LINKED DOCUMENT E: LOAN COVENANTS

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1 Project Performance Evaluation Report on FSM: Private Sector Development Program LINKED DOCUMENT E: LOAN COVENANTS Table E.1: Loan 1873-FSM(SF): Private Sector Development Program Covenant 1 Carry out the Program with due diligence and efficiency in conformity with sound administrative, financial, engineering, environmental and economic practices. 2 Provide promptly as needed funds, facilities, services, and other resources, which are required for carrying out of the Program. 3 Maintain records and documents adequate to identify eligible items financed out of the proceeds of the Loan and record the progress of the Program. 4 Furnish the Bank all such reports and information as the Bank shall reasonably request concerning (a) the Loan, and the expenditure of the proceeds and maintenance of the service; (b) goods financed out of the proceeds of the Loan; (c) of the Program, including the accomplishment of the targets and carrying out of the actions set out in the Development Policy Letter; (d) financial and economic conditions in the territory of the Borrower and the international balance-ofpayments position of the Borrower; and (e) any other matters relating to the purposes of the Loan. 5 Furnish the Bank detailed quarterly reports on the carrying out of the Program and on the accomplishment of the targets and actions set out in the Development Policy Letter. The report should also indicate progress made and problems encountered during the quarter under review, steps taken or proposed to be taken to remedy these problems, and proposed program of activities and expected progress during the following quarter. 6 Promptly after the closing date for withdrawals from the Loan account, but in any event not later than 3 months thereafter or such later date as may be agreed for this purpose, the Borrower shall prepare and furnish to ADB a report, on the execution of the Program, including its cost, the performance of the Borrower of its obligations under the Loan Agreement and accomplishment of the Purposes of the Loan. 7 Prior to submitting the first application to the Bank for withdrawal from the Loan Account, the Borrower shall open an account at the Bank of the Federated States of Micronesia into which all withdrawals from the Loan Account shall be deposited. The Deposit Account shall be established, managed and liquidated in accordance with terms and conditions satisfactory to the Bank. 8 Maintain separate accounts and records in respect of the Deposit Account, in accordance with consistently maintained sound accounting principles. The Borrower shall have the Deposit Account audited by independent auditors, in accordance with appropriate auditing standards. Status of Compliance Included in project unit s quarterly report. Not complied. Account was opened with the Bank of Hawaii.

2 2 Project Performance Evaluation Report on FSM: Private Sector Development Program Covenant 9 Certified copies of the audited accounts and records in English shall be submitted to ADB not later than 6 months after the date of Bank s request. 10 Throughout the Program period, the Borrower shall submit trade statistics and any other information as the Bank may require from time to time to assess the Borrower s compliance with the formula for determining Eligible Imports. 11 No withdrawals shall be made from the Second Tranche unless the Bank shall be satisfied, after consultation with the Borrower, that (a) sufficient progress has been achieved by the Borrower in carrying out the Program; and in particular, (b) the Borrower and at least 2 States have fulfilled their respective conditions for the release of the Second Tranche. 12 The proceeds of the Second Tranche may be withdrawn from the Loan Account in more than one release if necessary, only (a) as a State has complied with the conditions referred to in Attachment 2 to Schedule 3 of the Loan Agreement and (b) in amounts corresponding to the proportions of such State s share in the Counterpart Funds. Status of Compliance Not complied. Only the national and Kosrae governments received the second tranche. ADB = Asian Development Bank, FSM = Federated States of Micronesia. Sources: ADB Completion Report: Private Sector Development Program in the Federated States of Micronesia. Manila (Loan 1873); Independent Evaluation Mission

3 Project Performance Evaluation Report on FSM: Private Sector Development Program 3 Table E.2: Loan 1874-FSM(SF): Private Sector Development Project 1 Carry out the Project with due diligence and efficiency and in conformity with sound administrative, financial, engineering, environmental and economic practices. Ref. LA, Article IV, Section 4.01 (a) 2 A PIU established within DEA responsible for overseeing all aspects of project administration and. An international consultant will be recruited as the Program/Project Manager and shall head the PIU. A locally recruited manager will be trained to take over as Program/Project Manager in the 4 th year of of the Project. Ref. LA, Schedule 6, para 2 3 A Steering Committee, co-chaired by the Secretary of Finance and the Secretary of Economic Affairs and Governors of the States or their representatives and a representative for each of the College of Micronesia and FSMDB shall be established to monitor and coordinate the Program and the Project. Ref. LA, Schedule 6, para 3 4 A State Coordinating Committee shall be established at the State level and shall be chaired by the Governor of the relevant State and shall also include other members as determined by each Governor. The State Coordinating Committee shall monitor and coordinate the Project at the State level. Ref. LA, Schedule 6, para 4 5 Provide promptly as needed funds, facilities, services, land and other resources required for the carrying out of the Project and operations and maintenance of the Project facilities. Ref. LA. Article IV, Section 4.02 Prior to Loan Effectivity Upon Loan Effectivity Upon Loan Effectivity Local counterpart manager took the role of Project Manager in December 2006 and a second local Project Manager took over in July 2007 following the retirement of the first. Concerns regarding the failure of the department to release this person fulltime to Project Manager tasks are recognized by the government but departmental workload and personnel available do not allow for this. Within all states, meetings were held quarterly. Delays in state reporting of issues to the PIU were problematic at times. 6 The PIU will establish a performance monitoring and evaluation system detailing the qualitative and quantitative output indicators in the Program Framework. 7 Engage competent and qualified consultants and contractors. Ref. LA. Article IV, Section 4.03(a) Within 3 months of loan effectiveness Upon loan effectiveness There were problems with the contractor awarded the construction contracts in Chuuk for the SBDC and Commerce and Industry building.

