GrantThornton
Independent Auditor's Report and Special Purpose
Financial Information
For the Period from 1 January to 31 December 2020
Contents
Page
Independent Auditor's Report i-ili
Statement of Sources and Uses of Funds 1-1
Statement of Withdrawal Applications 2-2
Notes to the Special Purpose Financial Information 3-8
Appendices 1-VI
1
GrantThornton
Grant Thornton Sh.p.L
Rr Sami Frashei, KompleksI TID,
Shk. B, Foor 1, 10 000
Tirana, Albania
T +355 4 22 74 832
F +355 4 22 56 560
contact@al.gt.com
To the Management of the project "Social Assistance Modernization" and Ministry of Finance and
Economy of the Republic of Albania
Opinion
We have audited the accompanying special purpose financial information comprising the statement of
sources and uses of funds, statement of withdrawal applications and the related notes of the "Social
Assistance Modernization Project" (further referred to as the "Project"), implemented by the Ministry of
Health and Social Protection financed under International Bank for Reconstruction and Development
('IBRD) Loan Agreement Number 8141-AL and IBRD Additional Loan Agreement 8841 for the
period from 1 January to 31 December 2020. The special purpose financial information has been
prepared by the management of the Project in accordance with policies described in note 2 of the special
purpose financial information.
In our opinion, the special purpose financial information of the Project "Social Assistance
Modernization" is prepared, in all material respects, in accordance with the cash receipts and
disbursement basis of accounting as set out in note 2 to the special purpose financial information.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the audit
of the special purpose financial information section of our report. We are independent of the entity in
accordance with the International Ethics Standards Board for Accountants' Code of Ethics for
Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our
audit of the special purpose financial information in Albania, and we have fulfilled our other ethical
responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter - Basis of Accounting and Restriction on Use and Distribution
Without modifying our opinion, we draw attention to note 2 to the special purpose financial information,
which describes the basis of accounting. The special purpose financial information is prepared to assist
the Project to comply with the financial reporting provisions of the financing agreements set out in the
note 1 to the special purpose information. As a result, the special purpose financial information may not
be suitable for another purpose. Our report is intended solely for the Project, the donors and the
Government of Albania and should not be used by or distributed to parties other than the Project, the
donors or the Government of Albania.
Responsibilities of Management for the Special Purpose Financial Information
Management is responsible for preparation and fair presentation of the special purpose financial
information in accordance with the basis of accounting described in notes 2; this includes determining
that the cash receipts and disbursements basis of accounting is an acceptable basis for the preparation of
the special purpose financial information in the circumstances, and for such internal control as
management determines is necessary to enable the preparation of a special purpose financial information
that is free from material misstatement, whether due to fraud or error.
Auditor's Responsibility for the Audit of the Special Purpose Financial Information
Our objectives are to obtain reasonable assurance about whether the special purpose financial
information as a whole is free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of this special purpose financial information.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the special purpose financial
information, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
* Obtain an understanding of internal control relevant to the audit 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 entity's internal control.
* Conclude on the appropriateness of management's use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the entity's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the special purpose financial information or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the entity to cease to continue as a going concern.
ii
* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates, if any, and related disclosures made by management.
* Evaluate the overall presentation, structure and content of the special purpose financial
information, including the disclosures, and whether the special purpose financial information
represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
Grant Thornton sh.p.k.
Tirana, Albania
29 April 2022
ii
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
Statement of Sources and Uses of Funds
Period from Period from Cumulative from 31
1 January to 31 1 January to 31 October 2013 to 31
Notes December 2020 December 2019 December 2020
Sources of funds
IDA funding- Loan 8141 3 - 518,294 2,016,823
IDA funding- Loan 8841 3 172,501 295,881 468,383
Interest received - Loan 8141 4 - 1 891
Total 172,501 814,176 2,485,206
Uses of funds
Consultancy services 5 (143,432) (507,062) (1,838,051)
Incremental operating costs 6 (35,580) (69,980) (411,098)
Bank chares (453) 1 77) (5,185)
Total (179,465) (578,219) (2,254,334)
Excess of receipts over
disbursements (6,964) 235,957 230,873
Differences from exchange rate (20,602) 47 (19,662)
Cash at the beginning of the period 7 238,777 2,773 -
Cash at the end of the period
(converted In Eur) 7 211,211 238,777 211,211
The Statement of Sources and Uses of Funds is to be read in conjunction with the notes set out on pages 3 to
8 and forming an integral part of the special purpose financial information.
