Papua New Guinea: Supporting Public Financial Management, Phase 2

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1 Technical Assistance Report Project Number: Capacity Development Technical Assistance (CDTA) November 2012 Papua New Guinea: Supporting Public Financial Management, Phase 2 The views expressed herein are those of the consultant and do not necessarily represent those of ADB s members, Board of Directors, Management, or staff, and may be preliminary in nature.

2 CURRENCY EQUIVALENTS (as of 25 October 2012) Currency unit kina (K) K1.00 = $0.487 $1.00 = K2.054 ABBREVIATIONS ADB Asian Development Bank CPS country partnership strategy FFE framework for fiscal enhancement LNG liquefied natural gas PFM public financial management PNG Papua New Guinea TA technical assistance TASF Technical Assistance Special Fund TECHNICAL ASSISTANCE CLASSIFICATION Type Capacity development technical assistance (CDTA) Targeting General intervention classification Sector (subsectors) Public sector management (public expenditure and fiscal management, public administration) Themes (subthemes) Capacity development (institutional development, organizational development); economic growth (promoting macroeconomic stability); governance (economic and financial governance) Location (impact) Rural (low), urban (medium), national (high), regional (low) Partnerships Development partners coordinate public financial management reform efforts using a framework for fiscal enhancement where government efforts, supported by development partners, are focused on fiscal and public financial management. NOTE In this report, "$" refers to US dollars. Vice-President S. Groff, Operations 2 Director General X. Yao, Pacific Department (PARD) Director I. Matsumoto, Urban, Social Development and Public Management Division, PARD Team leader Team member H. Everett, Financial Sector Specialist (Public Finance), PARD A. Batten, Country Economist, Papua New Guinea Resident Mission, PARD In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

3 I. INTRODUCTION 1. Strengthening public financial management (PFM) systems and practices in Papua New Guinea (PNG) will improve the government s ability to effectively and efficiently utilize public finances for service delivery and infrastructure provision. PFM is an important component of the government s medium-term development plan. The plan focuses on (i) improving and strengthening public sector reform, (ii) improving budgeting and financial management for effective service delivery, and (iii) enforcing accountability and transparency initiatives. 1 Development partners coordinate PFM reform efforts using a framework for fiscal enhancement (FFE) where government efforts, supported by the development partners, focus on fiscal management and PFM The technical assistance (TA) will support ongoing PFM reform in PNG by focusing on areas identified in the FFE and aligned with the priorities of ADB s ongoing programs and projects in PNG. The TA will (i) support the design and implementation of systems for financing the construction and maintenance of infrastructure from a newly created sovereign wealth fund, and (ii) strengthen the accountability of statutory authorities to the national government. The TA has been conceptualized and designed through consultations during the preparation of the country partnership strategy (CPS), 3 as well as a TA fact-finding mission in September The design and monitoring framework is in Appendix 1. 4 II. ISSUES 3. Two components of ADB s country strategy for PNG are good governance and sovereign wealth management (footnote 3). Improved governance will ensure more effective and efficient utilization of public finances for service delivery and infrastructure provision, and will be critical in the context of the anticipated sudden gains in revenues from the liquefied natural gas (LNG) project and other major mining projects. The CPS notes that ADB will continue to support the government-wide FFE led by the departments of finance and treasury; and efforts to increase governance standards for infrastructure projects, statutory authorities, and state-owned enterprises. 4. On sovereign wealth management, there is a need for skillful management of the potential adverse macroeconomic implications of large resource projects. During the CPS implementation period, ADB plans to help the government prepare for the expected mineral revenue. PNG will also need to ensure that revenue from LNG and other mining and petroleum projects is efficiently and equitably utilized, and aligned with development priorities. Increasing governance standards, particularly with regard to the management of revenue from petroleum and mining projects, is essential to ensuring that the government can convert financial wealth into broad-based delivery of basic services. ADB will therefore continue to support the government to strengthen PFM (footnote 3). 1 Government of Papua New Guinea, Department of National Planning and Monitoring Papua New Guinea Medium Term Development Plan Port Moresby. 2 ADB, Australian Agency for International Development, and World Bank Framework for Fiscal Management Enhancement in Papua New Guinea. Port Moresby. 3 ADB Country Partnership Strategy: Papua New Guinea, Manila. 4 The TA first appeared in the business opportunities section of ADB s website on 30 October 2012.

