Ulaanbaatar Clean Air ProjectCredit No:5039-MN

Financial statements as of December 31, 2017

Ulaanbaatar 2018

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I ~ "NISLEL AUIT LLC _. .

Date:

INDEPENDENT AUDITOR'S REPORT

To: PMUI Director N.Bayartogtokh

Ulaanhaatar (can Air Project

Credit No: 5039-M1N

\We have audited the project Financial Statements comprising the Balance Sheet. Projecit Sources

and Uses of Funds by project activity. Disbursement Report and the Designated Account Statement

of the Ulaanbaatar Clean Air Project Credil No: 5039-MN för the year ended December 3 1. 2017.

These reports are the responsibility of Ilie projct management. Our responsibility is to express an

opinion thereon based on our audit.

We conducted our audit in accordance with the International Standards on Auditing issued by the

International Auditing and Assurance Standards Board of the International Federation of

Accountants. These standards require that we plan and perform the audit to obtain reasonable

assurance about whether the project inancial statements are Ifree of material misstatement. An

audit includes examining on test basis. evidence supporting the amounts and disclosures in the

annual linancial reports. An audit also includes assessing the accounting principles used and

significant estimates made by manageient as well as evaluating the overall statement presentation.

We believe our audit provides a reasonable basis for our opinion.

The management policy of Ulaanbaatar Clean Air Project is to prepare te project Financial

Statements on te cash receipts and pavments basis in conformity with International Public Sector

Accounting Standards (IPSAS). On this basis. cash receipts recognized when received and cash

expenditures are recognized when paid rather than when incurred.

In our opinion, the prolject Financial Statemenits have been prepared in accordance with

International Public Sector Accountin Standard issued by the Public SeCtor Committee of the

Federation of Accountants. present fairly the cash reccipts and payments of tle project during the

year ended December 31, 2017 and. in all material respects expenditure have applied to the purpose

intended in the Financing Agreement,. Credit No: 5039-NN

NIISIEL AUDIT LLC

UJaanbaatar city, Sukhbaatar district Baga toiruu-44 Phone/Fax. 31-89-8, 70120095E-mail: fo@nielaudit.mn

The Government of MongoliaThe International Development Association

Credit X2: 5039-MNUlaanbaatar Clean Air Project

BALANCE SHEETFor the period from December 31, 2016 to December 31. 201

Balance category Notes Dec 31, 2017 Dec 31, 2016

ASSETS:

Cash and cash equivalents 3 695,353.16 802,789.62Designated account 524,315.46 782,321.29Sub-Account 167,895.28 -Management fee account 1,919.70 19,941.71PMU Debt Cart Account 1,166.19 47 1, 15Cash on hand MNT 56.53 55.47Cumulative Project Expenditures 4 11,638,662.69 10,235,401.27Subsidies under part-A of the Project 4.1 4,830, 57,75 4,525,257.44

Goods, Works, Consultants' services, Training andt' 4.2 5,095,450.17 4,24004 1.51Workshops, and Operating Costs under the Project

Management Fee under Part C(3)(b) of the Project 4.3 1.05 191 9K42 L0.02Other expenditure 4.4 6 1.856. o 7 J )

TOTAL ASSETS 12,334,015.85 11,038.190.89

FUNDS: 5

IDA's fund 12,251,642.59 10,962.528.78Net interest earned 5.1 34,675.31 26,915.67Other incoe 5.2 47,697.5 48,746.44TOTAL FUNDS 12,334,015.85 11,038,190.89

pne /edyb:

D.DARUI RF UART( I (KIIPM1U A countant PM. Dircclor

~NIISLEL AUDIT LLC(

Date:2~Q 2

INDEPENDENT AUD!TOR'S REPORTTo: PMU1 Director N.BayartogtokIi

Ulaanbaatar Clean Air Project

Credit No: 5039-MN

We have audited the accompanying Statement of Sources and Uses of Funds of the Ulaanbaatar

Clean Air Project submitted to the World Bank during tle year ended December 3 1 2017 in

support of credit withdrawals under the Financing Agrcement. Credit No: 5039-MIN.

We conducted our audit in accordance wNith generally accepted auditing standards that included

examination. on a test basis, of evidence supporting the amounts and disclosures in the Statement

of Sources and UJses of Funds. An audit also includes assessing the accounting principles used and

significant estimates made by management as well as evaluating the overall statement presentation.

