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FMPM Revision

This document outlines revisions to the Financial Management and Procurement Manual (FMPM) by structuring discussions into five key areas: Approach and Hierarchy, Risk Assessment and Governance and Anti-Corruption (GAC), Additional Guidance for Financial Management Supervision, and Quality Assurance and Governance Arrangements. It emphasizes a principles-based approach while retaining necessary flexibility, the importance of effective risk assessment, and the need for clear governance practices. The aim is to bolster financial management through targeted guidelines, frameworks, and best practices that can be adapted to regional variations.

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FMPM Revision

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  1. FMPM Revision

  2. FMPM Revision • To structure the discussion, issues have been grouped as follows: • A. Approach and Hierarchy; • B. Risk Assessment and GAC; • C. Additional Guidance: FM Supervision; • D. Quality Assurance and Governance Arrangements; • E. SWAps and Country Systems.

  3. FMPM Revision • A. Approach and Hierarchy; • Principles Based approach V. Rules Based approach, distinguishes between • mandatory and non-mandatory aspects and • between core and non-core elements • Need to retain flexibility for regional variations and professional judgement. • Common framework and principles would be supported by guidance;

  4. FMPM Revision • A. Approach and Hierarchy (continued); • To balance principle based approach with need for guidelines, we should agree on a hierarchy: 1. Policy Framework – authorizing environment OP/BP 10.02 2. Core aspects of FM in Manual – Mandatory 3. Guidance – non-mandatory 4. Good practice database completed as a priority.

  5. OP/BP 10.02

  6. FMPM Revision • B. Risk Assessment and GAC; • how do we mainstream recent Bank initiatives such as MRIL and Additional Financing? • GAC - expanded focus on Governance and Anti-Corruption. • What additional guidance is necessary in terms of assessing risk? • Impact of RAPMAN/PRIMA?

  7. FMPM Revision • C. Additional Guidance: FM Supervision; • More Guidance on required supervision, Performance Monitoring, use of technical audits. • Define collaboration with other fiduciary staff: Procurement and LOA. • Is the current manual too prescriptive? need more flexibility, e.g. on documentation and dangerous security situations.

  8. FMPM Revision - D. Quality Assurance and Governance Arrangements; • Can we give examples of good practices that could be adopted in all Regions? • Which areas are in need of clarification or more focus? • Need to clarify boundaries of responsibility • between LOA and FM; • and between the TTL and FMS.

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