The special purpose financial information of the Social Assistance Modernization Project was authorized
for issue by the management of the project on December 22, 2021 and signed on its behalf by:
Suz apadhopulli G -zim Xhepa
Proje t anager Financial Managemn Specialist
1
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SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
Notes to the Special Purpose Financial.
lnformation
I . General Information
The Social Assistance Modernization Project (the Troject) is financed by an IBRD Loan 8141 and an
additional financing IBRD Loan 8841 from the International Bank for Reconstruction and Development
Cthe Bank in the amount respectively Euro 38 ml and US$ 11 rnI. The original loan agreement was signed
between die International Bank for Reconstruction and Development Cthe Bank and the Government of
Albania (the Borrower) onjune 6, 2012 and subsequently amended onjune 5,2018 to accommodate die
additional financing.
`Ihe project became effective on October 31, 2012, and its original closing date initially set on June 30,
2017, has been extended until December 31, 2022, due to restructuring including Additional financing
allocadon.
The objecdve of the Project is to support the Borrower's implementation of reforms to improve the
equity and efficiency of its social assistance programs. The original and the additional financing consists
of two inter-related components, as follows:
The Project consists of the following parts:
Part 1: Strengthening the Implementation and Performance of Social Assistance Programs Support
improved implementation of both the Ndihma Ekonon-Like Program (NEP) and the Disability Assistance
Program (DAP) through provision of financing for reimbursement of payments of benefits incurred by
the Borrower out its budgetary allocations for the Ndihma Ekonomike Program C'EEP").
Part 2: Technical Assistance and Investment Acdvides to Strengthen the Implementation Capacity for
Social Assistance Programs Support the capacity of the Borrower for implementing improvements in the
delivery of social assistance benefits, including through the following-.
a) Revision of the parameters of social assistance programs, including new evaluation systems for
disability assistance based on the social model, reviewing business procedures and insdtutional
arrangements and design of alternative assistance strategies for people with disabilities who do
not meet the DAP eligibility criteria under the DAP reform
b) Development of an exit strategy for NEP beneficiaries based on innovative models and
international experience
3
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
c) Implementation of a Management Information System (MIS) for the DAP, including- review of
core business processes, institutional roles, and functional requirements to determine inputs for
the design of the MIS; developing quality assurance for MIS development and implementation;
developing a revised sanctions policy and enforcement mechanisms to strengthen the ability to
remedy fraud and errors; and designing tools for the detection of fraud and errors, and other
social inspection mechanisms.
d) Promote transparency in communications and monitoring and evaluation, as well as, citizen
engagement, including through:
() continuation of carrying out of awareness campaigns to ensure understanding and acceptance of
the reforms of Social Assistance Programs, through implementation of a comprehensive
communications strategy and specific communications tools tailored to specific themes and target
groups;
(ii) strengthening monitoring and evaluation through, designing and implementation of a process for
evaluating reforms in Social Assistance Programs and carrying out of a follow-up disability survey
to support the monitoring of disability assistance reforms;
(iii) strengthening MHSP's monitoring and evaluation capacity for reviewing business procedures and
institutional arrangements, analyzing data and updating the USF; and
(iv) carrying out a beneficiary assessment survey for DAP beneficiaries to evaluate their level of
satisfaction with the DAP reform.
e) Continue to provide Project implementation support through financing of Operating Costs and
consulting services to enhance technical expertise of Ministry of Health and Social Protection
(MHSP) in areas including day-to-day Project management, monitoring and evaluation,
procurement and financial management.