4 2 5. The most recent public expenditure and financial accountability assessment confirmed progress in several PFM areas. 5 The debt burden is significantly lower and more balanced through the effective implementation of a debt strategy and the application of fiscal surpluses to reduce debt. Budget preparation is more orderly, transparent, and consultative as a result of the Fiscal Responsibility Act. Furthermore, the government has strengthened fiscal planning and expenditure management by adhering to principles laid out in two successive 5-year mediumterm fiscal strategies, first implemented in However, important weaknesses impede the government s ability to control expenditures, disburse the budget as approved, and provide essential services. Fundamental arrangements are in place, but implementation weaknesses mean that the systems and procedures for expenditure control cannot be relied upon to ensure appropriate accountability. Transparency in budget execution is weak, with budget integrity undermined by the unauthorized diversion of funds, including resources for regional development. Tracking expenditures to ensure the budget is delivered as approved is difficult. Statutory authority accountability is particularly weak. In addition, the greater responsibility being given to provincial governments has impacted PFM, stretching the limited human resources available to manage the country s financial systems. 7. The TA will support further improvements in PFM by focusing on areas identified in the FFE. The FFE has three priority areas (i) managing financial volatility by maintaining long-term fiscal sustainability and safeguarding sudden gains in revenues; 6 (ii) strengthening service delivery through budget expenditure prioritization and effective implementation; and (iii) reinforcing the integrity of budget systems and processes by delivering comprehensive, transparent, and accountable budgets. 7 The TA will (i) support the design and implementation of systems for financing the construction and maintenance of infrastructure from the sovereign wealth fund, and (ii) strengthen the accountability of statutory authorities to the national government. 8. The sovereign wealth fund aims to reduce fiscal volatility by safeguarding sudden increases in revenues. Parliament approved the Organic Law on Sovereign Wealth Fund Management on 21 February 2012; the law offers significant advantages for directing the management of volatile resource revenues over current policies. The law provides for the creation of a number of new funding mechanisms and agencies that will receive revenues accruing to the government as a result of its equity stake in the LNG project. Under the law, all future mining, oil, and gas revenues will be deposited into an offshore stabilization fund, which will be overseen by an independent board and subject to enhanced governance, transparency, and asset management rules. Withdrawals from the stabilization fund will be fully integrated into the national budget process and restricted to the average of the past 15 years of mineral revenues. 9. Working in close coordination with the interdepartment sovereign wealth fund implementation secretariat, and the development partners sovereign wealth fund coordination group, the TA will support the design and implementation of systems for financing the maintenance and construction of infrastructure from the sovereign wealth fund, either based on 5 Government of Papua New Guinea, Department of Finance Public Financial Management Performance Report. Port Moresby. 6 One of PNG s continuing challenges is to manage financial volatility inherent in the economy, which heavily relies on extractive industries such as mining and petroleum. 7 Reinforcing the integrity of budget systems and processes ensuring that actual budget spending complies with budget allocations, funds reach intended budget organizations, there are no leakages on the way, and budget organizations maintain the mix of actual spending conducive to service delivery remains a challenge.