We belieVe our audit provides a reasonaible basis for our opinion.

In our opinion. the Statement of Sources and Uses of Funds subimitted together with the internal

controls and procedures involved in their preparation can be relied upon to support te application

for credit withdrawals.

NIISLEI AUDIT LIC

Ulaanbaatar city. Stikhbaatar district Baga toiruu-44 Phonc/Fax: 31-89-18, 70120095E-Mai: info@niistelaudit.mn

The Government of MongoliaThe International Developnient Association

Credit J,: 5039-MNUlaanbaatar Clean Air Project

STATENENT OF PROJECT SOURCES AND USES FUNDSFor the period from December 31, 2016 to Decernber 31, 2017

Cumulative Cumulative toSources and Uses Funds Notes to Dec 31, For 2017De

2017 31, 2016

SOURCES OF FUNDS:

IDA's fund 12,251,642.59 1.289.1 13.81 10,962,528.78Net interest earned 5.1 34,675.31 7.759.64 26.915.67Other income 5.2 47.697.95 (1.048.49) 48.746.44TOTAL SOURCES OF F UINDS 12,334,015.85 1,295,824.96 11,038,190.89

USES OF FUNDS:

Subsidies under part-A of the 4.1 4.830.1 7.75 304,900.31 4-525,257.44ProjectGoods. Works. Consultants'services, Trainin andWorkshops. and Operating Costs 4.2 5.095.4501 7 855,408.66 4.24004 L5under the Pro jeetMianacement Fee under Part 1.651.198.42 243.174.15 1.408,024,27C(3)(b) of the ProjectOther expenditure 4.4 61 856.35 (2 1 .70) 62.078.05

TOTAL SOIRCES OF FUNDS 11,638,662.69 1,403,261.42 10,235,401.27

SURPL S O, FUNDS OVER 695,353.16 (107,436.46) 802,789.62U'SES

D.DAI i RTOGTOKPl~'NI \ t aniP Director

"'NIISLE 1AUDIT" LLCCetf 3 aui pria n con gcnutny co pn

Dat,

INDEPENDENT AUDITOR'S REPORT

To: PM' Director N.Bayartogtokh,laanhaatar Clean Air Projeet

Credit No: 5039-MN

We have audited the accompani m Statement of Expcnditurcs (SOEs) of the Ulaanbaatar ('ican

Air Projeet submitted to the World Bank during thc \ear ended Deceiber 3 1. 29017 in support of

eredit withdrawals under the Financing Aurecient, Credit No: 5039-MN.

We conducted our audit in accordance with generally accepted auditing standards that included

examination. on a test basis, of evidence supporting the amonts and disclosures in the Statement

of Expenditures. An audit also includes assessing the accounting principles used and signilicant

estimates made by management as well as evaluating the overall statement presentation. WVe

believe our audit provides i reasonable basis for our opinion.

In our opinion, the Statement of Expenditures suibmitted together with the internal controls and

procedures involved in their preparation can be relied upon to support the applicalion for credit

%%~i\\ N\k LLLNIISLIEL AUDIT LLC

Utaanbaatar city, Sukhbaatar district, Baga toiruu-44 Phorne/Fax 31 89-18, 70120095E-mafl: info@niislelaudit,mn

The Government of MongoliaThe International Development Association

Credit .2: 5039-MNUlaanbaatar Clean Air Project

STATEMENT OF EXPENDITURES (IDA Withdrawals)For the year ended December 31, 2017

/In USD/WA Application Claimed credited Amount Amount Difference

Numbers type date date claimed credited

Up to December 31, 2016 (WAl-19) 10,962,528.78 10,962,528.78WA-22' Replenishment 28/N4ar/2017 11 IApr!2017 10 .94.45 2 094.45

WA-23 Replenishment 7/Aug/2017 5 Sep/20 17 99,037.70 99J037.70WA-24* Replenishment 8/Aug/2017 5/Sep/2017 157,800.25 157.80025 -WA-25** Replenishment 27/Sep/2017 22/Nov/2017 243,892.26 243.892.26-WA-26 Replenishment 6/Nov/2017 18/Dec/201 7 315.326.06 3 15,326.06WA-27 Replenishment 5/Dec/2017 20/Dec/2017 262,263.09 262, 263. 09WA-282 Replenishment 26/Feb/2018 7/Mar/2018 325.05701 - (325,057.01)For the reporting period 2016 (WA23-27) 1,403,376.37 1,289,165.77 (325,057.01)Up to December 31, 2016 (WAl-27) 12,576,699.60 12,251,642.59 (325,057.01)

1. The expenditure of USD 210,794.45 expensed in 2016, was claimed and credited through WA-22 in2017.

2. The expenditure credited through WA-28, which is arounting USD 325,057.01 expcnsed in 2017.but was claimed to World Bank in 2018.