3
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
1. General Information (continued)
In 2016, the project was restructured upon government request, in order to: (a) reallocate the funds from
component 1 to component 2 to include TA activities, originally designed to be funded under IPA 2013,
that were critical in the implementation of latter phase of both NE and disability reforms; (b) adjustment
of the wording of several Disbursement Linked Indicators (DLIs) to reflect recent developments on the
specifics of the design and initial implementation of the disability reform; and (c) modification of the
results framework to address measurability of some indicators due to data availability issues. The first
restructuring as above, took place in May 2016, and became effective (after ratification as per Albanian
law) on January 4, 2017.
The original and revised allocation in financing is represented in the below table:
Amount of the Revised allocation after Percentage of expenditures
Category Credit allocated restructuring to be financed by IBRD
(1) Payments for Eligible DLI Amount set forth in the
Expenditures Program table in the Annex to Schedule
under Part 1 of the Project. 36,765,000 35,115,000 2 to this Agreement
(2) Consultants Services 100% of the expenditures will
under Part 2 of the Project 1,140,000 2,790,000 be financed by IBRD
Amount payable pursuant to
Section 2.3 of the
Agreement in accordance with
Section 2.07 (b) of the
(3) Front End Fee 95.000 95,000 General Conditions
Total amount 38000,000 EUR 38.000.000 EUR
In January 2017 the Government formally requested a second project restructuring, to extend the closing
date of the Project by eighteen months, from June 30, 2017, to December 31, 2018, which has been
approved by Bank on February 6, 2017, and by Albanian Government on December 28, 2017. The
rationale for the proposed extension was to ensure continuation of key activities to support the
implementation of social assistance (SA) reforms, and to achieve the corresponding DLIs, which would
lead to a better achievement of the Project Development Objective.
In order to help enhance the development impact of the original project, an additional financing has been
approved by Bank on May 4, 2018, and it became effective on July 31, 2018, through Law No.53/2018, in
the total amount of USD 11 ml. The original dosing date for AF was set on June 30, 2021.The additional
financing (AF) includes the following changes: (a) scale up the geographical scope of the existing disability
assistance (DA) reform activities, (b) fund new activities that support the implementation of the reforms
for the eligibility criteria for both Ndihma Ekonomike (NE) programl and DA program benefits and
provide technical assistance (TA) to strengthen the Government's capacity under Components 1 and 2 of
the original project, and (c) adapt the Results Framework to the new activities (PDO indicators will
remain unchanged but targets will change).
In August 28, 2020, the MHSP submitted a formal request to postpone the dosing date up to December
31, 2022 (by 18 months) in order to allow the full achievement of DLIs and project indicators, affected by
difficulties created due to Covid-19 pandemic and last year earthquakes. The extension of the closing
date is effective by February 25, 2021.
4
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless othervise stated)
1. General Information (continued)
The project is implemented by the Ministry of Health and Social Protection (MHSP) (former Ministry of
Social Welfare and Youth) through its Project Implementation Unit PIU). The project is a specific
investment loan (SIL), that disburses in two ways: (a) with disbursements for verified achievement of
results for implementation and improvements in the main social assistance programs, using a results-
based financing (RBF) approach (Component 1); and (b) with payments against statements of
expenditure for inputs associated with technical assistance activities, using a traditional SIL approach
(Component 2). These financial statements refer to component 2 only.
The allocation of the additional loan is represented in the below table:
Category Amount of the DLI Amount (expressed in Percentage of expenditures
Credit allocated Dollars) to be financed by IBRD
(1) Payments for DLI 17: 3,000,000
Eligible Expenditures DLI 18: 2,500,000
Program under Part 1 DLI 19: 2,202,500 100% of the expenditures will be
of the Project. 10,202,500 DLI 20: 2,500,000 financed by IBRD
(2) Consultants
Services under Part 2 100% of the expenditures will be
of the Project 770,000 financed by IBRD
Amount payable pursuant to
Section 2.3 of the
Agreement in accordance with
Section 2.07 (b) of the General
(3) Initial tariff 27,500 Conditions
Total amount 11.000,000 USD
As of 31 December 2020, EUR 0 from IBRD Loan 8141-AL and USD 211,607 from IIBRD Loan 8841
(converted to EUR 172,501) (2019; EUR 814,175) has been disbursed from the loan proceeds.
