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Aid Accounts & Audit Division Government of India

Aid Accounts & Audit Division Government of India. Website: www.aaad.gov.in. Outline . Part A Details of External Assistance Part B Functional aspect. Part – A . GOI policy on External Assistance.

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Aid Accounts & Audit Division Government of India

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  1. Aid Accounts & Audit Division Government of India Website: www.aaad.gov.in

  2. Outline • Part A • Details of External Assistance • Part B • Functional aspect

  3. Part – A

  4. GOI policy on External Assistance • Guide lines issued in 2005 on Bilateral Assistance emphasize reduced reliance on external assistance • Bilateral Assistance accepted only from G-8 countries and EC; tied aid not accepted. • Channelization of external assistance from smaller partners (other than those mentioned above), through multilateral organizations to promote greater aid harmonization • Countries can provide bilateral development assistance directly to autonomous institutions, universities, NGOs, etc.

  5. Facts • GOI o/s External SovereignDebt as on 31st March 2012 at US $ 63.37 Billion • 2011-12: Receipts at US$ 5.14 (US$ 4.57 Loans and US$ 0.56 grants) Billions and repayment at US$ 3.35 (Principal US$ 2.67 and interest & commitment US$ 0.68) Billion • 2012-13: Receipts estimated at US$ 5.44 (US$ 4.90 Loans and US$ 0.54 grants) repayment at US$ 3.74(Principal US$ 2.99 and interest &commitment US$ 0.75) Billion • External sovereign debt as %age of GDP for 2011-12: 3.62%

  6. Bilateral Donors All figs. In millions of US Dollar

  7. Multilateral Donors All figs. In millions of US Dollar

  8. Maturity Profile and Terms of Loans Note: Does not include other charges such as commitment fees * 0.01% for Consultancy and 0.65% for environmental. ** Current being 0.75% for treasury portion and 2.49 % for bank portion. @ New IDA terms and conditions: Under Blend/Harden Terms apart from Service fee of 0.75% Interest Rate of 1.25% will be charged

  9. Commitment Charges Indicates cost incurred on undisbursed amount: slow moving projects bear greater liability. US $ in million Note: * Commitment Charges are not levied on the agreements signed after 16.05.2007. ** At present commitments charges have been fully waived. *** Commitments Charges are on the agreements signed after 01.10.2007 and arrears paid during FY 2010-11.

  10. Currency Composition of Outstanding Stock Indicates debt stock as on 31st March 2012 Inflow/outflow on indicated currency except SDR

  11. Interest rate breakdown of Outstanding Variable rates are applicable for ADB and IBRD loans (as per Libor). 74% of Debt Stock is at fixed rate.

  12. Part – B Functional Aspects

  13. Functionsof AAAD • Part A: Process • Loan agreement • Disbursements (Reimbursement and Direct) • Debt servicing • External assistance budget • Imparting training to project authorities • Part B: Reporting • Brochure • MIS reports for project management • Data submission to World Bank for publication in Global Development Finance (GDF) • Data for Template on International Reserves and Foreign Currency Liquidity • Special Data Dissemination Standards (SDDS) reporting • Responsible for reconciliation of External Debt with International Agencies

  14. Coordination with various agencies

  15. Dynamics at AAAD • 18 donors with varied systems and procedures • Around 1165 active loans/grants • Maintenance of two Websites – caaa.gov.in for users only and aaad.gov.in in public domain • Maintenance of debt records in loan currency and INR

  16. Role of BorrowerMinistry of Finance (DEA)(MultilateralInstitutions and Bilateral Cooperation Divisions) • Facilitates Appraisal • Processing and Negotiations • Signing of Agreements • Causing agreements to take effect • Follow up of project implementation and monitoring • Coordinating mid-term review and completion report to donor • All other actions relating to Agreements viz. Amendments, Reallocation, etc.

  17. Role of Project Implementing Authority • Helps in project appraisal • Signing project agreement • Ensuring proper procurement procedures acceptable to donor • Responsible for all project activities and sending periodical reports to donor • Maintaining proper accounting records based on sound financial management • Responsible for preparing reimbursement claims and sending the same to Aid Accounts & Audit Division, New Delhi • Ensuring timely audit of accounts and reports to donor by due date • Prepare completion report of the project identifying further phase of the project where donor can finance

  18. Role of Central Bank towards External Aid • Repository of all Foreign Currencies Inflows • INR equivalent of Foreign Currency Flow from External Aid is passed on to the Credit of CAA&A • Maintenance of Loan-wise Special Account in disbursed currency for the advance/deposits received from Donors. • Coordinating with CAA&A for sending External Debt data to Donor and other institutions. • Providing Exchange Rate for Government transactions of major Foreign Currencies to AAAD on daily basis

  19. Project Financing Budgeting Step-I • Annual Requirement of Rupee resources the expenditure of the Project to be approved by the Planning Commission. • Step-II • Inclusion of the funds requirement in the Annual Budget of the Government.

  20. PROJECTCYCLE IdentificationByGovt. Evaluation by Donor Proposal To Donor Completion Report Project Completion Appraisal By Donor Negotiations (Donor & Govt.) Project Execution Financial Agreement Donor –- GOI Project Agreement Project State – Donor Declaring the Agreement Effective

  21. CONDITIONS PRECEDENT TO DISBURSEMENT • Loan Agreement to be declared effective • Procurement Procedures as laid down in the agreement to be followed. • Authorized signatory to withdraw funds (CAAA) • Authorized Signatory to sign claims (PIA) • Participatory Agreements to be entered into between Government of India / State Government and the Project Executing Agency, if applicable. • Submission of audit certificate by the prescribed date.

  22. Disbursement Flow Chart- Reimbursement Expenditure Budget of P.I.A. Claims A.A.& A Div. For Claims Under Revolving Fund For Claims Outside Revolving Fund RBI Mumbai Donor Through Local office Statement Disbursement to CAA&A Account A.A.& A. Div. P.F. Div. of D.O.E P.I.A. : Project Implementing Agency P.F. : Plan Finance D.O.E. : Department of Expenditure C.A.S. : Central Accounts Section PAO Expenditure RBI, C.A.S. Nagpur State Govt. Account- Credit

  23. Disbursement Flow Chart- Direct Project Implementing Agency AA&A Div. Donor office in India/ Head Quarters Direct Payment to Payees Account Advise AAAD Recommendation of ACA to Department of Expenditure RBI, C.A.S. Nagpur StateGovt. Account-Credit/Debit CreditAAADAccount

  24. System supported activities Loan Agreement Claim Handling Disbursements Additional Central Assistance Disbursement Process Debt Management Donor’s Demand Repayment Sanction Recording of Repayments Repayment Process Consolidation & Compilation Budget Preparation Brochure Generation MIS Compilation Process Portfolio Analysis Interface with CS-DRMS

  25. THANKYOU For more information, please refer to our website: aaad.gov.in

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