Customs and Trade Facilitation Project...

Customs and Trade Facilitation Project (CTFP)

(Funded by the International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. H843-LA and H403-LA)

Report of Management and Financial Statements

30 September 2014

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98231

Customs and Trade Facilitation Project (Funded by the lntemational Development Association (IDA) under Development Project No. P101 750 and Financing Grant Agreement No. H843-LA and H403-LA)

CONTENTS

General informa tion

Statement by the Project's management

Independent auditors' report

Statement of receipts and disbursements

Statement of fund balance

Statement of designated bank account reconci liation

Notes to the financial statements

Pages

2-3

4-5

6

7

8

9- 20

( ~ '

Customs and Trade Facilitation Project (Funcled by the International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. HB43-LA and H403-LA)

GENERAL INFORMATION

THE PROJECT

The Customs and Trade Facilitation Project (the Project) is implemented by the Government of Lao People's Democratic Republic ("GOL") through the Ministry of Finance ("MOF"), Custom Department with assistance from the International Development Association ("IDA") under Financing Grant Ag reement No. H403-LA.

The objective of the Project is to facilitate trade by improving the efficiency and effectiveness of customs administration. The Project will simplify customs procedures , eliminate duplication and redundancy, reduces translation costs and time to clear goods, and increase transparency and accountability.

On 14 June 2013, the Project had received an additional financing from the IDA under Financing Grant Agreement No. H843-LA ("Additional Financing") amounting to SDR 4,400,000 or equivalent to USD 6,500,000 in order to implement the Project from 1 May 2013 to 30 June 2017 (Project Closing Date) . The purpose of the additional financing from IDA is to finance those continuing activities re lated to the Origina l Project under Development Grand Agreement H403-LA.

The Project consists of the Origina l Project plus new and amended sub-Parts of the Project's activi ties which set out in 2 Parts as described below:

Part A : Automation Support (inclucling Implementation of AS'ra.D4 World)

ASYCUDA implements the ASYCUDA system in the Customs Department headquarters , regional customs offices, and international border checkpoint;

Preparation of Customs Department to receive ASYCUDA;

LCD IT Center Strengthening;

Strategic ICT Capability Development; and

Disaster Recovery and Business Continuity.

Part B: Organizational Development (including Customs Modernization Support)

Modern Customs Practices and WTO Agreement Requirements;

Professional Development;

Legal Framework Implemen tation Support;

Change Management and Strategic Planning;

Capacity Building in Core Customs Disciplines; and

Project Management.

1

Customs and Trade Faci litation Project (Funded by /he International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. H843-LA and H403-LA)

REPORT OF MANAGEMENT

STATEMENT OF THE PROJECT MANAGEMENT'S RESPONSIBILITY IN RESPECT OF THE FINANCIAL STATEMENTS

Project Management is responsible for the Project's financial statements which comprise of the statement of receipts and disbursements, statement of fund balance, statement of designated bank account reconciliation together with the notes thereto as at and for the year ended 30 September 2014 ("the financial statements").

The financial statements are prepared solely to report to the Government of Lao PDR and the International Development Association ("IDA") on the funds received by the Project from the IDA and related disbursements made during the year.

In preparing the accompanying financial statements, Project Management is required to:

adopt the accounting policies as described in Note 3 to the financial statements and then apply them consistently in accordance with the presentation and disclosure requirements of IDA for the Government-executed Project;

make judgements and estimates that are reasonable and prudent;

maintain proper financial operations and controls;

maintain adequacy of the management structure and general control environment;

ensure that all non-expendable properties are used solely for and by the Project, and maintain proper control over those properties; and

~ comply with the related grant agreement.

Project Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the funds requested, authorized for, received and disbursed by the Project and to ensure that the accounting records comply with the accounting policies described in Note 3 to the financial statements.

Project Management is also responsible for safeguarding the assets of the Project, and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Project Management confirms that they have complied with the above requirements in preparing the financial statements.

2

Customs and Trade Facilitation Project (Funded /Jy tile International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. H843-LA ancl H403-LA)

REPORT OF MANAGEMENT (continued)

APPROVAL OF THE FINANCIAL STATEMENTS

We hereby approve the accompanying financial statements which are prepared in accordance with the accounting policies as described in Note 3 to the financial statements and comply with the related grant agreement.