4 4 Project Performance Evaluation Report on FSM: Private Sector Development Program 8 Carry out the Project in accordance with plans, design standards, specifications, work schedules and construction methods acceptable to the Borrower and the Bank. Furnish the Bank, promptly after their preparation, such plans, design standards, specifications and work schedules, and any material modifications subsequently made. Ref. LA, Article IV, Section 4.03(b) There were some delays in providing revised plans and updated work schedules for construction activities. 9 Maintain records and accounts adequate to identify the goods and services and other items of expenditure financed out of the Loan proceeds, disclose the use thereof in the Project, record the progress of the Project (including the cost) and reflect, in accordance with consistently maintained sound accounting principles, the operations and financial condition of the agencies of the Borrower responsible for carrying out of the Project and operation of Project facilities. Ref. LA. Article IV, Section 4.06(a) 10 The PIU and DOF will: (i) maintain separate accounts for the Project; (ii) ensure that accounts and related financial statements are audited annually in accordance with sound auditing principles by auditors acceptable to ADB. Ref. LA, Article IV, Section 4.06(b) 11 The PIU and DOF will submit to ADB not later than 9 months after the close of each fiscal year, certified copies of the audited accounts and the report of the auditor. Ref. LA, Article IV, Section 4.06(b). Despite repeated requests, however, the Project accountant has not updated finances in a timely manner and has failed to develop asset registers. The 2008/2009 audit was not submitted, however, as the Project accountant failed to prepare the financial reports audit. 12 Enable the Bank to discuss the Borrower s financial statements for the Project and its financial affairs related to the Project from time to time with the Borrower s auditors. Ref. LA, Article IV, Section 4.06(c) 13 FSMDB will implement a new corporate plan focusing on business promotion, customer service, financial sustainability and the development of human resources. The FSMDB shall further develop the existing system of management by objectives with each state branch setting lending, collection and profit objectives. Ref. LA, Schedule 6 14 In each State, the SBDC shall be advised by a Business Development Council which shall have representatives from the private sector, banks, College of Micronesia, non-government organizations and the State government. The Business Development Council shall replace the current Micronesian Entrepreneur Development A corporate plan has been approved by the FSMDB Board and submitted to ADB. The strategy is a 5-year Strategy and is to be updated in Management by objectives has been developed The existing SBDCs established in Chuuk, Kosrae, and Yap are advised by BDCs. A BDC was formed for the SBDC in Pohnpe.

5 Project Performance Evaluation Report on FSM: Private Sector Development Program 5 Center Board. The Borrower shall aim at SBDCs becoming self-sustaining organizations by causing them to charge fees for their training and advisory services as appropriate, and to receive funds from other external sources. Ref. LA, Schedule 6, para 6 15 The PIU shall furnish to the Bank quarterly detailed reports on the project status. Ref. LA, Article IV, Section 4.07(b) Quarterly There were delays in submission of previous reports, and those for 4Q 2008 and 1Q 2009 were not submitted. 16 The borrower shall furnish to the Bank all reports and information as the Bank shall reasonably request concerning (i) the Loan, and the expenditure of the proceeds and maintenance of the service thereof; (ii) the goods and services and other items of expenditure financed out of the proceeds of the Loan; (iii) the Project; (iv) the administration, operations and financial condition of the agencies of the Borrower responsible for the carrying out of the Project and operation of the Project facilities, or any part thereof; (v) financial and economic conditions in the territory of the Borrower and the international balanceof-payments position of the Borrower; and (vi) any other matters relating to the purposes of the Loan. Ref. LA, Article IV, Section 4.07(a) 17 The Borrower shall introduce nominal charges for certain activities associated with first land registration activities while full charges shall be levied for secondary transactions in land rights, such as leases and the recording and registering of mortgages. As the land administration systems become established, fee structures for land titling shall be reviewed with a view to increasing cost recovery for the systems. Ref. LA, Schedule 6 18 Promptly after physical completion of the Project, but in any event not later than three (3) months thereafter or such later date as may be agreed for this purpose between the Borrower and the Bank, the Borrower shall prepare and furnish to the Bank a Project Completion Report. Ref. LA, Article IV, Section 4.07(c) 19 The Borrower shall enable the Bank's representatives to inspect the Project, the goods financed out of the proceeds of the Loan, and any relevant records and documents. Ref. LA, Art. IV, Sect months after project completion Complied with although not in a timely manner. Not complied. 20 A review of the Project shall be carried out by the Borrower and the Bank during the third quarter Third Quarter of A review mission was conducted in

6 6 Project Performance Evaluation Report on FSM: Private Sector Development Program of The review shall (i) examine the scope, design arrangements and other relevant issues, (ii) evaluate the progress towards achieving the measurable targets of the Project and their impact on private sector development, identify changes since September 2000 relating August Due to the delay at startup, however, the midterm review mission for the project was conducted only in June to sector issues, resource management and allocations and reassess their impact on the sustainability of the Project, (iv) evaluate performance against the established schedule, (v) verify the compliance with loan covenants, (vi) identify problems and constraints, and (vii) formulate appropriate recommendations for corrective actions. Ref. LA. Schedule 6, para 8 ADB = Asian Development Bank, BDC = business development council, DEA = Department of Economic Affairs, DOF = Department of Finance, FSM = Federated States of Micronesia, FSMDB = Federated States of Micronesia Development Bank, GDP = gross domestic product, LA = Loan Agreement, PIU = project unit, PSDP = Private Sector Development Program, Q = quarter, SBDC = small business development center. Sources: ADB Completion Report: Private Sector Development Program in the Federated States of Micronesia. Manila (Loan 1874); Independent Evaluation Mission.

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