The Government of Albania (GoA) will repay the principal amount of the original loan facility in semi-
annual instalments payable on each 15 March and 15 September commencing from 15 September 2019
and ending 15 March 2040. Each instalment shall be equivalent to 2.38% of the principal amount up to
15 September 2039 and 2.42% from then until 15 March 2040.
While for the additional financing on each February 1 and August 1, beginning August 1, 2025, through
February 1, 2045. Each installment shall be equivalent to 2.5% of the total principal amount.
4
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless othervise stated)
2. Summary of significant accounting policies
2.1 Basis of preparation
The special purpose financial information has been prepared in accordance with the Cash Basis of
Accounting as detailed further below under paragraph 2.2.2. The financial information includes the period
from 1 January to 31 December 2020.
Cumulative information on cash receipts and disbursements from the Project's inception to date is
presented in the Statement of Sources and uses of Funds for information purposes only.
The special purpose financial information is presented in EUR. The functional currency of the project is
EUR.
The special purpose financial information comprises the Statement of Sources and Uses of Funds,
Statement of Withdrawals and a summary of significant accounting policies and other explanatory notes.
It also includes the Statements of Special and Project Accounts associated with the Project as
supplementary schedules in appendices.
2.2 Summary of significant accounting policies
A summary of significant accounting policies underlying the preparation of the Project's special purpose
financial information is presented below.
2.2.1 Foreign currency transactions
Funds are received in EUR and USD and expenses are paid in LEK, USD, and EUR. The Project has
adopted EUR as its reporting currency for consistency with the reporting needs of its main donor, the
World Bank.
Cash and bank balances in other currencies are converted into EUR at the year-end rate of exchange.
Transactions in currencies other than EUR are converted to the reporting currency at the rate ruling at
the date of the transaction.
As at 31/12/2020, the exchange rate at 1 Euro is equivalent to 123.7 ALL, (31.12.2019; 121.77 ALL)
As at 31/12/2020, the exchange rate at 1 USD is equivalent to 100.84 ALL, (31.12.2019; 108.64 ALL)
2.2.2 Recognition of income and expenses
Income is recognized when received rather than when earned, and expenses are recognized when paid
rather than when incurred. Accordingly, direct payments of the Project's expenses, which are made from
the proceeds of the trust fund, are recognized as sources and uses of funds at the time the payment is
made. The Statement of Withdrawal Applications presents only applications submitted during the year
and only expenses settled through such applications. Expenses presented in the notes to the Special
Purpose Financial Information include all expenses settled during the year in spite of the supporting
withdrawal application period.
2.2.3 Taxation
The Project is exempt from income tax and the donor is responsible for reimbursement of Value Added
Tax ("VAT") and local cost The Project is liable for personnel income tax, social security contributions
and withholding tax, and other expenditures.
2.2.4 Cash and cash equivalents
Cash comprise cash in operating bank accounts.
5
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
3. IBRD funding
IBRD funding for the period from 1 January to 31 December 2020 is composed as follows:
For the period from For the period from
1 January to 1 January to
31 December 2020 31 December 2019
Withdrawals - Loan 8141 EUR - 518,294
Withdrawals - Loan 8841 (Converted to EUR) 172.501 295,881
Total 172,501 814,175
Withdrawals are detailed under the statement of withdrawal applications. They are intended to cover
expenses for the activities of the Project.
4. Other Income
Other income represents revenue from the interest earned by project bank accounts
For the period from For the period from
1 January to 1 January to
31 December 2020 31 December 2019
Interest earned - Loan 8141 - 1
Total -
The funds disbursed from the donor are transferred to the second level bank account at Credins
Bank. They bear interest at rates from 0.13% to 0.15% per annum.
