"Climate Adaptation апd Mitigation
Рrоgrаm fоr Аrаl Sea Basin"
Credit No.5742-TJ
The pýect fi папсiаl statements
fоr the уеаr ended DесеmЬеr 3,1, 2020
and iпdерепdепt auditors' rероrt
"CLIMATE лrDАРТАТIоN AND MlTlGATlON РRоGRАП'| FOR ARAL SEA BASIN"
cREDlT No. 5742-TJ
TABLE оF сON,гЕNIтS
Page
SтА-гЕмЕNт оF MA,NAGEMENT,,S RESPoNSlBlLlTl ES FоR
тнЕ PREPARAT|ON AND APPR()VAL оF
тнЕ PRoJEcT FlNд,NclAL STAI-EMENTS
FоR тНЕ YEI\R ENDED DECEMBE:R 31, 2020 2
|NDEPENDENT AUE|IToRS, REPoltT 3-4
тнЕ PROJEсT FlNA,NClAL STA],EMENTS
FOR тНЕ YEI\R ENDED DECEMBER 31, 2020:
Summary of funds rесеiчеd an<J paid
expenditures 5
Summary of expenditures paid Ьу project components 6
Nrэtеs to the project fiпапсiаl stiatements 7-17
,CLIMATE АDАртАтlоN AND MlTlGATloN PRoGRAM Fоtl ARAL SEA BASIN"
GREDIT Nо. t,742-TJ
STATEMENT оF MANAGEMENT,S RESPoNStBlLlTlES FoFt тнЕ PREPARA]1oN AND APPRoVAL
оF тнЕ PRo.,EcT FlNANclAL STATEMENTS FoR тнЕ YEI\R ENDED DEGE|MBER з1,2020
The following statement, which should Ье read in conjunction witlr the independent auditoгs'
responsibilities is made with а vielv trэ distinguish the respective гesponsibilities of management and those
of the independent auditors in relation to the project financial statements of the Рпэjесt "Climiate Adaptation
and Mitigation Рrоgrаrm for Аrаl Sea Basin", Credit No. 5742-TJ (the "Project").
Management is rtlspclnsible fоr the рrераrаtiоп of the project fiпапсiаl Statements that рrеSепt fairly, iп all
mаtеriаl respects. thel summary of funds rесеiчеd апd expenrJitures paid and the $ummary of expenditures
paid Ьу project components of the Project for the уеаr ended Dес:епrЬеr 31, 2020 iп accordarce with
lnternationalPublic SесtоrДссочпtiпrg Stапdаrd "FiпапсiаlRерэl.{iпg Underthe Cash Basis,эf Дссочпtiпg"
(the 'lPSAS") issued Ьу the lnterniational Public Accounting S;tan(larlls Воаrd of the lnternational
Federation of l\ccountants and thcl U/оrld Bank's Financial Manlagernent Sector Board's "Guidelines:
Аппuаl Fiпапсiаl lRерогtiпg and Auditing fоr WorId Вапk Fiпапсеd Ftctivities" (the 'WB Guidelines").
lп рrераriпg the project financiaI statements, management is rеlэ;эопsiЬ|е fоr:
. selecting suitable accounting бlоliсiеs and applying them consis,t,ently;
. п]аkiпg juclgrnents and estimaltes that аrе rеаsопаьlе ancl рrudеlпt;
. stating whrэther lt'SАS and W] Guidelines have Ьееп follovKld, subject to апу material dераrturеs
disclosed iand explained in the project financial statements; and
о Рrераriпg the project financial statements оп а going сопсегrl basis, unless it is iпаррrоргiаtе to
рrеsumе that the Project will Ье implemented in ассоrdапсе \,vith the established реriоd.
Management is also responsitlle fоr:
. designing, implementing and nraintaining effective and sclunc sy,stem of internal control aLnd fоr
rечеаliпg risks in system of internal сопtrоI;
. пlaintaining ргореr accounting rесоrds that disclose, with rеаsопаьlе ассuгас1, at any time, thcl
financial ptэsition of the Project, and which епаЬlе them to епsчrе that the project financial statements
of the Рrоj,эсt сопtрlу with lPSI\S and WB Guidelines;
. соmрliапссэ w th liaws and regulations of the Republic of T'ajikistan, accounting system of the project
and the rеqчirеmrэпts of the World Bank;
. taking such steps as аrе reasonably available to them to lsal'eguard the assets of the project; and
. detecting €lпd рrечепtiпg fraud and оthег irregularities.