5 3 a proposed independent authority model that will fund investment in infrastructure, or an alternative arrangement once agreed by the government The PNG sovereign wealth fund secretaries committee has approved an implementation plan to operationalize the sovereign wealth fund in The Department of Treasury has asked ADB to help address a number of key implementation issues related to integrating the proposed structure into their existing systems. Key issues to be addressed include the (i) policy and legislative framework, (ii) institutional framework, (iii) definition of public infrastructure assets, (iv) management structure, (v) criteria for project selection, and (vi) project and financial operating issues. The role of existing agencies and the relationship of any new arrangement with the existing agencies needs to be considered. 11. Currently, the Department of Finance does not have a unit dedicated to monitoring the approximately 80 statutory authorities in PNG. In 2008, the government commissioned a report into the governance of statutory authorities, which recommended the establishment of a dedicated statutory authorities unit. 9 More recently, statutory authorities have expressed concern about the lack of engagement between central agencies and the statutory authorities, and requested that a first point of contact be identified. The Department of Finance has therefore approved the establishment of a new statutory authorities monitoring branch. 12. The current accountability framework for statutory authorities is deficient in a number of areas, including (i) noncompliance with reporting provisions, financial measures, structures, and policies; (ii) lack of demonstrable service delivery improvements and outcomes; (iii) the operation of competitive programs and strategies that undermine government s public programs and national priorities; (iv) dilution of policy control and direction in the management and protection of finances, key assets, and natural resources; and (v) control failures by central agencies resulting in statutory authorities collecting and retaining increasing streams of public revenues and committing to unsustainable increases in year-on-year expenditures. 13. The Department of Finance has, therefore, requested ADB support to assist in the initial establishment and operation of the new statutory authorities monitoring branch. The branch will monitor compliance of statutory authorities with the governance framework, and, more generally, will monitor the performance of statutory authorities against their performance plans Both the sovereign wealth fund implementation support and the statutory authority support is closely aligned with ADB s existing operations in PNG, given the CPS focus on rehabilitating PNG s transport infrastructure network; and ADB s existing projects with a number 8 Various models are being considered as possible arrangements for financing the maintenance and construction of infrastructure from the sovereign wealth fund, including (i) a proposed independent authority model to maintain existing national infrastructure, and supervise construction of new infrastructure by the government, including roads, airports, ports, and hospitals; (ii) an initiative led by the Department of Transport and Department of Works for a public private partnership transaction office; and (iii) a proposed public private partnership center to be established once public private partnership legislation currently before Parliament is approved. 9 ADB Papua New Guinea: Support for Public Expenditure Review and Rationalization. Manila (consultant s report). Statutory authority monitoring arrangements are also discussed in ADB Papua New Guinea, Supporting Public Financial Management, Governance and Financial Management Monitoring Framework Statutory Authorities. Manila (consultant s report); and ADB Statutory Authorities Performance Management Systems Report: A Framework for Performance Reporting by PNG Statutory Authorities. Manila (consultant s report). 10 The governance framework for statutory authorities is contained in (i) the Public Finances (Management) Act 1995 and related financial instructions, (ii) Regulatory Statutory Authorities Act 2004, and (iii) enabling legislation for each statutory authority.

6 4 of statutory authorities, including the Border Development Authority, the Civil Aviation Safety Authority, the National Maritime Safety Authority, and the National Roads Authority. 15. ADB s recent support for PFM in PNG was through TA for Support for Public Expenditure Review and Rationalization, 11 and Supporting Public Financial Management. 12 This TA will build on the progress made under the latter TA, rated successful in the TA completion report The main lesson from the Supporting Public Financial Management TA is that, for TA to have impacts across the government sector, all of the government must support the TA objectives. In addition, some logistical issues impacted TA delivery. The TA completion report noted the importance of carefully confirming counterpart contributions, particularly in weak capacity agencies, where facilities are limited. The completion report also notes that issues such as strengthening oversight of statutory authorities are critical to improving development outcomes in PNG and need to receive continued support from development partners. More generally, efforts to improve PFM capacity in PNG are challenging with modest achievements; this justifies the highly focused initiative proposed. III. THE TECHNICAL ASSISTANCE A. Impact and Outcome 17. The impact is to contribute to more effective and efficient utilization of public finances for service delivery and infrastructure provision. 14 The outcome is strengthened PFM systems through improved transparency, accountability, and efficiency in national government management and use of public resources. B. Methodology and Key Activities 18. The TA will deliver the following outputs (and associated activities) during Support the design and implementation of systems for financing the construction and maintenance of infrastructure from the sovereign wealth fund. The TA, in close coordination with the sovereign wealth fund implementation secretariat, will (i) prepare a comprehensive concept paper on various options for financing the construction and maintenance of infrastructure from the sovereign wealth fund, (ii) undertake consultation workshops with government agencies and development partners on the concept paper, (iii) support expert peer reviews of the proposed options, (iv) prepare a detailed implementation plan of the preferred option, and (v) provide support on the establishment and implementation of the final proposal once agreed, including capacity building support. 20. Strengthen the accountability of statutory authorities to the national government. The TA, in close coordination with the Department of Finance, will (i) develop a 2013 work plan 11 ADB Technical Assistance to Papua New Guinea for Support for Public Expenditure Review and Rationalization. Manila (TA 4947 PNG for $500,000, approved on the 29 June, financed by the Japan Special Fund). 12 ADB Technical Assistance to Papua New Guinea for Supporting Public Financial Management. Manila (TA 7427 PNG for $1,000,000, approved on 10 December, financed by the Japan Special Fund). 13 ADB Technical Assistance Completion Report: Supporting Public Financial Management in Papua New Guinea. Manila. 14 Footnote 3, Sector Results Framework, Public Sector Management,

