The Federal Democratic Republic of Ethiopia Audit Services Corporation INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES We have audited the accompanying financial statements of Productive Safety Net and Household Assets Building Programmes (APLIII) of the Federal Democratic Republic of Ethiopia, Ministry of Finance and Economic Cooperation (the former Ministry of Finance and Economic Development), which comprise the balance sheet as at 31 October 2015, and the statement of sources and uses of funds for the period from 8 July 2014 to 31October 2015 and a summary of significant accounting policies and other explanatory information. Responsibility for the Financial Statements The Ministry of Finance and Economic Cooperation is responsible for the preparation and fair presentation of these financial statements in accordance with the Ethiopian Government's Manual of the Federal Accounting System based on a modified cash basis of accounting and for such internal control as the Ministry determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our udit opinion. :-ol I 1 v 5-iI3ln I 1_ 1-5 , iii N 8 c oill 2iUl! "i INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES (continued) Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Productive Safety Net and Household Assets Building Programmes of the Federal Democratic Republic of Ethiopia, Ministry of Finance and Economic Cooperation as at 31 October 2015 and of its sources and uses of funds for the period from 8 July 2014 to 31 October 2015 in accordance with the Ethiopian Government's Manual of the Federal Accounting System based on a modified cash basis of accounting. Emphasis of Matter We draw attention to Note 7 (b) to the financial statements which describes the existence of outstanding accumulated fund at 31 October 2015 though the Project had been closed on 30 June 2015 and then extended to 31 October 2015 as a result of the grace period granted. Our opinion is not qualified in respect of this matter. Report on other requirements As required by the terms of reference and World Bank guidelines we report, to the extent we can assess, that a) all external financing has been used in accordance with the conditions of the relevant financing agreements, with due attention to economy and efficiency, and only for the purposes for which the financing was provided; b) Designated Accounts have been maintained in accordance with the provisions of the relevant financing agreements and funds disbursed out of the Accounts were used only for the purposes intended in the financing agreements; and c) financial performances of both the Programme and of implementing partners are satisfactory. d) National laws and regulations have been complied with and that the financial and accounting procedures approved for the Programme were followed and used. e) Non-expendable equipment procured from Programme funds exist and there is a verifiable ownership by the Programme implementing beneficiaries in line with the financing agreement. Furthermore, with respect to the statements of expenditures submitted during the year and listed on page 24, in our opinion, i) the statements, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; ii) adequate supporting documentation has been maintained to support claims to the World Bank for reimbursements of expenditure incurred; and *S(CI 2 INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES (continued) iii) said expenditures are eligible for financing under IDA credit no. 4004 ET, IDA Grant No. H1360 ET, IDA credit no. 3437 ET, Multi Donors Co-financing IDA Grant TF 056013 ET and IDA Credit 50910. iv) Ineligible expenditures which were identified had been reimbursed either to the Designated Accounts and or the donor partners. 5 January 2016 I3 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES BALANCE SHEET AT 31 OCTOBER 2015 2014 Notes Birr Birr ASSETS CURRENT ASSETS Cash at bank 2b,3 79,702,463 2,399,788,963 Cash on hand 4 343,323 12,550,935 Advances 5 - 98,622,299 CURRENT LIABILITIES 80,045,786 2,510,962,197 Accounts payable 6 - 294,457,907 NET CURRENT ASSETS B45,z8 REPRESENTED BY ACCUMULATED FUND 7 - 52 0 The notes on pages 17 to 23 form an integral part of these financial statements. 