ARTF Administrator s Report on Financial Status as of January 19, 2009 (end of Jadi 10 th month of SY1387)

Transcription

1 ARTF Administrator s Report on Financial Status as of January 19, 2009 (end of Jadi 10 th month of ) 1. Donor contributions for Total donor pledges for amount to US$689 million, of which US$349 million (51%) were without preference and US$340 million (49%) were with preferences. Table 1 reflects, as of January 19, 2009, the paid-in donor contributions (amounting to US$572 million 83% of the total pledges). Table 1: ARTF Contributions for, as of January 19, 2009 (in US$ million) Total of which % of % of Main Contributions/ without total paid-in total Donors Pledges Preference Pledges paid-in United Kingdom % % United States % % Germany % % Netherlands % % Italy % % Spain % Norway % % Australia % % Canada % % EC/EU % Denmark % % Sweden % % Others % % Total % % 2. Projected Consolidated ARTF Sources and Uses of Funds for Table 2 presents sources and uses of funds for on a consolidated basis. The sources of funds are net donor contributions (contributions less IDA fees plus investment income) plus the cash balance carried over. Uses of funds comprise: (a) disbursements to the recurrent budget, set at US$316 million for ; (b) disbursements under the ARTF investment financing, estimated at US$300 million for the year; and (c) fees for the Monitoring Agent of about US$4.06 million 1. 1 Fees for 1387 include the balance of current contract $3.26 million which expired on September 30, 2008 plus the 10% advance on the new two year contract estimated at $8 million ($3.26+$.80=$4.06). 1

2 Financials as of January 19, 2009 As of January 19, 2009 the cash balance of ARTF stood at US$538.2 million comprising: (a) a US$5.2 million cash balance in the Recurrent Cost Trust Fund (excluding the US$50 million in the Designated Account); (b) combined undisbursed balance of the ARTF active investment portfolio of US$216 million; and (c) US$6.8 million reserved for the Monitoring Agent, leaving an unallocated cash balance of US$260 million. Table 2: ARTF Consolidated Sources and Uses of Funds (US$ million, January 19, 2009) Table 2 - ARTF Consolidated Sources & Uses of Funds US$ Mil. Report Date : January 19, 2009 SY 1381 SY 1382 SY 1383 SY 1384 SY 1385 SY 1386 SY 1387 SY 1387 Total Total Total Total Total Total Total Total Actual Actual Actual Actual Actual Actual Actual Forecast ²,3 SOURCES OF FUNDS (A+B) A. Net Donors Contributions (A1-A2) A.1. Donors Contributions A.2. IDA fees minus Investment Income B. Cash Carried-Overr (=D previous year) USES OF FUNDS (C+D) C. Disbursements (C1+C2+C3+C4) ¹ C.1 Recurrent window - Disbursed by DAB Wages O&M Other C.2. Investment window C.3. Pass-through to LOTFA (UNDP Police) C.4. Fees to monitoring agent D. Cash Balance (end-of-period) (A+B-C=D1+D2) D.1. Committed Cash Balance: to recurrent window special account to recurrent window Trust Fund undisbursed investment window balanc to Monitoring Agent D.2. Unallocated Cash Balance (1) Advance disbursements reported following standard World Bank practice. (2) Assumes all pledges collected, and estimates of future allocations and disbursements are met. (3) forecasted balance (previous balance + new commitments - disbursements) is based on projected contributions, commitments and disbursements. (4) Unallocated cash balance refers to funds in the ARTF parent account that the MC has not formally committed. During the Solar Year they will be committed in line with priorities for ARTF funds as set out in the Afghan National development budget. Table 2 makes tentative projections for. These will be adjusted as the year proceeds. Key assumptions include the total donor contributions for the year of US$688.7 million, total disbursements of US$620.1 million leaving a closing balance of US$66 million. 2