7 5 for the new statutory authorities monitoring branch, (ii) ensure progress on the development of financial instructions covering performance and financial reporting by statutory authorities, (iii) develop a simple database to support the branch in its monitoring role, and (iv) finalize staffing arrangements for the branch, including the preparation of position descriptions. Once the branch is established, the TA will support the branch in undertaking monitoring of an initial group of pilot statutory authorities and training branch staff in undertaking this monitoring. C. Cost and Financing 21. The TA is estimated to cost $1,000,000, of which the full amount will be financed on a grant basis by ADB s Technical Assistance Special Fund (TASF-IV). The government will provide counterpart support in the form of office accommodation for consultants, provision of counterpart staff and support services, and other in-kind contributions. Disbursements under the TA will be made in accordance with ADB s Technical Assistance Disbursement Handbook (2010, as amended from time to time). The cost estimates and financing plan are in Appendix 2. D. Implementation Arrangements 22. The Department of Treasury will be the executing agency. The Department of Treasury and the Department of Finance will be the implementing agencies. 23. The TA will require international consultants (estimated 25 person-months) with skills and expertise in economics, finance, PFM, or governance, particularly in fund management governance arrangements, and statutory authority governance. All consultants will be engaged as individuals. ADB will engage consultants in accordance with its Guidelines on the Use of Consultants (2010, as amended from time to time). 24. TA activities will be implemented from 1 December 2012 to 31 October The outline terms of reference for consultants are in Appendix Monitoring of the TA will draw on findings of assessments by ADB and development partners including ADB s country performance assessment for PNG, and the next public expenditure and financial accountability assessment. Detailed activities will be monitored through the review of TA outputs and feedback from the executing and implementing agencies. IV. THE PRESIDENT'S DECISION 26. The President, acting under the authority delegated by the Board, has approved the provision of technical assistance not exceeding the equivalent of $1,000,000 on a grant basis to the Government of Papua New Guinea for Supporting Public Financial Management, Phase 2, and hereby reports this action to the Board.

8 6 Appendix 1 DESIGN AND MONITORING FRAMEWORK Design Summary Impact Effective and efficient utilization of public finances for service delivery and infrastructure provision Outcome Strengthened PFM systems through improved transparency, accountability, and efficiency in national government management and use of public resources Outputs 1. Support the design and implementation of systems for financing the construction and maintenance of infrastructure from the sovereign wealth fund. 2. Strengthen the accountability of statutory authorities to the national government. Performance Targets and Indicators with Baselines CPA indicator C-8a, equity of public resource use and government spending, increased a 2011 baseline: target: 4.0 PEFA performance indicator 9, oversight of aggregate fiscal risk from other public sector entities, increased b 2009 baseline: D 2014 target: B Average 0.5 rating improvement by the end of 2014 for the following relevant CPA scores: a (i) A-2: fiscal policy (2011 baseline: 3.5) (ii) A-3: debt policy (2011 baseline: 4.5) Final design for financing the construction and maintenance of infrastructure from the sovereign wealth fund is based on the concept paper supported under the technical assistance Department of Finance receiving performance reports from at least 9 statutory authorities by 2014 (2012 baseline: 0) Data Sources and Reporting Mechanisms ADB CPA reports PEFA PFM performance report ADB CPA reports Legislation and/or institutional arrangements put in place Completed statutory authority performance reports Assumptions and Risks Assumption Political commitment to reform activities Risk External commodity prices reduce sudden gains in revenues Assumption Active participation by the Department of Treasury and statutory authorities in strengthening PFM processes Risk Delays in legislative approval required to support reform activities Assumption The government and development partners continue to work collaboratively on PFM Risks Political disruption after the 2012 elections Amount of funding required to finance the maintenance and construction of infrastructure from the sovereign wealth fund is not politically viable Institutional rivalry between the design put in place for financing the maintenance and construction of infrastructure from the sovereign wealth fund, and existing infrastructure agencies, over scarce resources leading to delays in construction and maintenance of

