Financial Management Specialist

Description

Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. Visit www.worldbank.org.

VPU Context:

The Middle East and North Africa, Afghanistan, and Pakistan Region serves twenty two countries across different income groups, of which fourteen are active/potentially active IBRD/IDA borrowers (Afghanistan, Algeria, Djibouti, Egypt, Iran, Iraq, Jordan, Lebanon, Morocco, Pakistan, Syria, West Bank and Gaza, Tunisia, and Yemen), with a total of 251 projects and over $51 bn in total commitment. Eight are users of the Region's non-lending services, mostly on a reimbursable basis (Bahrain, Kuwait, Libya, Malta, Oman, Qatar, Saudi Arabia, and the United Arab Emirates).  The mission of the region is to foster sustainable growth with a focus on job creation and poverty reduction, economic and social inclusion, and good governance. The region attaches importance to creating a supportive work environment based on the values of teamwork, transparency, trust, and client service, underlined by professional excellence. The region places high value on diversity. The region is organized into seven Country Departments (CMUs), the Office of the Regional Chief Economist, and the Development Effectiveness Unit (MNADE).

With an expanded regional strategy, the World Bank aims to help the region weather the current crises, move from stabilization to transformation, unlock its vast economic potential of youth and women, develop its human capital to adapt to global megatrends, and foster innovation (https://www.worldbank.org/en/region/mena).

Unit Context: 
 
About MENAAP Institutions Practice:

The Governance Global Practice (GGP) helps countries build capable, efficient, open, inclusive, and accountable institutions. Core business lines include: Public Financial Management (PFM), Domestic Revenue Mobilization (DRM)/Tax Administration, State-Owned Enterprises and Corporate Governance, Public Institutions Reform, Decentralization and Sub-national Governance, and FM fiduciary assurance for Bank-financed operations; with cross-cutting themes in GovTech, Anti-Corruption, and Political Economy. https://www.worldbank.org/en/topic/governance.

Reporting and Supervision

The position reports to the Practice Manager, EMAPG (Cairo, Egypt), and works as part of the Pakistan fiduciary and PFM team, coordinating closely with task teams, the Country Management Unit, and development partners. The duty station is Islamabad, with periodic in-country and regional missions as needed.

Duties and accountabilities:  

The FM Specialist is expected to operate with substantial independence on complex tasks; lead key fiduciary products and processes; and contribute to policy dialogue and capacity-building while coordinating effectively across GPs and with development partners.

1. Fiduciary assurance and portfolio delivery:

• Lead or contribute to FM assessments and arrangements for Bank operations (IPF, PforR, and DPF), including risk identification, mitigation, funds flow/disbursement design, and FM action plans aligned with policy requirements.
• Provide proactive implementation support on budgeting, funds flow, internal controls, accounting, financial reporting, and external audit; maintain timely review/clearance of IFRs, audited financial statements (AFS), audit reports and management letters; track and resolve audit observations and disbursement issues.
• Monitor and report FM risk ratings and portfolio performance (including ISR inputs), escalations, and resolution of systemic issues; support portfolio reviews and management briefs.
• Coordinate on procurement–FM interfaces (e.g., contract management controls, payment verification, and internal controls around contract execution) in dialogue with procurement and task teams.

2. Country systems and PFM engagement:

• Support the calibrated use of country systems (e.g., national accounting/auditing/treasury platforms) in operations, where feasible and justified by risk assessment.
• Contribute to PFM analytics and ASA (e.g., PEFA, PERs, fiscal risk assessments), including subnational diagnostics, linked to CPF outcomes on service delivery (health, education), flood resilience and food security, and to cross-cutting social protection and financial inclusion agendas.
• Provide advice and capacity support on IFRS/IPSAS adoption, internal audit, internal controls, cash/treasury management, and FMIS strengthening—especially where systems modernization underpins delivery in priority sectors (e.g., WASH/health for stunting reduction; DRM/water for flood resilience; agriculture for food security; and digital/governance for financial inclusion and targeting).