3 3. Recurrent Cost Financing requirements In, a total cash amount of US$276 million will be assigned to the Government (via the Recurrent Cost Trust Fund account) to finance the recurrent cost. Given the opening cash carried forward from SY1386 to was US$ 70 million, the amount of cash to be transferred totals US$ 276 million whereas cash disbursements during are projected to be US$ 276 million. At the December 17 ARTF Donor Meeting an in-principle agreement was made with regards the use of ARTF resources to finance the shortfall in the operating budget caused by the implementation of a salary increase for teachers. The Management Committee has agreed (MC meeting January 21, 2009) an exceptional additional allocation of US 40 million. The Recurrent Cost Window ceiling for is therefore raised from US$ 276 million to US$ 316 million as noted in Table 3 below. Quarterly transfers of US$ 69 million each are projected, the exact timing of which may be at the beginning of the quarter or mid-quarter, depending on a timing which best suits the Government. Making transfers in line with the transfer schedule will also ensure that at the end of the Solar Year the Recurrent Cost Trust Fund account balance will be equal to the agreed buffer of US$70 million. The estimate of funding allocations to the recurrent cost financing for a specific quarter is determined by comparing the balance of the Recurrent Cost financing trust fund 2 to the estimated disbursement requirement for the quarter in question, plus a reserve equal to the next quarter disbursement requirements. For, the forecast for the full year appears below. The quarter by quarter transfer depends on the planned pattern of presentation of expenses, which the Government will determine. Table 3: Recurrent Cost Financing Requirement for (in US$ million) SY1386 March 22, 2007 Mar 19, 2008 Mar 20, 2008 Jun 20, 2008 Jun 21, 2008 Sep 21, 2008 Sep 22, 2008 Dec 20, 2008 Dec 21, 2008 Mar 20, 2009 Mar 21, 2008 Mar 20, 2009 Opening Balance 75* * Disbursements (291)** (316) Transfers ~ 316 Closing Balance 70* * *These balances do not include Special Account (working capital) balance of US$50 million. **Includes disbursement of US$ million made for SY1385 expenses. Carry forward of reimbursement of prior budget year s eligible expenses has not occurred in SY1386 and will not occur in future years because allocation should be exhausted by the end of the Solar Year. ~US$178 million includes US$138 million to be allocated for the third and the fourth quarter of, as well as the US$40 million exceptional allocation agreed by the MC on January 21, This excludes an advance of US$50 million for working capital which must be maintained at all time. 3

4 SY 1387 Table 4 - Investment Plan by ANDS Sector January 19, 2009 ANDS Pillars and ARTF Investment Window Projects Undisbursed ARTF New MC Balance Budgeted Projected Project balance Allocations (1) available for Disbursements (2) End balance as of SY1386 (a) (b) (a+b) (c) (a+b-c) I. SECURITY ARTF DOES NOT FINANCE ANY PROJECT UNDER PILLAR I II. GOVERNANCE, RULE OF LAW & HUMAN RIGHTS Justice TF Justice Sector Reform Project III. ECONOMIC AND SOCIAL DEVELOPMENT Private sector development TF Microfinance for Poverty Reduction TF Private Sector Development Energy TF Kabul-Aybak/Mazar-e-Sharif Power Project TF Rehabilitation of Naghlu Hydropower Plant TF Kabul Power Supply TF Power Substation and Distribution Project Water And Irrigation TF Water Resources Development Technical Assistance Project Agriculture and Rural Development TF National Solidarity Program TF National Emergency Employment Program TF Horticulture and Livestock Program TF Rural Water Supply and Sanitation TF Afghanistan Rural Enterprise Development Program Transport TF Kabul Urban Roads Improvement Project Urban development TF Urban Water Supply and Sanitation TF Kabul Urban Reconstruction Program Education TF Education - EQUIP TF Strengthening Higher Education Program TF Skills Development Project Capacity development TF Management Capacity Program TF Civil Service Capacity Building TF Technical Assistance Feasibility Studies Total ) estimated allocations are on a commitment basis. This column needs to be agreed with the government and the Management Committee. 2) Budget figures are taken from the approved budget. These figures are on a cash disbursement basis and will be updated with roll-over from previous years. 3) Projects in italics are proposed. 4) Allocations for Skills Development Project, Power Substation and Distribution Project, Kabul Urban Roads Improvement project, National Solidarity Program and Water Resources Development TA Project were already approved by the MC. However, since audit report for ARTF projects are not yet received by the Bank, these projects were pending for the Bank's waiver to sign legal agreements. Since the waiver was approved in December these will be signed shortly. 5) For Water Resources Development TA Project, budget allotment requested at MYR 1387 was $80,000. To be confirmed. 4