9 Appendix 1 7 Design Summary Performance Targets and Indicators with Baselines Average one-step improvement by the end of 2014 of the following relevant PEFA performance indicators: b Data Sources and Reporting Mechanisms PEFA PFM performance report. Assumptions and Risks infrastructure (i) Performance indicator 16: predictability and availability of funds for commitment of expenditures (2009 baseline: C+) (ii) Performance indicator 18: effectiveness of internal controls for nonsalary expenditure (2009 baseline: C+) Activities with Milestones Inputs 1. Support the design and implementation of systems for financing the construction and maintenance of infrastructure from the sovereign wealth fund. 1.1 Prepare concept paper (December 2012 May 2013). 1.2 Undertake consultation workshops (November 2012 and April 2013). c 1.3 Complete expert peer reviews of the concept paper (May 2013). 1.4 Prepare detailed implementation plan (August 2013). 1.5 Support initial establishment and implementation of the final proposal once agreed (September 2013 October 2014). 2. Strengthen the accountability of statutory authorities to the national government. 2.1 Prepare a work plan for the statutory authorities monitoring branch (June 2013). 2.2 Complete financial instructions covering performance and financial reporting by statutory authorities (December 2013). 2.3 Develop a database (December 2013). 2.4 Finalize staffing arrangements for the branch (February 2013). 2.5 Complete monitoring of an initial group of pilot statutory authorities (October 2014). ADB: $1,000,000 from the Technical Assistance Special Fund (TASF-IV). The government will provide counterpart support in the form of office accommodation for consultants, provision of counterpart staff and support services, and other in-kind contributions. ADB = Asian Development Bank, CPA = country performance assessment, CPS = country partnership strategy, PEFA = public expenditure and financial accountability, PNG = Papua New Guinea, PFM = public financial management. a The CPA criteria are measured from 1 to 6, with 1 being the lowest score. b The PEFA assessment framework grades indicators from A to D, with D being the lowest score. c One consultation workshop will be undertaken in December 2012, immediately after mobilizing the consultants. The second consultation workshop will be undertaken once the draft concept paper is prepared. Source: Asian Development Bank.

10 8 Appendix 2 COST ESTIMATES AND FINANCING PLAN ($'000) Item Total Cost Asian Development Bank a 1. Consultants a. Remuneration and per diem International consultants b b. International and local travel c. Reports and communications Training, seminars, and conferences c Miscellaneous administration and support costs Contingencies Total 1, Note: The technical assistance (TA) is estimated to cost $1,000,000, of which the full amount will be financed on a grant basis by the Asian Development Bank (ADB). Contributions from the ADB are presented in the table above. The government will provide counterpart support in the form of office accommodation for consultants, provision of counterpart staff and support services, and other in-kind contributions. The value of government contribution is estimated to account for 10% of the total TA cost. a Financed by the ADB s Technical Assistance Special Fund (TASF-IV). The cost estimates and financing plan reflect the high cost of undertaking TA in Papua New Guinea. b Includes the cost of vehicle hire for consultants. c For financing four consultation workshops (two for the sovereign wealth fund component of the TA and two for the statutory authority component). The TA consultants will administer the consultation workshops. Source: Asian Development Bank estimates.