The plгoject financial statements fоr the уеаr ended DесеmЬеr 31, 2l)20 wеrе аррrочеd and authorized for
issue оп Мау Зi1 ,:2021 Ьу the management of the Project.
оп behalf of t]he
MajidiY.
Acting Director
of МоF PMU
Мау i}1, 2021
Dushanbe, Republic clf Tajikistan
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"CLIMATE ADAPTATION AND MITIGATION РRоGRАПЛ FOR ARAL SEIA BASIN"
cREDlT No.5742_TJ
NOTES ТО ТНЕ PROJECT FlNANC|AL STATEMENTS
FoR тнЕ YEAR ENDED DECEMBER 31, 2020
!п U,S dollaB)
1. GENERAL lNFoRMATloN
Ассоrdiпg to the Financial Аgrееmепt between the Republirэ of Tajikistan anrJ Internaticlnal
Development Association (the "lDA", "Wоrld Вапk") signecl 0п January 22,2о16, the lDд рrочldеd
Credit No. 5742-TJ in the amount of 6,400,000 Special Driаrшiпg Rights (the 'SDR") to tlre Republic of
Tajikistan.
The Сгеdit was provided fоr the Project "Climate Adaptaticlrr and Mitigation F,rоgгаm fоr Аrаl Sea
Basin" (the "Project").
Project purpose
The objective of the Project is to епhапсе regionally coordinated access to irпрrочеd climate change
knowledge services fоr key stakeholdeгs (e.g,, policy m,akers, communities, irnd civil society) in
participating СепtrаlАsiап courltries as well as to increaserd in,vestments апсl capaciý buillJing that,
combined, will аddrеss climate challenges common to tlre:;cl сочпtriеs.
The Project comprises the following components:
Component 1: Regional climate knowledge services;
Component 2: Regional climate investment facility;
Component 3: Regional and national сооrdiпаtiоп.
Соmропепt 1: Regional climate knowledge servrces
Develop а unified, геgiопа| analytical platform for сlimаtrэ r(эsiliепt and low enlissions development in
CentralAsia through:
а) Establishment of the regional information рlаtfогm fог Сiепtrаl Asia through provision o,f trэсhпiсаl
assistance, goods (including sоftwаrе апd equipmclnt), consulting seгvices апd training and
саrryiпg out of miпог civil wоrks;
ь) Upgrading of climate-related mопitоriпg systems fоr F'аLгtiс:iраtiпg Сочпtгiеs;
с) Development of methodologies, аррrоасhеs and toolsi 1to t;чррогt climate-related dtэсis;iоп
making;
d) Development of know|edge products, such as specialized analytical work, made av,ailable via,
iпtеr alia, web рогtаls, mobile apps, publications;
е) Capacity building through rеgiопаl trаiпiпg, е-Iеаrпiпg events, internships апd stud,l tc,uгs;
f) Development of а mechanism to assess the results ancl lessons of climarte investments
implemented under Subcomponent 2.1 below, inclurding tГrrough establis;hment of а pclol of
ехрегts to evaluate the Sutl-projects accomplished чпdеr SчЬсоmропегt2.1;
g) Design and implementation of а communications апd public engagement strategy, inclucling
through climate knowledge fоrа and пеtwоrks, to sttpplclгt knowledge dislэemination, public
outreach and coalition building.
Соmропепt 2: Rеgiопаl climate investment facility
SuЬсоmропепt 2.1 : lпчеstmепt fiпапсiпg
lпсrеаsе productiviý and аddrеss climate change Ьу рrопrоtiпg tlre adoption of climate-resilient апd
mitigation measures iп rчrаl production, land managemenli апсl оthеr аrеаs thro.rgh establil;hing and
lcperatin9 credit line facilities for the provision of financing, throug]h subsidiary Loans, to РFls, 1ihrough
Sub-loans to SчЬ-Ьоrrоwеrs to саrry out the Sub-Projects, fог scaling up sчitаЬlrэ practices an<J
1lechnologies to imрrоче climate resi|ience, risk reduction aLnd rnitigation and eccnomic and soc:ia
lcenefits.