The financial statements are prepared to assist the Project in meeting the reporting requirements of the IDA. As results, the financial statements may not be suitable for another purpose. ---~~...,) )), ""'-

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Mr. Atsaphangthong Siphanhdone Project Director Customs and Trade Facilitation Project Ministry of Finance

Vientiane, Lao PDR

31 March 201 5

Mr. f<etmany Sivongsa Financial Management Specialist Customs and Trade Facilitation Project Ministry of Finance

3

Building a better work incJ world

Ernst & Young Lao Limited Tel: + 856 21 455 077 6th Floor. Capital Tower Fax:+ 856 21 455 078 23 Singhil Road, Nongbone Village ey.com Saysettha District, Vientiane Capital. Lao PDR

Reference: 60834696/17384363

INDEPENDENT AUDITORS' REPORT

To: The Project Management and the International Development Association

We have audited the accompanying financial statements of the Customs and Trade Facilitation Project ("the Project"), funded by the International Development Association ("IDA") under Development Project No.P101750 and Financing Grant Agreement No. H843-LA and H403-LA, which comprise the statement of fund balance as at 30 September 2014, and the statement of receipts and disbursements and the statement of designated bank account reconciliation for year then ended and the notes thereto ("the financial statements"). The financial statements have been prepared by Project Management in accordance with the accounting policies as described in the Note 3 to the financial statements.

Project Management's responsibility for the financial statements

Management is responsible for the preparation of the financial statements in accordance with the accounting policies as described in Note 3 to the financial statements and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' responsibility

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Project's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion .

Opinion

In our opinion, the financial statements of the Project as at and for the year ended 30 September 2014 are prepared, in all material respects, in accordance with the accounting policies as described in Note 3 to the financial statements.

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Accounting policies and restriction on use

Without modifying our opinion, we draw attention to Note 3 to the financial statements, which describe the accounting policies. As also disclosed in Note 2 to the financial statements, the financial statements are prepared to assist Project Management in meeting the reporting requirements of the IDA. As a result, the financial statements may not be suitable for another purpose.

Other matter

The financial statements of the Project as at and for the year ended 30 September 2013 were audited by another audit firm which expressed an unmodified opinion on those financial statements on 3 April 2014.

Vientiane, Lao P

31 March2015

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Customs and Trade Facilitation Project (Funded by the International Development Association (IDA) under Development Project No. P1 01750 and Financing Grant Agreement No. H843-LA and H403-LA)

STATEMENT OF RECEIPTS AND DISBURSEMENTS for the year ended 30 September 2014

Receipts Counterpart funds IDA funds -direct disbursements IDA funds - designated account replenishment Transfer from Grant H403-LA to Grant No. H843-LA Transfer from Grant H843-LA to Grant No. H403-LA

Total receipts

Disbursements by category Procurement of goods Consultant services Trainings. workshop and study tour Incremental operating costs

~--~

-~ ~~~~~~ts N t~\.ws~~~j;l'is)lreceipts

I ¥.- 1-fJ.I!..."'f.'~~ * ... .?~·-;){'~~~ I }1 ~ \

...., ..... - ,;;<. __ -- - ...! . _,yo-;, .... ;!:.-::- . ..... -::::;: ,~: '

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Mr.'m$aphangthong Siphandone Project Director Customs and Trade Facilitation Project Ministry of Finance

Vientiane, Lao PDR

31 March 2015

Notes

4

5 5 5 5

5

Grant No. H843-LA 2014 USD

359,606 12,168

371,774

59,059 163.315 93 ,974 68,936

385,284

(13,51 0)

2013 USD

150,000

(39,065)

110,935

18,220

10

18,230

92,705

~


12, 168 (12,168)

10,500

25,830

36,330

(36,330)

Mr. Ketmany Sivongsa Financial Management Specialist Customs and Trade Facilitation Project Ministry of Finance

The accompanying notes on pages 8 to 20 form an integral part of these financial statements.

