Federal Republic Of Somalia

Ministry of Labour and Socila Affairs

Job Description for the Finance Specialist

1. Background and Objective of the Assignment

The Finance Finance Specialist is required to support the Federal Government of Somalia (FGS) in the implementation of the Skill for Employability, Inclusion and Productivity (SEIP) Project funded by the African Development Bank. The project development objective of SEIP is to strengthen technical and vocational skills development to enhance employability and contribute to inclusive growth. Therefore, the main focus of the project will be to support reviving of TVET sub-sector through rehabilitation of training facilities, institutional and sector governance capacity building.  The Project is expected to increase the pool of skilled workforce especially the youth and increase the opportunities for their employability in the labor market or self-employment.  The other benefits would be producing graduates with skills in climate resilient relevant fields and contribute to low carbon emission and green growth. 

Project Overview

MoLSA has secured a grant from the African Development Bank to be applied towards implementation of SEIP Project over a four-year period.

Project beneficiaries

The SEIP is expected to target 1,200 youth from the most vulnerable communities in Mogadishu.

Implementation arrangements

All components of the Project will be implemented by MoLSA through a PIU embedded within the Ministry of Labor and Social Affairs in Mogadishu. The PIU will support the day-to-day Project activities.

The Federal PIU will be headed by a Project Coordinator, and will include an Administrative Assistant, TVET Expert, Procurement Specialist, Finance Specialist and Gender and Inclusion Officer. Other staffing of the PIU will depend on the need, content, and the scope of the procurement and work plans.

2. Scope of Work and Expected Deliverables

The Finance Specialist will be responsible for the management of the Project financial resources and will work in collaboration with the External Assistance Fiduciary (EAFS) Unit at Federal Ministry of Finance (MoF) to ensure that project resources are used for the intended purposes only.

Specific duties of the Finance Specialist will    include:

• Establish and maintain a sound financial and internal control systems for the project which are in line with the Fiduciary Procedures Manual (FPM), the Comprehensive Operating Procedures Manual (COPM) and the Bank’s Policies and Procedures
• Prepare, along with the PIU, annual budgets and budget revisions at the end of each quarter and as required
• Ensure the requisitioning of Project funds is done in accordance with the Letter of Agreement and Bank’s Disbursement Guidelines including ensuring that only eligible project activities are financed using the grant resources and that the funds flow smoothly, regularly and predictably in order to meet the objectives of the project
• In liaison with the EAFS, ensure that all project expenditures are adequately supported, proper accountability for Project resources and financial records including all disbursement ledgers are maintained and physically archived for review and auditing purposes by external Auditors including for the Bank review
• Ensure the timely processing of project transactions using the Somalia Financial Management and Information System (SFMIS) including generation of financial reports
• Prepare annual project financial statements in accordance with the IPSAS cash basis of accounting covering all project funds from the Bank and any other contributions received under the Project as required by the project legal agreements and the financial reporting framework of the FGS
• Liaise with the Office of the Auditor General and ensure timely recruitment of the External Audit Firm and have responsibility for the timely submission of audited project financial statements to the Bank.
• Design and deliver practical Finance management training to the PIU staff and relevant staff of MoLSA on SEIP financial management procedures and tools, and provide on-the-job technical support as needed on emerging issues in close coordination with the African Development Bank;
• Keep abreast of changes in FGS financial regulations and legislations and ensure the accounting staff is updated on new developments
• Review all aspects of the project work plans and budgets based on the results of operations and changing economic conditions and recommend corrective measures to enhance project financial management;
• Maintain all accounting records in line with approved accounting standards and in line with the PIM and Government’s regulations;
• Ensure that PIU keep records of the transactions occurring every month in SFMIS and reconcile it with the monthly bank statements as well as with EAFS records. The original records are maintained in the custody of the EAFS unit;
• Ensure that the project’s financial management filing system of accounting records are accurate and current, and they are easily retrievable for reviews and audit purposes, and copies of these are retained at the PIU offices for 7 years. All the documents should be handed over to the department responsible for the project;
• Render periodic reports, (i.e. monthly/quarterly/annually) in the formats approved by the African Development Bank and in line with the project documents and financing agreement;
• Prepare monthly bank reconciliations or periodically for the project bank accounts, including designated and project accounts;
• Ensure financial reports are prepared in accordance with agreed formats and in line with the financing agreement;
• With the support of FGS EAFS, ensure that Unaudited Quarterly Financial Reports (IFRs) and Annual Financial Statements for all Project Funds are prepared and analyzed according to the categories and project components as appropriate, and provide timely reporting of any material variances;
• Contribute to PIU quarterly and final reports outlining achievements, challenges and recommendations pertaining to the financial management function;
• Analyze changes in the forecast and advise the project management accordingly;
• Ensure that disbursements are made in accordance with approved annual budgets and work plans together with the PIU Project Coordinator;
• Ensure that all project payments are done in accordance with good accounting practices and in line with the project objectives and financing agreement;
• Ensure that no project category/component is overspent, obtaining prior written authorization from the African Development Bank for virements;
• Where applicable, ensure that the required African Development Bank No Objection letters relating to an expenditure have been rendered by the Bank before costs are incurred and ensure they are properly filed as part of the accounting records;
• Ensure prompt release of funds once approved to service providers

3. Qualifications Requirements

The candidates should have the following desired qualifications:

• Bachelor’s degree in one of the following areas: accounting, finance, Economics or business administration (accounting)
• Having at least 3 years of experience in Government accounting including the use of the Somalia Financial Management and Information System (SFMIS);
• At least 5 years of relevant professional working experience including at least three (3) years’ experience as an Accountant for the African Development Bank (AfDB)-funded projects or any other multilateral financial institution;
• Proficiency in Microsoft Office applications (Word, Excel, Power point, Outlook, Microsoft Project.
• Excellent analytical and problem diagnosis skills and the ability to break down problems and work through solutions.
• Excellent organizational skills, ability to prioritize work and work in a flexible manner to meet changing deadlines
• Demonstrated high level administrative skills and ability to work independently and produce high quality work with minimal supervision.
• Demonstrated high-level teamwork abilities and an aptitude for working in teams.
• Strong professional verbal and written communication skills in English and Somali.

4. Reporting Requirements and Time Schedule for Deliverables

Reporting: The Finance Specialist will administratively report to the Project Coordinator and functionally report to the Accountant General of the FGS.

Duration of Assignment: The Finance Specialist shall be contracted for an initial two-year period and  will be extended based on performance satisfactory

Work plans: The assignment will be managed through a work plan process allied to the quarterly program work plan. The Finance Specialist will need to be available for quarterly project review meetings in and out of the Country

Language: All reports and other documents shall be submitted in English.

Duty Station: The Finance Specialist will be based in Federal Ministry of Labor and Social Affairs in Mogadishu; and will travel as requir

Deadline for submission: Intrested and Qualified Candidates are accordingly Inviatedto send a cover letter and Resume as two separate PDF Document not letter than 21^th January 2023 to: seipprocurement@molsa.gov.so, Make the subject title “Financial Specialist” of the position