6
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
5. Consultancy Services
Consultancy services for the period from 1 January to 31 December 2020 are composed as follows:
For the period from For the period from
1 January to 1 January to
31-Dec-20 31-Dec-19
1.1.TA to support the development of an exit strategy for NE beneficiaries
based on innovative model and intemational evidence on what works 24,505 18,425
1.2 Upleate and delivery of training module of disability evaluation staff of
regional directories, SSS, Regional Directories ,MHSP staff, family and
specialist doctors on scale-up implementation of the disability evaluation
reform. 19,124 -
1.3 TA to conduct an assessment of the situation of working invalids 13,905 1,706
2.1.1 TA activities to ensure quality of rehabilitation works of ROS in Tirana
Region (audit consultancy) 6,733 -
2.1.2 TA activities to ensure quality of rehabilitation works of ROS in Durr§s
Region (audit consultancy) 2.636 -
2.1.3 TA activities to ensure quality of rehabilitation works of ROS in
Elbasan Region (audit consultancy) 3,024 -
2.3 TA to monitor and support the scale-up implementation of the disability
evaluation reform(local expert) 2,856 -
2.3.1"Hire a second local expert on disability to support the main local
expert with feedback from stakeholders" 685 -
2.4 Strengthening the implementation capacity of LGU, Ros and SSS for
coordination of social services (case management)for people with disability. 32,526 -
2.5 Training of social inspections on improved DA. Inspection Methodology
and Grievance Redress Mechanism. 5,605 -
3.1 Strengthening the MHSIP(or SSS) M&E capacity for data analysis
manage and update the scoring formula( not publicly disclosed)(statistic
local expert) 5,662 948
3.1.1 Strengthening the MHSIP(or SSS) M&E capacity for data analysis
manage and update the scoring formula( not publicly disclosed)(IT local
expert) 4,410 534
3.4 A second -stage communication campaign in the three selected regions 18,107 -
2.10 Design of improved error, fraud, and framework and implementation
procedures for disability assistance - 17,376
2.12 Design of methodologies for building, maintaining and updating a risk
profile (including cross-checking procedures) for NE - 39,550
2.7 (a) Intemational DA expertise for supervising the disability evaluation
reform implementation in pilot area. - 23,538
2.7.1 (b) Local DA expertise for supervising the disability evaluation reform
implementation in pilot area. - 7,452
3.13 Design of the Communications Strategy including Action Plan and
implementation of Communications Campaign Activities for Disability
Assistance reforms - 48,576
3.6 Assessment of the dynamics of NE scheme for the impact of scoring
formula, with focus on targeting poor families, to the current beneficiaries of
NE in the pilot areas - 87,423
3.7 Capacity building in MSWY and SSS on the implementation of the
reforms undertaken in NE and disability programs. (Training and study
tours). - 20,699
Design, development and implementation of an efficient and effective
system of monitoring and evaluation. 3,654 -
Strengthening the capacity in Govemment Institutions (MSWY) to monitor
and update NE scoring formula starting at the completion of the pilot. - 126,424
Technical Assistance for preparation of legal improvement /new legal
framework on disability 24,466
Updating and delivery of training modules for social administrators on the
NE new scheme (unified scoring formula) 89,944
143,432 507,062
8
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
5. Consultancy Services (continued)
Consultancy services for the period from 1 January to 31 December 2020 as per Loan agreement are
composed as follows:
For the period from For the period from
Amount in 1 January to 1 January to
Original 31 December 2020 31 December 2019
Consultancy services Currency Currency (converted in EURI (converted in EUR)
Loan 8141 EUR - - 485,449
Loan 8841 USD 175,948 143,432 21,613
Total 143,432 507.062
6. Incremental Operating Costs
This expense category consists of expenses such as stationery, salaries, social security expenses and other
operating expenses.