SuЬсоmропепt 2.2: Capacity building апd соmmuпitу suрpoft
а) Support аwаrепеss raising, рагtiсiраtоry рlаппiп1; aLnd implementatiorr sчррогt of c|imirte
investment plans at the community level through cc|n]munity level раг:iсiраtоry apprait;als and
community action p|ans, identification апd design of ;аррrорriаtе investment plans and building
of the technical and organizational capacities of cornmunities to implement their iпч(эstmепts,
Ь) Suррогt Facilitating Organizations to ргочidе technical advisory sегчiсеs to potentlal
Ьепеfiсiаriеs чпdеr SuЬс:оmропепt 2.,l
с)
;
Рrочidе capacity building of the PFls thrоugh technical iassistance iп tne агеа of assiesisment
of climate investment рrороsа|s,
Соmропепt 3: Regional апd паtiопаl сооrdiпаtiоп
SuЬсоmропепt 3. 1 : Regional coordination
Ргоvidе project management suррогt to the Regional Сrэогdliпсltiоп Unit fоr inrp|ementalion о,|'
Component 1, including рrосчrеmепt, disbursements, finan,oial management, mопitоriпg and
evaluation of Project Регfоrmапсе, as well as lпсrеmепtаl Operating Costs"
SчЬсоmропепt 3,2: National са,оrdiпаtiоп
Рrочidе рrоjесt management suррогt to the National СсопJiпаtiоп Units fоr ilnplementation of
Component 2, including рrосчrеmепt, disbursements, fiпапrэiаl managements, monitoring and
evaluation of Project регfоrmапсе, sаfеgчагds oversight as well as lпсrеmепtаl Operating Costs.
Project mапаgеmепt
The Project is implemented Ьу the Ministry of Fiпапсе Рrrэjесt Management Urrit (the "MCrF PMU") апd
the Committee fоr Епчirопmепtаl Protection Project lmрltэmепtаtiоп Grочр (thlэ "СЕР PlGi") rvitlrin the
scope of the Ministry of Fiпапсе of the Republic of Tajikistan anrJ the Committcle for Епчirспrпепtаl
Protection чпdеr the Gочеrпmепt of Republic of Tajikistan, гerspectively. МОF PMU саrriс,s out
Subcomponents 2.'1 апd2.2 anclSubcomponent 3,2. СЕР PlG саrriеs out Sutlcomponent 3.2.
Оrigiпаl dчrаtiоп of the Project was from January 22, 2016 to April 30,2021. Ассоrdiпg to ,l,h€,
letter
fгоm World Bank dated Аргil 30, 2021 there was рrоlопgаtiоп till Арril 30, 20ll2.
PRESENTATION оF тНЕ PROJECT FlNANCIAL STATE:ME}.ITS
Basis of рrераrаtiоп
These project financial statements have Ьееп рrераrеd in iаrэсоrdапсе with tl,re lпtеrпi]ti,эпаl Public
Sесtоr Accounting Stапdаrd (the "lPSAS") "Fiпапсiаl ftе,рогtiпg чпdеr the Cash Basis of Accclunting"
issued Ьу the Public Sector Согпmittее of the lпtеrпаtiопаl F:еdеrаtiоп of Ассэчпtапts, arnd
iпсоrроrаtе the following рriпсiраl accounting policies, which lrave been consistently folJolvedl in all
mаtегiаl respects and comply with the Wоr|d Bank's Financiatl Management Sесtоr Boarrl's
"Guidelines: Аппчаl Fiпапсiаl Rероrtiпg and Auditing fог И/сlrld Bank Financtld Activitier;" (the "WB
Guidelines"),
Uпdеr the cash basis system income (оr expenditure) is rесlэgпizеd when са|зh is receil,ed (ог paid)
lrrеsресtiче of when goods оr services are received оr provi,ded.
