File Photo/Somali Times
The World Bank has sent a warning to the government of Somalia regarding the delay in submitting the audit report of the projects financed by the World Bank.
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The report that was supposed to be submitted on June 30, 2023, has not yet been submitted, and this may affect the new projects that the World Bank intends for Somalia.
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“As you are aware, the audit of the World Bank projects on December 31, 2022, which were being implemented by the Federal Government of Somalia and the member states of the Federal Government, has not yet been submitted to the Bank. This resulted in a delay of nine (9) months after the deadline of June 30, 2023, as defined in the Legal Agreements between DFS and the World Bank,” said a news release from the World Bank.
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The World Bank said that if the Bank does not receive the audit of the accounts of the projects in Somalia within nine (9) months from the date it is due, the Bank will take the following measures:-
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1: World Bank projects will continue.
2: Planned projects will not be started.
3: Suspension of grants.
4: All negotiations scheduled for April 2024, will be postponed.
5: Suspension of payment.
6: All funding and funds planned for ongoing projects are suspended.
7: Those who are in charge of ongoing projects and those who want to receive the funds will face a strike.
However, there are currently three projects awaiting approval in April 2024, which will be financed by the World Bank.
The World Bank has informed the government of Somalia within the nine (9) month deadline set for March 31, 2024, to avoid any negative consequences of the delay in the audit of World Bank projects in Somalia.