For the period from For the period from
1 January to 1 January to
31 December 2020 31 December 2019
Personnel costs 29,342 29,691
Social insurance contributions 4,251 3,706
Publishing manuals - 30,665
Unutilized DA - 3,517
Operating cost components 1,987 2,401
Total 35.580 69,980
For the period from For the period from
Amount in 1 January to 1 January to
Original 31 December 2020 31 December 2019
Incremental Operating Costs Currency Currency (converted in EUR) Jconverted in EUR)
Loan 8141 EUR - - 34,894
Loan 8841 USD 43,646 35.580 35,086
Total 43,646 35.580 69,980
7. Cash at banks
The Project has an account at Bank of Albania 'IBRD Credit Special Account' where during the
period funds from the donor are disbursed and then transferred to the second level bank account at
Credins Bank.
Cash at banks for the period comprise the following-
For the period from For the period from
1 January to 31-Dec-20 1 January to 31-Dec-19
Amount in USD Total (in EUR equivalent) Total (in EUR equivalent)
Credins Bank
IBRD Credit Project account EUR - - -
IBRD Credit Project account USD 259,092 211,211 238,777
Total 211,211 238,777
8. Subsequent events
There are no other significant events that would require either adjustments or additional disclosures in
the special purpose financial information.
8
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
APPENDICES
Social Assistance Modernization Project
IBRD Loan 8141-AL
Statements of Special and Project's Accounts
For the period from 1 January to 31 December
2020
(Supplementary schedules to the Special Purpose Financial Information)
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
Appendix I
Supplementary Schedule of Project Account Statement
Account No: 2117-529E
Depository Bank Bank of Albania
Address Sheshi Skenderbej, Tirana
Currency EUR
Period from Period from
1 January to 31 1 January to 31
December 2020 December 2019
Opening balance - -
Funds received:
Withdrawal application - 339,031
Disbursements:
Transfer to IBRD Project Account in EUR - 339,031
Closing balance at period end - -
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
Appendix H
Supplementary Schedule of Project Account Statement
Account No: IBAN AL66 2121 1016 0000 0000 0048 8000
Depository Bank CREDINS Bank
Address Rruga Ismail Qemali", Tirane
Currency EUR
Period from 1 January to 31 Period from 1 January to 31
December 2020 December 2019
Opening balance 2,773
Funds received:
Funds transferred from IBRD Special Account 518,294
Interest received - 1
518,295
Disbursements:
Project expenditures - (485,448)
Incremental operating costs - (31,378)
Unutilized DA - (3,517)
Bank charges _ - (725)
- (521,068)
Closing balance at period end _ .
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
APPENDICES
Social Assistance Modernization Project
IBRD Additional Loan 8841 (Converted to EUR)
Statements of Special and Project's Accounts
For the period from 1 January to 31 December
2020
(Supplementary schedules to the Special Purpose Financial Information)
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
Appendix I
Supplementary Schedule of Project Account Statement
Account No: 2117-936E
Depository Bank Bank of Albania
Address Sheshi Skenderbej, Tirana
Currency USD
Period from Period from
1 January to 31 1 January to 31
December 2020 December 2019
Opening balance
Funds received:
Withdrawal application 211,607 331,443
Disbursements:
Transfer to IBRD Project Account in USD 211,607 331,443
Closing balance at period end .
SOCIAL ASSISTANCE MODERNIZATION PROJECT
For the period from 1 January to 31 December 2020
(amounts are expressed in EUR unless otherwise stated)
Appendix II -
Supplementary Schedule of Project Account Statement
Account No: IBAN AL76212110160000000001197181
Depository Bank CREDINS Bank
Address Rruga Ismail Qemali", Tirane
Currency USD
Period from I January to 31 Period from 1 January to 31
December 2020 December 2019
Opening balance 238,730 -
Funds received:
Funds transferred from IBRD Special Account 211,607 331,443
Interest received .
211,607 331,443
Disbursements:
Project expenditures (219,594) (63,564)
Unutilized DA .
Bank charges (555) (244)
(220,149) (63,808)
Closing balance at period end 259,092 267,635
Closing balance at period end - EUR 211.211 238,730
Management Letter
Social Assistance Modernization Project - P122233
For the period from 1 January to 31 December 2020