5 SY 1387 SY 1381 Table 5 - Actual and Expected Donor Contributions Paid-In, Committed, Pledged (US$ Million) SY 1381 SY 1382 SY 1383 SY 1384 SY 1385 SY Jan-2009 % of Total SY SY SY Donor Total Total Total Total Total Total Total Signed Un-signed Total % of Total Total Paid-in Paid-in Paid-in Paid-in Paid-in Paid-in Paid-in Pledges Pledges SY 1387 SY 1387 Total Paid-in Paid-in Australia % % % Bahrain % % % Belgium % % % Canada % % % Denmark % % % EC/EU % % % Finland % % % France % % % Germany % % % India % % % Iran, Islamic Repu % % % Ireland % % % Italy % % % Japan % % % Korea, Republic o % % % Kuwait % % % Luxembourg % % % Netherlands % % % New Zealand % % % Norway % % % Poland % % % Portugal % % % Russian Federatio % % % Saudi Arabia % % % Spain % % % Sweden % % % Switzerland % % % Turkey % % % UNDP % % % United Kingdom % % % United States % % % SY 1387 SY % of Total TOTAL % % % 5

6 SY 1381 Table 6 - Expressed Donor Preferences By Projects Paid-In, Committed, Pledged January 19, 2009 (US$ Million) SY 1382 SY 1383 SY 1384 SY 1385 SY 1386 SY 1387 Total SY Donor Curr Program Paid-in Paid-in Paid-in Paid-in Paid-in Pledged Paid-in Total Expressed Of which US$ US$ US$ US$ US$ Own Curr. US$ Est. Own Curr. US$ SY 1387 Preference Paid-in Norway NOK Civil Service Capacity Building United States USD Civil Service Capacity Building Total Civil Service Capacity Building Australia AUD Education - EQUIP Canada CAD Education - EQUIP Germany EUR Education - EQUIP Netherlands USD Education - EQUIP Norway NOK Education - EQUIP Spain EUR Education - EQUIP United States USD Education - EQUIP Total Education - EQUIP Sweden SEK Emergency Transport Rehabilitation Project Total Emergency Transport Rehabilitation Project Canada CAD Horticulture and Livestock Program United Kingdom GBP Horticulture and Livestock Program Total Horticulture and Livestock Program EC/EU EUR Justice Sector Reform Project Italy EUR Justice Sector Reform Project Norway NOK Justice Sector Reform Project United Kingdom GBP Justice Sector Reform Project United States USD Justice Sector Reform Project Total Justice Sector Reform Project United Kingdom GBP Management Capacity Program United States USD Management Capacity Program Total Management Capacity Program Australia AUD Microfinance for Poverty Reduction Canada CAD Microfinance for Poverty Reduction Denmark DKK Microfinance for Poverty Reduction Finland EUR Microfinance for Poverty Reduction Netherlands USD Microfinance for Poverty Reduction Sweden SEK Microfinance for Poverty Reduction United Kingdom GBP Microfinance for Poverty Reduction United States USD Microfinance for Poverty Reduction Total Microfinance for Poverty Reduction Australia AUD National Emergency Employment Program Canada CAD National Emergency Employment Program EC/EU EUR National Emergency Employment Program Spain EUR National Emergency Employment Program United Kingdom GBP National Emergency Employment Program United States USD National Emergency Employment Program Total National Emergency Employment Program Australia AUD National Solidarity Program Belgium EUR National Solidarity Program Canada CAD National Solidarity Program Denmark DKK National Solidarity Program EC/EU EUR National Solidarity Program Finland EUR National Solidarity Program Germany EUR National Solidarity Program Norway NOK National Solidarity Program Spain EUR National Solidarity Program Sweden SEK National Solidarity Program United Kingdom GBP National Solidarity Program United Kingdom USD National Solidarity Program United States USD National Solidarity Program Total National Solidarity Program Germany EUR Private Sector Development Total Private Sector Development Germany EUR Public Admin Reform Total Public Admin Reform Norway NOK Rural Water Supply and Sanitation United States USD Rural Water Supply and Sanitation Total Rural Water Supply and Sanitation Norway NOK Skills Development Programme (NIMA) United States USD Skills Development Programme (NIMA) Total Skills Development Programme (NIMA) Russian FederatioUSD Strengthening Higher Education Project Total Strengthening Higher Education Project United States USD Technical Assistance Feasibility Studies Total Technical Assistance Feasibility Studies Grand Total