The Project's approved budget disclosed Ьу categories of tэхрепsеs is not publicly ачаiliэЬlе эrпd as
such соmраrisоп of budget and actual amounts is поt presented.
'These project
financial statements consist of:
. summary of funds rесеiчеd and expenditures paid;
. summau of expenditures paid Ьу project components;
. Notes to the project financial statements, including sltort description of main statenrents of
accounting policy and other descriptive notes.
'The
rерогtiпg счrrепсу of these project financial statements is UlS dollars (the "USD").
3. SUMMARY оF SlGNlFlcANT AccoUNTlNG PoLlclHS
Cash basis of accounting
The project financial statements аrе рrераrеd оп а castt basis of accounting. The cash balsis of
accounting гесоgпizеs transactions and events опlу whэп c;ash (including с;rsh equivalents) is
received оr paid Ьу the project. The project financial statements рrераrеd чпdеr the cash Iэаsis
provide iпfоrmаtiоп on the sоurсеs of funds, the purpos э clf uses of funds, atld cash Ьаlап эеs at the
rерогtiпg date, The mеаsчrеmепt focus in the project filtallcial statements is balances <rf cash and
changes thегеiп.
Fоrеigп Gчrrепсу
Ореrаtiопs in fоrеigп счrrепсу initially аrе counted in futlctional сurrепс,у Ьу the official rэuггgrlсу
exchange rate settled Ьу the National Bank of Tajikistan (tlrrэ -NBT") on а date of operariion.
Funds rесеivеd аrе translated inrto US dollars at official e:<change rate of Special Drawing Rirзhts
(the "SDR") at the date of funds receipt. All payments ma dcl in local счrrепсу аrе transla:ed into US
dоl|агs at the official exchange rаtе defined Ьу the NBT, at the date of transaction.
Monetary assets and liabilities ехргеssеd iп fогеigп счгrепс,у аrе convefied tэ functional сurrtэпсу at
official exchange rate on а date settled Ьу the NBT.
All foreign exchange differences resulted frоm mаtчritу t>r rcrcounting аrе tncluded iп the summary of
funds received and expenditures paid.
Cash and cash equivalents
cash and cash equivalents include cash оп hand and dtle fгоm banks, whicl"r сап Ье сопчегtеd to the
corresponding amount of cash in the shоrt tегm. Ваlапсlэs of advances paid to employees at the end
of the реriоd аrе also рагt of closing cash position.
Taxes
саlсulаtiоп and payment of реrsопаl income tax and sor:ial seourity contribulions from iпсоm,э of
local staff and consultants is made in ассоrdапсе with tlre геquirеmепts and гаtеs of the Тах code of
the Republic of Tajikistan and rеlечапt legislation of the Relp,ublic of Tajikistan.
Project expenses
The expenses аrе rесоrdеd in the регiоd when they wеrэ arc;tually paid.
sources of funds
'The
funds were provided Ьу the World Bank to the Рrоjесt Ьу advance апd rсrimЬчrsеmtэпt.
4.
Cash and cash equivalents as at DесеmЬеr 31, 2020 соmрrisе:
Счrrепсу MOF PMU сЕр PlG Tota!