* For WA-24 invoice, USD 61.46 was registered as a bank charges therefort the bill was invoiced dicicnil\

** WA-25, bill was invoiced deficiently by USD 4529 due to miscalculat ng cashier cepense

Pre aqi-c9 by: )v

D.DARISURENR - .BYARTOGTOKHPMU Accountant PMU Director

TC (Govern miiet of MongoliaTh1e Interiational )evelopmenit Association

Credit Ný): 5039-NINlaanbaatar leOan Air Project

DETAILED STATIEMENT OF IPENDITURE (I)A Withdrawals)For the reporting period 2017

- - - - n --SI)( liimedI (reditedCategories CaItegories

(2)(.oods. wors (2)( oods, Works,WA (l)S'isidies ( osultanu< serviijes (3)Manageiment (1 )isulSILhtant

Numbeis under palrt- iraining and Fee under PId ltal ( )SubIsidies Vc unel. Pauj Tokfl I)iit'eui-eA of the Workshops. and ((3)(b) of lie tiera rt-A of iraining an(i de P Iir

Projecl Oper ating ( osts Projet li 1'ro.iet Workshops, and( Pro1ectiunder Ilie ProeC Operatmng ( osts

lud ihe IProject

74.928)00 13 5,8 6.45 210,794,45 - 74,928A00 1 38604 2 H i 794.45

V \A-23 44 148.04 5.4.589.06 99,037.70 4444804 5756 99M3 70\ A-24 19.3 1 7 77 85,6771 5231477 1 5780025 1 731777 85,907,71 52,5 Ii 77 157,800.25

WA-25 66,8939 1 4 12 4.84 52,7780 24=,892.26 66989.139 12412484 .577803 24389226WA-6 137,961.0 ] 1371N633 40.1787 315 326^ J37 02 137,I8.33 40,1 787 31 5326A0\W\-27 46.615.24 195,12210 2042275 2622630 46,61524 19512 10 20.422 75 262,213 09

~-2 34,016.89 2845664 22183 48 32574)] 32=.001Total 304,900.3 1 855,408.66 243,067.40 1,403,376.37 270,883.42 661,880.02 356,350.37 1.289,113.81 325.057.1

I Tihe expenditule el 11) 210,794,45 expensed in 2016, was e diiii and uredited WAuoIi \ \-22 im 20172 I le expenditure umdh wd iroult \\'/\-28. wlå lh I, anounlg, I jSD 35,794.0 l expensed in 2017, bit was e lämed ti \\orld Iank in

2018.

1 A red bkW Y bY

PMU1 Accotntanit I>\IL ireelol

'NIISLEL AUiDIT" LL C

Date .......

INDEPENDENT AUDITOR'S REPORT

To: PNIU Director N.BayartogtokhUilaaiibaatar Clean Air Project

Credit No: 5039-MN

We have audited the accompany ing Designated Account Statemenl of the laanbaatar C Air

P)roject submitted to thle World Bank during the \ear ended December 3 1. 2017 in support o eredit

withdrawals under the Financing Areement. Credit No: 5039-NIN.

We conducted our audit in aceordance wvith generally accepted auditing standards that included

examination, on a test basis. of evidence supporting the amounts and diselosures in the Designated

Account Statenent. An audit also includes assessing the accounting principles used and signi flicant

estimates made by management as well as ev aluating the overal statement presentation. We

believe our audil provides a reasonable basis for our opinion.

in our opinion, the Designated Account Statement subniitted together with the internal controls

and procedures involved in their preparation can be relied upon to support the application for credit

wNithdrawa-ýls.