7 SY TF Recurrent & Capital Costs Component Wages Table 7 - ARTF Commitments & Disbursements January 19, 2009 As of: (US$ million). Comm Disbursed Comm Disbursed Comm Disbursed Comm Disbursed Commited Disbursed Comm Disbursed Comm Disbursed SY Jan-09 Last Month SY1381 SY1381 SY1382 SY1382 SY1383 SY1383 SY1384 SY1384 SY1385 SY1385 SY1386 SY1386 YTD YTD Total Total Disbursed Available Disb. Year End Year End Year End Year End Year End Year End Year End Year End Year End Year End Year End Year End Commited Disbursed Rate (a) (b) (c) (c) (d) (e) (f) (g) (h) (g) - (h) (h) / (g) O&M Debt Service, IMF Debt Service, IDA Debt Service, ADB Bulk Contracts Disbursements(A) Special Account(Opening) Balance (B) Net Disbursements(Incl. Advances & Adjustments) (C) % Updated Special Account Balance * TF Monitoring Agent [2] % Closed Investment Projects [3] TF UNDP Police Pr. 1 & % TF Microfinance for Poverty Reduction % TF UNDP Police % TF Telecom & Microwave Link % TF Kabul Roads and Drainage System % TF Strengthening Financial Capacity of the Governmen t % TF National Solidarity Program % Subtotal Closed Investment Projects [3] % Current Investment Projects [4] TF Technical Assistance Feas ibility Studies % TF National Emergency Employment Program % TF Microfinance for Poverty Reduction % TF Kabul Power Supply % TF Civil Service Capacity Building % TF Rehabilitation of Naghlu Hydropower Plant % TF Urban Water Supply and Sanitation % TF Education - EQUIP % TF Rural Water Supply and Sanitation % TF Management Capacity Program % TF National Solidarity Program % TF Kabul-Aybak/Mazar-e-Sharif Power Project % TF Horticulture and Livestock Program % TF Kabul Urban Reconstruction Project % TF Justice Sector Reform Project % TF Strengthening Higher Education Project % Subtotal Current Investment Projects [4] % TOTAL COMMIT & DISB. [ ] % Note: * Includes US $50 million Special Account advance plus adjustment for any timing difference. 7

8 SHEP SDP EQUIP GOVERNANCE, RULE OF LAW & HUMAN RIGHTS $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Table 8 ARTF Preference Tracker for As of January 19, 2009 (US$ Million) ECONOMIC AND SOCIAL DEVELOPMENT Power Substation NSP NRAP HLP RWSS Kabul Ur Roads KURP PSD Microfinance Justice Private Sector Development Energy Agriculture and rural development Transport Urban Development 8 Education Funding gap Pledged preferences NJP