6

lult:;Q~(eo lei

2013 USD

731,481 1,114,400

446,928

39,065

2,331 ,874

708.043 490,270 345,513 774,884

2,318,710

13,1 64

Customs and Trade Facilitation Project (Funded by the International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. H843-LA and H403-LA)

STATEMENT OF FUND BALANCE as at 30 September 2014

Opening fund balance Net ( disbursements)/receipts

Clos ing fund balance

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-pn--lla~~~? at banks A ..:-r-· ~· '.../"'.\'

hy..., -· .- A ·""·· ' ' ·"' '\~ ,(£,,:. _. ~.;... ·~)~·~:.t, •. '. ~"' ~ ... _~<! .· v. \ I -~$· ,_._", . .

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.::::-~:.;....---_,;.~ I• . ....,\ ~---- ·- -'· ~~ , :_) ""il :: ~~

Mr.;zs;fsaphangthong Siphandone Project Director Customs and Trade Facilitation Project Ministry of Finance

Vientiane, Lao PDR

31 March 2015

Notes

6

Grant No. H843-LA 2014 USD --

92,705 (1 3,510)

79,195

79,195

GRANT No. H403-LA 2013 2014 2013 USD USD USD

- 36,330 23,1 66 92,705 (36,330) 13,164

92,705 - 36,330

92,705 - 36,330

~ Mr. Ketmany Sivongsa Financial Management Specialist Customs and Trade Facilitation Project Ministry of Finance


7

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Customs and Trade Faci litation Project (Funded by the International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. H843-LA and H403-LA)

STATEMENT OF DESIGNATED BANK ACCOUNT RECONCILIATION as at 30 September 20 14

Opening balance Funds transfer from IDA Received from Grant H843-LA/additional financing (CTFP/AF) Transfer from Grant H403-LA to Grant H843-LA

Notes

Payments from designated bank account 7 Advance movement Transfers to operating bank account Bank charge from cash transfer from World Bank to Bank of Lao PDR

Vientiane, Lao PDR

31 March 2015


92,705 359,606

12,1 68 (261 '199)

(140,574) (42)

62,664

Grant No. H403-LA 2013 2014 2013 USD USD USD -

- 30,229 14,461 150,000 12,168 446,928 (39,065) - 39,065

- (12,1 68) (18,220) (12,549) (391 ,225)

(7.791 ) (1 7,670) (71 ,114)

(1 0) (10) (95)

92,705 - 30,229

~ Mr. Ketmany Sivongsa Financial Management Specialist Customs and Trade Facilitation Project Ministry of Finance


8

- ________________________________ __j ~,n~~~Y\ lil_O_E:; c:J <...: ~

Customs and Trade Facilitation Project (Funded by the International Development Association (IDA) under Development Project No. P101750 ancl Financing Grant Agreement No. H843-LA and H403-LA)

NOTES TO FINANCIAL STATEMENTS as at and for the year ended 30 September 2014

1. GENERAL INFORMATION

The Customs and Trade Facilitation Project (the Project) is implemented by the Government of Lao People's Democratic Republic (GOL) through the Ministry of Finance (MOF), Custom Department with assistance from the International Development Association (IDA) under Financing Grant Agreement No. H403-LA.

The objective of the Project is to facilitate trade by improving the efficiency and effectiveness of customs administration. The Project will simplify customs procedures, el iminate duplication and redundancy, reduces translation costs and time to clear goods, and increase transparency and accountability.

On 14 June 2013, the Project had received an additional financing from the IDA under Financing Grant Agreement No. H843-LA ("Additional Financing") amounting to SDR 4,400,000 or equivalent to USD 6,500,000 in order to implement the Project from 1 May 2013 to 30 June 2017 (Project Closing Date). The purpose of the additional financing from IDA is to finance those continuing activities related to the Original Project under Development Grand Agreement H403-LA.

The Project consists of the Original Project plus new and amended sub-Parts of the Project's activities which set out in 2 Parts as described below:

Pa1t A: Automation Support (including Implementation of AS'YQ.Dl\ World)

" ASYCUDA implements the ASYCUDA system in the Customs Department headquarters, regional customs offices, and international border checkpoint;

Preparation of Customs Department to receive ASYCUDA;

1- LCD IT Center Strengthening;

Strategic ICT Capability Development; and

~ Disaster Recovery and Business Continuity.