11 Appendix 3 9 OUTLINE TERMS OF REFERENCE FOR CONSULTANTS A. Sovereign Wealth Fund Expert (international, 4 person-months, intermittent) 1. The sovereign wealth fund expert will have a background in economics, finance, public financial management, or governance; and have at least 15 years experience in one or more of these disciplines. The expert will have sound project management, report writing, and administrative skills; and be capable of liaising with senior public officials and development partners. Prior experience of working in Papua New Guinea and prior knowledge of Asian Development Bank (ADB) procedures is highly desirable. 2. The expert will have overall responsibility for supporting the design and implementation of systems for financing the construction and maintenance of infrastructure from the sovereign wealth fund. Working in close coordination with the interdepartment sovereign wealth fund implementation secretariat, the expert will (i) prepare a comprehensive concept paper on various options for financing the construction and maintenance of infrastructure from the sovereign wealth fund, (ii) undertake consultation workshops with government agencies and development partners on the concept paper, (iii) work with selected peer reviewers who will review the proposed options, and (iv) finalize the concept paper for presentation to the interdepartment sovereign wealth fund working group. The concept paper must be finalized by June 2013, so that the preferred arrangements can be finalized in time for preparation of the 2014 budget. 3. The expert will prepare a detailed implementation plan of the preferred option and provide support for the initial establishment and implementation of the arrangements once agreed, including capacity building support. The nature of the establishment and implementation support will be finalized in consultation with the sovereign wealth fund implementation secretariat and the ADB project officer once the arrangements are agreed. 4. Outputs will include (i) a comprehensive draft concept paper on various options for financing the construction and maintenance of infrastructure from the sovereign wealth fund, (ii) a final concept paper incorporating commentary from peer reviewers, (iii) presentation of the concept paper and peer review recommendations to the sovereign wealth fund implementation secretariat and other relevant stakeholders, and (iv) a detailed implementation plan. The expert will be required to administer the consultation workshops relating to this component of the technical assistance (TA). B. Governance Expert (international, 3 person-months, intermittent) 5. The governance expert will have a background in economics, finance, public financial management, or governance; and have at least 7 years experience in one or more of these disciplines. The expert will have sound project management, report writing, and administrative skills; and be capable of liaising with senior public officials and development partners. Prior experience of working in Papua New Guinea and prior knowledge of ADB procedures is highly desirable. 6. The expert will work closely with the sovereign wealth fund expert to support arrangements for financing the construction and maintenance of infrastructure from the sovereign wealth fund. Working in close coordination with the sovereign wealth fund implementation secretariat, the governance expert will support the sovereign wealth fund expert to (i) prepare a comprehensive concept paper on various options for financing the construction and maintenance of infrastructure from the sovereign wealth fund, (ii) undertake consultation

12 10 Appendix 3 workshops with government agencies and development partners on the concept paper, (iii) work with selected peer reviewers who will review the proposed options, and (iv) finalize the concept paper for presentation to the interdepartment sovereign wealth fund working group. The concept paper must be finalized by June 2013, so that the preferred arrangements can be finalized in time for preparation of the 2014 budget. 7. Outputs include (i) a comprehensive draft concept paper on various options for financing the construction and maintenance of infrastructure from the sovereign wealth fund, (ii) a final concept paper that incorporates commentary from peer reviewers, (iii) presentation of the concept paper and peer review recommendations to the sovereign wealth fund implementation secretariat and other relevant stakeholders, and (iv) a detailed implementation plan. C. Statutory Authority Expert (international, 11 person-months, intermittent) 8. The statutory authority expert will have at least 15 years experience in public financial management and experience in the institutional arrangements of statutory authorities or similar bodies. The expert will have sound project management, report writing, and administrative skills; and be capable of liaising with senior public officials and development partners. Prior experience of working in Papua New Guinea and prior knowledge of ADB procedures is highly desirable. The expert will work closely with the new statutory authority monitoring branch within the Department of Finance and with selected statutory authorities implementing the TA. 9. The expert will have overall responsibility for strengthening the accountability of statutory authorities to the national government and will (i) develop a 2013 work plan for the branch; (ii) support the development of financial instructions covering performance and financial reporting by statutory authorities; (iii) develop a simple database to support the branch in its monitoring role; (iv) finalize staffing arrangements for the branch, including the preparation of position descriptions; and (v) support the branch in undertaking monitoring of an initial group of pilot statutory authorities, and provide training to branch staff to undertake this monitoring. 10. Outputs will include (i) a work plan for the new branch, (ii) financial instructions covering performance and financial reporting by statutory authorities, (iii) a database to support the branch in its monitoring role, and (iv) completed monitoring reports for a pilot group of statutory authorities. The expert will be required to administer the consultation workshops relating to this component of the TA. D. Expert Peer Reviewers (3 positions, international, 0.5 person-months per position, intermittent) 11. The expert peer reviewers will have experience with sovereign wealth funds or related relevant experience; and have a background in economics, finance, public financial management, or governance. The experts will have sound report writing skills. 12. The reviewers will be required to review the draft concept paper prepared by the sovereign wealth fund expert, and prepare a written commentary on the various options to be included as part of the draft concept paper. 13. Outputs will include a completed written commentary to be included as part of the draft concept paper.

13 Appendix 3 11 E. Other Experts (international, 5.5 person-months, intermittent) 14. The TA will provide approximately 5.5 person-months of intermittent international consulting services with a focus on fund management governance arrangements, financial management legislation and procedures, and statutory authority governance. Specific consultant requirements will be refined when (i) the government agrees with the arrangements for financing the construction and maintenance of infrastructure from the sovereign wealth fund, and (ii) the work plan for the new statutory authorities monitoring branch is finalized.

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