3. Sector-facing FM support tied to Pakistan portfolio composition:

• Human development and stunting/health-WASH: Ensure robust FM arrangements for programs supporting nutrition, primary health, and WASH—including sound funds flow for frontline service providers and credible external audit—given the CPF focus on stunting and human capital. For flood-affected provinces (e.g., Sindh), support resilient reconstruction operations with community-facing payment controls and verification for housing/WASH grants.
• Climate and disaster resilience/water: Align FM arrangements for water resources, urban services, and DRM projects with scalable, “no-regret” investments and multi-phase programs, ensuring transparent budget execution and predictable funds for O&M—core to CPF flood resilience and service delivery.
• Energy and fiscal sustainability: Support FM arrangements and policy operations linked to energy sector reforms (e.g., cost-recovery, debt workout, and sector governance), ensuring credible reporting and audit to sustain reforms and crowd-in private finance.
• Social protection and financial inclusion: Strengthen fiduciary controls, payment integrity, and reconciliation for cash transfers and social safety nets aligned with CPF cross-cutting enablers; leverage digital payments and data for fiduciary assurance and inclusion.

4. Operational design, harmonization, and partner coordination:

• Advise on FM sections of PADs/PPAs/POMs, disbursement methods, reporting formats, and assurance modalities (including INTOSAI-aligned external audit and performance audits).
• Promote harmonization and joint approaches with development partners and SAIs, including reliance arrangements and capacity development to reduce transaction costs and strengthen country systems.

5. Quality, knowledge, and capacity building:

• Ensure quality and timeliness of FM inputs; contribute to WPA planning and resource allocation; represent FM in key client and partner meetings.
• Coach junior staff and STCs; contribute to good practice notes, clinics, and lessons learned—especially on outcome-oriented portfolio management aligned with the CPF.
• Integrate cross-cutting priorities (anti-corruption, F&C risk management, climate/gender tagging where applicable, and GovTech).

6.  Funds Chain Design, Implementation, and Oversight

• Support the design, operationalization, and supervision of Funds Chain arrangements for World Bank–financed activities in Pakistan, ensuring end-to-end traceability of funds from disbursement to final use or beneficiary.
• Work with Task Team Leaders, UN agencies, implementing partners, and fiduciary teams to map and document the full funds flow, including:
o Bank disbursements;
o Transfers to implementing partners;
o Payments to service providers; and
o Final payments or benefits delivered to beneficiaries.
• Review and validate Funds Chain documentation, including payment instructions, bank confirmations, beneficiary payment records, and reconciliation statements.
• Support the integration of Funds Chain verification into Third-Party Monitoring (TPM) arrangements, including the design of verification protocols linking financial records with physical delivery and beneficiary evidence.
• Contribute to the use of digital platforms and tools (e.g., Funds Chain systems, payment platforms, dashboards) to enhance transparency, audit trails, and real-time monitoring.
• Analyze Funds Chain data and TPM findings to identify bottlenecks, fiduciary risks, and control gaps, and recommend corrective actions.
• Support management in exceptional or legacy payment situations, including ex-post verification, settlement of outstanding liabilities, and documentation required for direct payments or alternative delivery mechanisms.
• Prepare concise Funds Chain analytical notes and dashboards for management, donors, and internal decision-making, as required.
• Ensure Funds Chain arrangements remain compliant with FMFA, FPA, World Bank FM policies, and applicable sanctions regimes.

Selection Criteria

Education

• Masters degree in accounting, finance, business, economics, or related field; and a professional accountancy qualification (e.g., CA, ACCA, CPA) from a recognized body.

Experience

• At least 5yrs or minimum 8yrs of relevant post-qualification experience in financial management, with significant public sector exposure and hands-on work with development partner–financed operations. I suggest 8yrs for both ToRs to ensure consistency.

Technical expertise:

• Budget formulation and execution, treasury/cash management, commitment controls, and understanding of budget impacts on implementation and disbursements.
• FMIS and internal control frameworks; internal audit; risk management and F&C controls.
• Financial reporting standards (IFRS/IPSAS) and international auditing standards (ISA/INTOSAI); experience with SAIs and oversight bodies.
• Experience in FM reforms and in applying the Bank’s FM risk model and mitigation measures.
• Operational competencies:
• Prior experience with the World Bank or other development partners is highly desirable (FM assessments/design, disbursement processes, audit follow-up).
• Strong analytical and writing skills; ability to communicate complex FM concepts clearly to non-specialists.

Competencies

• Teamwork and collaboration across GPs/partners; stakeholder management; organizational skills and delivery focus under tight timelines.

Duty Station and Travel

• Based in Islamabad, Pakistan; periodic travel within Pakistan (federal and provincial counterparts) and occasional regional/MENAAP travel may be required.

WBG Culture Attributes:

1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders.
2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact.
3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

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