Part 8: Organizational Development (including Customs Moclemization Suppo1t)

~ Modern Customs Practices and WTO Agreement Requirements;

~ Professional Development;

Legal Framework Implementation Support;

Change Management and Strategic Planning;

Capacity Building in Core Customs Disciplines; and

Project Management.

9

Customs and Trade Facilitation Project (Funcled lJy tile International Development Association (IDA) uncler Development Project No. P101 750 ancl Financing Grant Agreement No. H843-LA ancl H403-LA)

NOTES TO FINANCIAL STATEMENTS (continued) as at and for the year ended 30 September 201 4

2. BASIS OF PREPARATION

The Project's statement of receipts and disbursements has been prepared in accordance with the accounting policies as described in Note 3.

The Project maintains its accounting records in United States dollars ("USD") and also presents its statement of receipts and disbursements in USD as required by the International Development Association ("IDA").

The statement of receipts and disbursements are prepared to assist the Project in meeting the reporting requirements of the IDA. As a result, it may not be suitable for another purpose.

All supplementary information does not form part of the statement of receipts and disbursements and is included solely for information purposes.

3. SIGNIFICANT ACCOUNTING POLICIES

The significant policies adopted in the preparation of the statement of receipts and disbursements are set out below.

Receipts

Funcls transferred from IDA ancl counterpart funcls

Funds transferred from IDA are recognized as receipts when cash is debited to the Project's account.

Direct payments from IDA to thircl parties

Direct payments from IDA to the Project's suppliers are accounted for as receipts when payments are made by and upon receipts of advice from IDA.

IDA funds-clesignatecl account replenishment

The designated account replenishment represents cash received by the Project under the Development Grant Agreement which are maintained in a special deposit account at the Bank of Lao PDR and used exclusively to cover the IDA's share of eligible expenses.

Counterpart funcl

Counterpart fund is recognized as receipt upon notification of payment of contracts between GOL and suppliers for relevant expenditure contributing to the Project activities.

Disbursements

Expenditures under each category are recognized as disbursements when documents substantiating the Project's transactions are submitted and approved by the management and payment is made.

10

Customs and Trade Facilitation Project (Funded by t11e International Development Association (IDA) under Development Project No. ?101750 ancl Financing Grant Agreement No. H843-LA and H403-LA)

NOTES TO THE FINANCIAL STATEMENTS (continued) as at and for the year ended 30 September 2014

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fixed Assets

Fixed assets procured are recognized as expenditures in full in the statement of receipts and disbursements when received or when handed-over from the contractors or suppliers upon the respective acceptance and approval by the Project and when payment is made. Accordingly, fixed assets are not recognized in the statement of fund balance at the end of the year.

The Project maintains a fixed asset register for control and monitoring purposes, which includes vehicles, furniture and fittings, computers and office equipment.

Foreign currency

Disbursements and withdrawals in foreign currencies other than USD are converted into USD at the actual exchange rate ruling at the dates of transactions. Monetary items denominated in foreign currencies are translated into USD at the closing exchange rate at the reporting date. Foreign exchange differences are presented as a separate line in the statement of receipts and disbursements.

11



4. IDA FUNDS- DESIGNATED ACCOUNT REPLENISHMENT

Withdrawal Application No. Date

Application No. 044 04 October 2012 Application No. 046 01 November 2012 Application No. 048 29 November 2012 Application No. 051 13 December 2012 Application No. 054 23 January 2013 Application No. 055 20 February 2013 Application No. 057 26 March 2013 Application No. 059 29 May 2013 Application No. 063 02 August 2013 Application No. 001 14 August 2013 Application No. 65 25 September 2013 (*) Application No. 002 12 December 2013 Application No. 003 06 March 2014 Application No. 004 09 June 2014 Application No. 004 12 August 2014

Grant No. H843-LA

2014 USD

------

-

-64,981 60 ,254

103,359 131.012

359,606

Grant No. H403-LA

2013 2014 2013 USD USD USD

- - 52,166 - - 69,773 - - 28,830 - - 53,1 35 - 58,816 - 50,094 - 57,976 - 40,842 - - 35,296

150,000 - 12.168

150,000 12,168 446,928 -(*)This Withdrawal application was dated in September 2013 but cash was actually transferred to the Designated Bank account in October 2013.