4 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES STATEMENT OF SOURCES AND USES OF FUNDS FOR THE PERIOD FROM 8 JULY 2014 TO 31 OCTOBER 2015 Cumulative Period ended expenditures Year ended Notes 31 October 2015 to 31October 2015 7 July 2014 Birr Birr Birr FINANCING Grant from IDA (APL III) H529 ET 35,622,241 5,368,443,937 468,679,553 Credit from IDA (APL III) 4666 ET - 1,970,706,994 146,708,065 Credit and grant from IDA TF 50910 1,050,364,221 9,486,419,360 3,698,815,943 Grant from DFID - 7,741,840,400 623,414,000 Grant from DCI - 1,081,264,628 - Grant TF 099474 - 939,387,854 - Grant TF 099450 604,711,563 2,235,634,268 269,029,396 Grant from SIDA - 254,601,010 - Grant from CIDA -TF - 011173 - 311,097,242 2,816,546 Grant from CIDA/EC - 1,020,939,962 - Grant from WFP - 10,265,999 - European Union 1,593,258,696 2,626,248,365 - Irish Aid 260,566,004 541,870,386 281,304,384 Central Government 8 16,916,158 126,342,563 * 38,673,119 Food Security Coordinating Directorate - 4,552,769 - Emergency Demobilization and Reintegration Project 360,886,576 - Agricultural and Rural Development Bureau - 383,088 - Direct payment by IDA 23,279,047 1,256,252,639 - Gain on foreign exchange 51.250,471 268,902,846 62,697,797 TOTAL FINANCING 3,635,968,401 35,606,040,886 5,592,138,803 Less: ineligible expenditures returned back to Development Partners - 56,303,161 * RGAM XEDTR 10 3,635,968,401 35,549.737,725 5,592,138,803 * PROGRAMME EXPENDITURE Public works 3,170,068,502 20,018,284,001 3,073,193,471 Direct support 399,302,597 2,477,464,485 422,883,831 Capital and administration 765,254,670 5,264,904,449 718,242,193 Institutional support 194,107,751 1,227,622,832 233,662,852 Household Asset Building Program (HAB) Component 323,481,753 1,380,524,014 388,743,409 Contingency 233,487,966 2,174,219,374 453,688,404 ,17,068,502 200824,0 5,73,13,4716 Risk financing 671,650,179 2,817,502,365 12,387,855 Loss on foreign currency _ 47,953.049 - TOTAL EXPENDITURE 10 5,757,353,418 35,408,474,569 5,302,802,015 (DEFECIENCY)/EXCESS OF FINANCING OVER EXPENDITURE 19,0U5 (2,121,385,017) ,2,2,3 141,263,156 3,6,5 289,336,788 Prior year Adjustments (1,3,87 (,21,3705 52,13,0) The notes on pages 17 to 23 form an integral part of these financial statements. 25 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 02615013578500(0100101300454) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant IDA Grant H529 ET (APL III) Currency USD Beginning balance - 7 July 2014 114,935.54 Grant received during the year 1,765,017.83 1,879,953.37 DEDUCT: Transfer to pool Birr account 1,879,950.00 Ending balance - 31 October 2015 31 I6 U THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501460300 (0100101300460) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant Multi Donors Trust Fund (APL Ill) Grant TF 099450 Currency USD Beginning balance - 7 July 2014 4,724,240.00 Grant received during the period 29,876,682.00 34,600,922.00 I DEDUCT: Transfer to pool Birr bank account 33,344,640.70 Ending balance - 31 October 2015 1.2,281.30 Io I- 7 I THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501335300(0100101300439) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant Development Cooperation Ireland (DCI) Currency USD Beginning balance - 7 July 2014 14.05 Grant received during the period i3093.505.86 I I210350 DEDUCT: DEDUCT:13,093,519.91 Transfer to pool Birr account 0011049 IainlBn fEhoi 13,093,519.00 Idi bb,Ehoi Ieeomn Ending balance - 31 October 2015 oprto rln DI IS I40 I303558 1309,198 Trnfrt3olBr con 303590 I8 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0461501341500(0100101300464) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related credit Government of United Kingdom - Department for International Development (DFID) Grant Currency GBP Beginning balance - 7 July 2014 2.04 Ending balance - 31 October 2015 2-Q4 I9 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501460200(0100101300459) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant Multi Donor Trust Fund (APL Ill) Grant TF 099474 Currency USD IainlBn Beginning balance - 7 July 2014 fEhoi 2-QQ Idi Ending balance - 31 October 2015 bb,Ehoi MutIoo rstFn ALIl 10 Irn F097 I 10 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501356800(0100101300466) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant SIDA contribution No. 29000237 Currency SEK Beginning balance - 7 July 2014 2-0 Ending balance - 31 October 2015 20Q0 I1 I THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501357900(0100101300444) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant Multi Donor Trust Fund (APL 11) Grant TF 058248 ET Currency USD Beginning balance - 7 July 2014 1,250.02 IainlBn DEDUCT: fEhoi Idi Transfer to pool Birr account bb,Ehoi Iut Ending balance -3 O31 October 2015 oo rs ud(P 1 I2 * 12 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501349900(0100101300442) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Credit European Union/IDA Co-financing Grant TF 90433 (Previous TF 056013) Currency USD Beginning balance - 7 July 2014 1.18 Grant received during the period 79,055,470.57 79,055,471.75 Deduct: Transfer to pool Birr account 52,040,923.74 Transfer to Federal Food Security 26.916,549.51 78,957,473.25 Ending balance - 31 October 2015 13 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October2015 Account number 1461501378700(0100101300473) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Credit European Union Food Crisis Rapid Response Facility Co-Financing (EUFCRRF) Grant Trust Fund TF 010672 Currency EURO Beginning balance - 7 July 2014 2-04 Ending balance - 31 October 2015 2-Q4 14 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0261501340300(0100101300440) Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Related Grant IDA Credit 4004 ET 3437 ET, Multi Donors Co-financing IDA Grant TF 56013 ET and IDA Grant H 1360 ET IDA Credit 50910 Currency USD Beginning balance - 7 July 2014 49,115,767.81 Grant received during the year 53,481,257.05 IainlBn fEhoi 102,597,024.86 Idi DEDUCT: Transfer to pool Birr account bb,Ehoi 76,069,624.00 Transfer to Federal Food Security Coordination Directorate 26,527,400.00 0150300(001104) 102,597,024.00 Ending balance -31 October 2015 US I THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES DESIGNATED ACCOUNT STATEMENT For period ended 31 October 2015 Account number 0160101339100 (0100101040586) Pool Bank Account Depository bank National Bank of Ethiopia Address Addis Ababa, Ethiopia Currency ETB Beginning balance - 7 July 2014 276,872,135 ADD Transfer from: - IDA Grant and Credit 4380/H2660 - Multi Donors - TF 090433 1,050,764,188 - IDA Grant H529 ET and Credit 4666 ET - DFID 37,989,488 3,8,8 - Irish Aid 262,484,466 - IDA Credit 50910 1,518,229,906 - Multi Donors - TF 099450 623,582,695 - CIDA TF 011173 25,059 - TF 10672 Government contributions - block grant deducted from Regional States 16,916,158 3,509,991,960 3,786,864,095 DEDUCT Disbursements and transfers to Regional States: - Afar National Regional State 69,776,013 - Amhara National Regional State 1,107,086,544 - Oromia National Regional State 419,307,579 - Southern Nations, Nationalities and Peoples Regional State 591,834,553 - Tigray National Regional State 296,463,843 - Harari People National Regional State 9,845,402 - Dire Dawa City Administration 18,242,285 - Somali National Regional State 115,351,700 - MoFEC Productive Safety Net Implementation 2,650,000 - Federal Food Security Coordination Directorate 1,106,567,637 3,737,125,556 Bank service charges and miscellaneous 9,737,689 3,746,863,245 Ending balance - 31 October 2015 16 di THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES NOTES TO THE FINANCIAL STATEMENTS 31 OCTOBER 2015 1. BACKGROUND The Programmes were established to support Ethiopia's efforts to transition from relief- oriented assistance to a development-oriented productive safety net. These financial statements reflect the receipts and disbursements of grants and credit given by International Development Association (IDA) Government of the United Kingdom (DFID) Government of Ireland (DCI) Government of Sweden (SIDA) World Food Programme (WFP) European Union and Emergency Demobilization and Reintegration Project Agricultural and Rural Development Bureau to finance safety net activities, including public works program sub-projects and support to labor-poor households, and institutional support as well as Household Asset Building Programmes. 2. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted by the Programme, which are consistent with those applied in the preceding year, are stated below. a) Basis of preparation These financial statements have been prepared in accordance with the Ethiopian Government's Manual of the Federal Accounting System based on a modified cash basis of accounting. b) Currency These financial statements are presented in Birr. Transactions in foreign currency are translated into Birr at the approximate rate of exchange prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated into Birr at the exchange rate ruling at the date of the balance sheet. c) Recognition of financial assets and financial liabilities The Programme recognizes a financial asset or a financial liability on its financial position when, and only when, it becomes a party to the contractual provisions of the instrument. A financial asset is derecognized when, and only when, the control over the contractual rights is lost. A financial liability is derecognized when, and only when, it is extinguished. 17 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES NOTES TO THE FINANCIAL STATEMENTS (continued) 31 OCTOBER 2015 3. CASH AT BANK CASH AT BANK AT MINISTRY OF FINANCE AND ECONOMIC COOPERATION (MoFEC) Amount in Exchange Equivalent Foreiqn Rate Balance in Currency Buying Birr - Designated Accounts IDA Grant (APL Ill) H529 ET USD 3.37 20.9058 70 IDA Credit 4004ET, 3437ET Multi donors co- financing IDA Grant 56013ET IDA Grant H1360ET and IDA Credit 50910 USD .86 20.9058 18 Development Cooperation Ireland (DCI) USD .91 20.9058 19 Department for International Development Grant (DFID) GBP 2.04 31.9106 65 Swedish International Development Cooperation Agency (SIDA) SEK 2.00 2.4533 5 grant 29000237 CIDA Multi Donors Trust Fund (APL 1) Grant TF 058248 USD .02 20.9058 - European Union IDA Co-financing Grant TF 56013 USD 97,998.5 20.9058 2,048,737 Multi Donor Trust Fund Grant TF 099474 USD 2.00 20.9058 42 Grant TF 099450 USD 1,256,281.3 20.90585 26,263,566 Grant TF 010672 EUR 2.04 22.924 47 MoFEC Productive Safety Net Program Implementation and MoFEC Finance and Procurement Directorate 68,740 Balance in Pool Birr account Number 0160101339100 40,000,850 Balance at Federal Food Security Coordination Office B/C/F 8,124,914 76,507,073 18 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES NOTES TO THE FINANCIAL STATEMENTS (continued) 31 OCTOBER 2015 3. CASH AT BANK (continued) B/B/F 76,507,073 CASH AT BANK IN REGIONAL STATES Birr Tigray National Regional State 170,357 Southern Nations , Nationalities and Peoples Regional State 2,975,909 Afar National State 47,687 Somali National State 1,437 3,195,390 Total all groups 79,702,463 19 I THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES NOTES TO THE FINANCIAL STATEMENTS (continued) 31 OCTOBER 2015 2014 4. CASH ON HAND Birr Birr Tigray National Regional State - 112,647 Amhara National Regional State - 500,568 Oromia National Regional State 169 8,376,795 Southern Nations, Nationalities and Peoples Regional State 329,294 2,618,573 Afar National Regional State 13,760 151,609 I Somali National Regional State MoFEC Productive Safety Net Programme Implementation 100 778,082 - 5,118 Dire Dawa City Administration -75 343,32312,550,935 5. ADVANCES 2014 Birr Birr Federal Food Security Coordination Office - 6,115,545 Tigray National Regional State - 6,175,703 Amhara National Regional State - 35,876,382 Oromia National Regional State - 16,535,001 Southern Nations, Nationalities and Peoples Regional State - 32,269,924 Harari Peoples National Regional State - 1,497,718 Afar National Regional State - 144,409 Somali National Regional State - 5,600 Dire Dawa City Administration -2017 20 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES NOTES TO THE FINANCIAL STATEMENTS (continued) 31 OCTOBER 2015 6. ACCOUNTS PAYABLE 2014 Birr Birr Federal Food Security Coordination Directorate - 28,199,325 Tigray National Regional State - 35,821,249 Amhara National Regional State - 164,237,613 Southern Nations, Nationalities and Peoples Regional State - 34,785,214 Oromia National Regional State - 26,274,316 Harari Peoples National Regional State - 1,194,739 Afar National Regional State - 647,702 164,237,613 Somali National Regional State 220,840 Dire Dawa City Administration - 3,076,909 MoFEC Productive Safety Net Programme -Implementation 28 7. ACCUMULATED FUND *a) The movement in this account is as follows:Birir Balance at 7 July 2014 2,216,504,290 Less: Prior year Adjustment 15,073,487 I ~ ~~Excess of expenditures over financing of the current year ____ 2Z121,385017 2136,458,504 Balance at 3October 2015,7 Ib) 7. ACMLTDFN The project had been closed on 30 June 2015; but it was extended up to 31 October 2015 as a result of the grace period granted. However, as shown in note 7 (a) above, I there is still an accumulated fund balance of Birr 80,045,786 at 31 October 2015. According to the explanation obtained from the Ministry of Finance and Economic Cooperation (the former Ministry of Finance and Economic Development), the fund, which is part of the Government contribution, is reserved for activities which have not been completed by the closing date. 921 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES NOTES TO THE FINANCIAL STATEMENTS (continued) 31 OCTOBER 2015 8. BLOCK GRANT DEDUCTIONS FROM REGIONAL STATES (on account of Ineligible expenditures) Birr Tigray National Regional State 87,808 Amhara National Regional State 241,103 Southern Nations, Nationalities and Peoples Regional State 12,746,007 Oromia National Regional State 1,037,818 Harari People National Regional State . Ministry of Agriculture - Food Security Directorate - Somali Regional State 659,192 Afar Regional State 2,144,230 16,916.158 9. DATE OF AUTHORIZATION The Channel I Programmes Coordinating Office Head of the Ministry of Finance and Economic Cooperation authorized the issue of these financial statements on 5 January 2016. 22 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES IFR WITHDRAWAL SCHEDULE for applications submitted during the period FROM 8 JULY 2014 TO 31 OCTOBER 2015 I ______ Application Co--Co- financiers _ Amount Amutmon __ _ Amount No. Rfernce requested disbursed Equivalent Birr S Reference No. USD USD Birr 15 IDA H529 2,231 2,231 43,738 17 IDAOH529 1,787,193 1,762,787 35,578,503 35,622,241 02 TF17669 26,988,005 26,988,005 541,673,543 02 TF17669 48,702,317 48,702,317 982,963,743 03 TF17669 3,322,156 3,322,156 66,616,897 04 TF17669 97,997 97,997 2,004,513 1,593,258,696 07 IDA50910 48,029,159 48,029,159 941,606,859 09 IDA50910 5,574,219 5,452,098 108,757,362 1,050,364,221 08 IDA50910 1,368,311 1,368,311 27,261,270 27,261,270 14 TF 99450 22,800,000 22,800,000 460,174,680 16 TF 99450 3,322,156 3,322,156 67,738,429 11 TF 99450 3,754,526 3,754,526 76,798,454 604,711.563 3,311,217,991 24 THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA MINISTRY OF FINANCE AND ECONOMIC COOPERATION PRODUCTIVE SAFETY NET AND HOUSEHOLD ASSETS BUILDING PROGRAMMES LIST OF MATERIAL ASSETS (excluding food commodities) ACQUIRED TO DATE WITH PROJECT FUNDS THAT ARE GREATER THAN USD 20,000 No Type and Year of Quantity Unit price Total Cost N Descriptions Acquisition Pcs USD USD 1 Toyota Pickup- Double 2001 E.C 207 37,198.07 7,700,000 cabin 2 Toyota Pickup- Double cabin and Toyota Station 2003 E.C 74 33,239.92 2,459,754 Wagons 3 Toyota Station Wagons 2006 E.C 129 29,447.35 3,798,708 410 13,958,462 25