Financial Management Strategy and Guidelines. A key part of this responsibility is to assess inherent risks in country financial management systems based on diagnostic reports.
4. Duties and Responsibilities
For the assigned portfolio of loans, the incumbent's duties as Finance Officer will include the following:
- Undertake assessment of country financial management systems so as to facilitate utilization of public financial management (PFM) systems where appropriate, to determine inherent risks to IFAD projects. For this purpose complete review and analysis of available internal and external diagnostic reports available and supplement with additional studies if warranted and feasible.
- Complete financial management (FM) assessments of project financial management capacities and attendant fiduciary risks for assigned countries, consistent with internal policies and institutional guidelines, and document results of these assessments. Recommend appropriate risk mitigating measures in project design to provide assurance and accountability that funds have been used for intended purposes, and develop appropriate fund flow and disbursement arrangements.
- Ensure that project design and legal documentation adheres to IFAD financial and fiduciary standards. Lead the discussions on fiduciary matters internally with PMD and with Borrowersparticularly during negotiations. Prepare appropriate documentation (e.g. FM Assessment reports and Letter to Borrower). Clear negotiation packages with respect to FM and disbursement.
- Closely monitor financial management performance actively throughout the project/loan implementation (including participation in portfolio review meetings and participation in supervision missions). Based on supervision findings, monitor follow up actions with Borrowers and revise FM arrangements and risk ratings as appropriate.
- Ensure compliance with IFAD policies and procedures with respect to project audits, including the timely receipt and review of project audit reports and follow up thereof, rating of the audit reports, and recording thereof in the Audit Report Tracking System. Prepare Legal Notices and Suspension Notices for Borrowers due to delay of audit report submissions in line with IFAD¿s operational procedures.
- In collaboration with Debt Service Unit, review and follow up on loan servicing progress and help prevent (where possible) and resolve arrears issues.
- Promote knowledge sharing and build and maintain effective collaboration with FOD colleagues, Country Programme Managers, cooperating institutions, project staff and recipients. Facilitate capacity building activities and initiatives for Borrowers¿ project staff, IFAD staff and consultants, as appropriate.
- Contribute to the development of improved systems, policies, procedures, instruments or practices in relation to financial management of the IFAD loan and grant portfolio and to the associated implementation, training and awareness activities as required.
- Perform validation checks on Withdrawal Applications (WAs) processed by Finance Assistants based on departmental guidelines on risk-based disbursement, quality assurance arrangements and delegated payment approval authorities. Monitor compliance with FM covenants in legal agreements. Initiate the application of institutional remedies when for defaults in consultation with management and legal colleagues.
- Undertake ad-hoc tasks and cross-cutting initiatives as assigned by the Manager or Director, Loans and Grants.
5. Qualification and skills required
Education and Experience
- Master's degree in finance, business studies or accounting; with at least 5 years' relevant professional experience, including work in recognised audit firms and/or in financial management, loan administration and accountability for funds with bi/multi-lateral international aid organizations, rural development/financial institutions and/or government services.
- In lieu of the Master's degree, a Bachelor's degree in any of the above-named areas together with at least 9 years' post-qualification relevant professional experience may be considered.
- A relevant professional qualification (such as a CFA, CPA or CIMA) is considered an asset.
Technical/functional competencies:
- Strong interpersonal/negotiation skills and ability to deal with a wide variety of clients and stakeholders at all levels.
- Ability to establish and maintain effective working relations with people in a multi-cultural, multi-ethnic environment with sensitivity and respect for diversity
- Analytical skills, possessing analytical aptitude in various dimensions of financial management (e.g. accounting, reporting, internal controls, flow of funds and audit) and an appreciation of governance and socio-economic issues in the area of rural development.
- Ability to lead a team and interact effectively with in-house and external partners; maintaining and developing professional networks.
- Accuracy, numeracy, attention to detail and thoroughness; possessing analytical aptitude in the various dimensions of financial management (e.g. accounting, reporting, internal controls, flow of funds and audit) as well as an appreciation of governance and socio-economic issues in the area of rural development.
- Ability to accomplish work objectives within assigned time targets and to a high standard.
- Willingness to learn, acquire and share new competencies; and seek new challenges by exploring new approaches to work.
Languages and other skills:
- Full command of English language. Knowledge of another IFAD official language (French, Spanish, Arabic) would be an advantage.
- Strong communication skills, including the ability to speak persuasively and explain portfolio and procedural guidelines effectively, in writing and orally, including situations requiring negotiation with Borrower representatives.
Results-oriented Performer: able to accomplish work objectives within assigned time targets and with high standards of performance.
Analytical skills: possess analytical aptitude in various dimensions of financial management (e.g. accounting, reporting, internal controls, flow of funds and audit) and an appreciation of governance and socio-economic issues in the area of rural development.
Problem solving skills: able to demonstrate ability to seek innovative solutions to problems encountered in work.
Self-developer/Innovator: willing to learn, acquire and share new competencies; and seek new challenges by exploring new approaches to work.
6. Other Information
Applicants should note that IFAD staff members are international civil servants subject to the authority of the President of IFAD, and should be willing to rotate. IFAD reserves the right to appoint a candidate at the appropriate grade commensurate with experience and knowledge.