12



5. SUMMARY OF DISBURSEMENTS BY CATEGORY

5.1 For the year ended 30 September 2014

Grant No. H843-LA Grant No. H403-LA GOL IDA - DirectiDA - Designated GOL IDA - Direct'DA - Designated

contribution disbursement Account Total contribution disbursement Account Total llSD USD USD USD USD USD USD USD - . - ----

Procurement of goods - - 59,059 59,059 Consultant services - - 163,315 163,315 10,500 10.500 Training, workshop and study tour - - 93,974 93,974 Incremental operating costs - - 68,936 68,936 --------- ____ 2_5.:..._,8_3_0 25 ,830

385,284 385,284 36,330 36,330

Nature of expenditure

Procurement of goods represents procurement of equipment, furniture, electronic devices, and vehicles.

Consultant services pertain to the implementation of ASYCUDA World by United Nations Conference for Trade and Development (UNCTAD) and professional services to improve customs efficiency.

Training and workshop refers to expenditure for training and workshops in order to improve customs services.

Incremental operating costs represent the procurement of supplies and miscellaneous expenses.

13

--------------------------------------------------------------------------------L--L-~-~-~'9 ~ c:



5. SUMMARY OF DISBURSEMENTS BY CATEGORY (continued)


Grant No. H843-LA Grant No. H403-LA GOL IDA - Direct IDA -Designated GOL IDA - Direct IDA -Designated

contribution disbursement Account Total contribution disbursement Account Total USD USD USD USD USD USD USD USD ------

Procurement of goods - - - - - 684.795 23,248 708,043 Consultant services - - 18,220 18,220 - 305,855 184,41 5 490 ,270 Training, workshop and study tour - - - - - 123,750 221,763 345.513 Incremental operating costs - - 10 10 731.481 - 43,403 774,884

18,230 18,230 731,481 1 '114,400 472,829 2,318,710

14

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Customs and Trade Faci litation Project (Funded by the International Development Association (IDA) under Development Project No. P101750 and Financing Grant Agreement No. H843-LA and H403-LA)


6. CASH ON HAND AND AT BANK

Cash on hand Operating account Designated account (Note 8)

Grant No. HB43-LA Grant No. H403-LA As at 30 September As at 30 September As at 30 September As at 30 September

2014 2013 2014 2013 USD USD USD USD -------

500 16,031 62,664 92 ,705

79,195 92,705 -------

-------

15 6,086

30,229

36,330

Details of the operating bank account and the designated bank account are as follows:

Operating bank account Account No. Account Name Depository Bank Address Related credit Currency

Designated bank account Account No. Account Name Depository Bank Address Related credit Currency

1011 0100404229000 CTFPCUSTOMS DEPARTMENT Banque Pour Le Commerce Exterieur Lao - BCEL B. FAll M. SISATTANAK VTE Project No. P1 01750, IDA H403-LA and H843-LA USD

000001 0042350101 Customs and Trade Facilitation Project Bank of the Lao PDR (Sol) Yonnet Street , Vientiane, Lao PDR Project No. P1 01750, IDA Grant No. H403-LA and H843-LA USD

15

----------------------------------------------------------------------~~1 >'go • ;n~



7. PAYMENTS FROM DESIGNATED BANK ACCOUNT

Procurement of goods Consultant services Training, workshop and study tour Incremental operating costs

16


59,059 177,254 21 ,338

3,548

261,199

, v 1 r -< .5· ~ ;::;~ 1 ~ 1

2013 USD

18,220

18,220


10,500

2,049

12,549

2013 USD

22, 148 258,073 101 ,923

9,081

391 ,225



8. RECONCILIATION OF DESIGNATED BANK ACCOUNT

Amount advanced by the World Bank Less: amount recovered from the World Bank Less: Use for disbursement for the year ended 30 September 2014