Designated account USD 108,287 ,l8,1tl2
126,469
Transit account TJS
,l
08,з] 4 ,l8,1t}2 -27 126,496
Cash and cash equivalents as at DесеmЬеr 31, -.27
2019 соmрrisе:
Счrrепсу МОF РП/lU сЕР PlGi Total
Designated account USD 738,,{86 27,611 766,097
Transit account TJS 5 9
cash оп hand USD 7 7
cash оп hand TJS .15 45
738,490 27,668 766,158
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7. FlNANclAL PoSlTloN
Fiпапсiаl position as at DесеmЬеr 3,t, 2020 соmрrisе:
моF PMU сЕр PlG Total
ASSETS AND EXPENDITURES
Cash and cash equivalents 108,314 1 8"l 82 126,496
Cumulative expenses 8,622,,l00 255,326 8,877,426
Fоrеigп exchange loss 1"l60 326 _ 1,486
ToTAL ASSETS AND ExPENDlT,UREý 8,7з1,574 273,вз4 9,005,408
FlNANclNG
Funds rесеiчеd 8,731,574 273,8з,4 __JJgýдg_
ToTAL FlNANClNG
-:
8,731,574 __273,83,1_ 9,005,408
Financial position as at DесеmЬеr 31, 20,19 comprise:
моF PMU сЕр PlG Total
ASSETS AND EXPENDlTURES
Cash and cash equivalents 738,490 27,66lз 766,158
Cumulative expenses 7,157,27в ,1вб
36в 7,343,646
Fоrеigп exchange loss 1,15ц_ _ 22|) ,1,387
TOTAL ASSETS AND EXPENDITURES
_цц,жt>: 8 111,191
FlNАNсlNG -Z.Д9,921=
Funds rесеiчеd 7,896,926 _ 214,265 8,111,191
ToTAL FlNANclNG __?,896ДаL= -
__?.]l,zы_l = 8,111"l91
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STATEMENT ОF DESIGNATED АССОUNТ
The statement of designated ассочпt fоr the уеаr ended DесеmЬеr ;з1, 202О соrпрr Se:
lmрlеmепtаtiоп unit моF PMU| сЕр рlci
Вапk OJSC "Bank Esktrata" cJS()
"Kaz <оmmеrtsЬапk
Tajik stan"
Счrrепсу US Dоllаrs US Elol|ars
вапk ассочпt 20206840800020,1 00409 20206840551 1 0] 1 5lr00,1
8апkъ location 16 Str, N. КагаЬlэеч, 24A,\ini stг., Dus;hanbcr,
Dushanbe, Repub,lic of Repu blic of Tajikistarl
Tajikistan
Ваlапсе аs at Jапчаry 1,2020 7,38,486 21,,611
Replenishment of designated account 8|34,648 59,569
Total funds received 8i34 64В
Expenditures paid 109,732
Transfers to transit account 1 355 115
Ваlапсе as at December 31, :2020 ,l8.1t}2
16
10. UNDRAWN FUNDS
As at DесеmЬеr 31, 2020 чпdrаwп funds аrе presented as follows:
Gredit No. 5T42-TJ
iп SDR
Approved fiпапсiпg amount
6,400,000
Disbursed fоr the реriоd frоm Jапчаrу 22,2о16 to DесеmЬеr 31, 2о2O(моF
PMU)
6,173,605
Djsbursed fоr the реriоd from January 22,2о16 to DесеmЬеr 31, 202о
(сЕр PlG)
_ 197,745
Undrawn fiпапсiпg amount
:- 28.650
Financing received as at January 1,2О2О
5 788,490
Disbursed fоr the year ended 2020 (МОF PMU)
540,661
Disbursed for the уеаr ended 2020 (СЕР PlG) 4r|.,1|э9
Financing received as at DесеmЬвr 31, 2020 6,371,3lr0
11" GoMMITMENTS
lп the поrmаl course of activities, the Project concludes iagl'eements with suppliers of goods and
sеrчiсеs in ассоrdапсе with the established budget and рrlэсчrеmепt
р|ап,
Сопtrасt value of obligations valid as at DесеmЬеr 31,2о2о was as follows:
Сочпtеrраrý Gontract No. Сопtrасt Сопtгасt Remaining
Сurrепсу valtre am<lunt to Ье paid
(iп USD)
МаstеrРriпt, LLC ,I-JS
с,Амр4АSв.G.RFQ.0.| 9,800 9,800
Sоmоп Reklama, LLC c,AMP4ASB.G.RFQ.02 U|SE) 17,524 17,524
12. lLEGAL CASES
'Гhеrе wеrе по апу legal
cases related to the Pýect,
13. EVENTS AFTER ТНЕ REPORT|NG DATE
Project Fiпапсiпg
Duriпg 2021 until the date of issue of these project financial statements the И/оrld Bank
рrо,чidеd
fiпапсiпg to the Project as follows:
lmplementation Value Date Application Fiпапсiпg method Crcldit
Unit No.5i'42-TJ
сЕр PlG January 7,2021 7 Reimbursement of expenscl s __ 41 ,21 1
_41д1
17