Outstanding amount advanced to Designated Account

Closing balance of Designated Account (Note 6) Add: Closing balance of operating account (Note 6) Closing balance of cash on hand (Note 6) Amount withdrawn and not yet claimed Less: transfer from Grant H403-LA to Grant No. H843-LA Add/Less: transfer from Grant H843-LA to Grant No. H403-LA

Outstanding amount advanced to Designated Account

Grant No. H843-LA Grant No. H403-LA (*)

As at 30 September 2014 As at 30 September 2013 As at 30 September 2013 USD USD USD ------------------

150,000 150,000 100,000 - - (14,000)

150,000 150,000 86,000

62,664 92,705 30,229

16,031 - 6,086 500 15

82,973 18,230 88,735 (12,168)

- 39,065 (39,065)

150,000 150,000 86,000

("") During the year ended 30 September 2014, Grant No. H403-LA has received f rom IDA an amount of USD 12,168 and this amount was transferred to Grant No. H843-LA. The outstanding amount advanced to Designated Account of Grant No. H403-LA as at 1 October 2013 was used for disbursement this year, resulting in a nil balance of this Designated Account as at 30 September 2014.

17

I ~ I !:j Q ::lC ~ - -

Customs and Trade Faci litation Project (Func/ec/ IJy the International Development Association (IDA) uncler Development Project No. P101750 and Financing Grant Agreement No. H843-LA ancl H403-LA)


9. SUMMARY OF WITHDRAWAL UNDER THE STATEMENT OF EXPENDITURE


During the year ended 30 September 2014, the following Statement of Expenditure (SOE) withdrawal applications have been prepared by the Project, approved by the Ministry of Finance and submitted to the Internationa l Development Association for replenishment:

Grant No. H843-LA Grant No. H403-LA USD USD

Witf1clrawal Application No. Date of Application Appl ication No. 65 25 September 2013 12,168 Appl ication No. 002 12 December 2013 64,981 Appl ication No. 003 06 March 2014 60 ,254 Application No. 004 09 June 2014 103,359 Application No. 005 12 August 2014 131,012

359,606 12,168

Grant No. H843-LA Grant No. H403-LA USD USD

Wit f1clrawal Application IJy category: Category 1: Procurement of goods 59,059 Category 2: Consultant services 127,775 Category 3: Training, workshop and study tour 85,280 Category 4: Incremental operating cost 87,492 12,168

359,606 12,168

18

l

~ .

~



9. SUMMARY OF WITHDRAWAL UNDER THE STATEMENT OF EXPENDITURE (continued)


During the year ended 30 September 2013, the following Statement of Expenditure (SOE) withdrawal applications have been prepared by the Project, approved by the Ministry of Finance and submitted to the International Development Association for replenishment:

Withdrawal Application No. Application No. 044 Application No. 046 Application No. 048 Application No. 051 Application No. 054 Application No. 055 Application No. 057 Application No. 059 Application No. 063

Date of Application 04 October 2012 01 November 2012 29 November 2012 13 December 2012 23 January 2013 20 February 2013 26 March 2013 29 May 2013 02 August 2013

Witlldrawal Application by category: Category 1: Procurement of goods Category 2: Consultant services Category 3: Training, workshop and study tour Category 4: Incremental operating cost

19

Grant No. H843-LA USD



52,166 69,773 28,830 53,135 58,816 50,094 57,976 40,842 35,296

446,928


11 '148 178,086 233,113

24,581

446,928

~

l ~ ;



10. MAIN COMMITMENT

Procurement of goods Consultant services Individual consultant Incremental operating costs

As at 30 As at 30 September 2014 September 2013

USD USD

657,411 617,015

- ------

8,266 48,969

4,977

_____ 1_3~,8_2_7 -------

1,288,253 62,212 _____ __:...._

This mainly represents committed contracts for local contractors, which are all expected to be completed within one year after the reporting date. The committed balance includes contracts for procurement of goods, consultant services, individual consultant and incremental operating costs. These contracts are eligible activities under Financing Grant Agreement No. H843-LA.

20

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