NIISLEL AUDIT LLC

Ulaanbaatar city. Sukhbaatar district Baga toiruu-44 Phone/Fax: 31-89-18, 70120095E-mail info@niislelaudit.mn

The Government of MongoliaThe International Development Association

Credit Xq: 5039-MN

Ulaanbaatar Clean Air ProjectDESIGNATED ACCOUNT STATEMENT

For the period from December 31, 2016 to December 31, 2017

/In USD/

Notes Dec 31, 2017 Dec 31. 2016

PART A - Account transactions

Beginning balance 782,321.29 368,441.00

Add 1,296,547.95 1,220.443.78

IDA Advance 1,289.181 I.l 3

Interest Earning 7.409. 14 . I ('

Transferred from Management Fee Account 25.00-Deduct 1,554,553.78 806,563.49

Subsidies under part-A of the project 10,660.24 -Goods, Work, Consultants' services, Training andWorkshop, and Operating Costs under the ProjectBank charges 217.36 443.11

Foreign Exchange Loss - 18.51

Transferred to Management Fee account 227,856.85 307,932.15

Transferred to Sub Fee account 505,737.46 -

Transferred to Cash and Hand 2,250,00 -

Transferred to Debt Card 3,960.00 -

Ending balance 524.315.46 782.321.29PART B - Account reconciliationsAmount advanced by the IDA 1,000,00) 0 1 LOUI)0 I(

Ending balance 524,315.46 244,594.38Add 510,359.85 244,594.38

Management Fee account and cash on hand 3, 142.42 0, 468_3

Sub account 167,894.28

Amount withdrawn but not claimed yet 325,057.01 210,794.45Bank charges 2,710.20 2,382.73Foreign Exchange Loss 11,554.94 10,948,87

Deduct 34,675.31 26,915.67Interest earning 34.675.31 26,915.67

Total advance to Designated account for 1,000,000.00 1,000,000.00

Prepared b \c

D DARIR5 la ART OGTOK1-PMU Accountant PMUIL Director

Date: 2 .O6 .

INDEPENDENT AUDITOR S REPORT

To: PMU Director N.BayartogtokhUlaanbaatar Clean Air Project

Credit No: 5039-MN

We have audited the accompanying Sub Account Statement of the Ulaanbaatar Clean Air Project

submitted to the World Biank during the year ended December 31. 2017 in support of credit

withdrawals under the Fl7ixmcing Agrieement. C'redit No: 5039-\,1N.

We conducted our audit in accordance xxith generally accepted auditing standards that ineluded

examination, on a test basis. of evidence supporting the amounts and disclosures in the Designated

Account Statement. An audit also includes assessing the accounting principles used and significant

estimates made by management as wvell as evaluating the overall statement presentation. Wc

believe our audit provides a reasonable basis for our opinion.

In our opinion the Sub Accouni Statement submitted together with the internal controls and

procedures involved in their preparation can be relied upon to support the application for credit

xwithdrawals.

NIISLEL AUDIT LLC

Ulaanbaatar city Sukhbaatar district, Baga toiruu-44 Phone/Fax 31-89-18, 70120095E-mail: info@niisielaudit.mn

The Governnent of MongoliaThe International Development Association

Credit N: 5039-NJNlanbaatar Clean Air ProjectSUB ACCOUNT STATEMENT

For the period from December 31, 2016 to December 31, 2017

/n USD/

Dec 31, 2017 Dec 31, 2016

PART A - Account transactions

Beginning balance 20,468.33 24,312.42Add 740,703.98 310,294.65

Interest Earning 350.50 1.177.15iransferred to Designated Account 739.804.31 307.932.15

Foreign jxchange (ain 549.17 L185,35Deduct 590,134.61 314,138.74

Subsidies under part-A of the project 294.24.07 -Goods, Works, Consultnts' services. Training and 51.536.79 34,551.81Workshop, and Operating Costs under the ProjeetManagement Fee under Part C(3)(b) of the Project 243,174.15 279.006.99Bank chares 110.11 579.94Foreign ExchIe 1 Loss 1.048.49 -Transferred to Sub account 25.00 -

Ending balance 171,037.70 20,468.33

Prey ed by: A o N,

[.DAR F 'R GTO(KHPMU Accountant PNU Director

NOTES TO THE INTERIM FINANCIAL REPORTS

1. Project background

I he obJecties o the ProJect are to enable cMnsumers in er areas to access heatuneapplianes prodLucing less particUlate matter emissions and to lurther develop selected miediUm-

term paiLI late 1atter aalement mcasures in Liaanbaatar in coordination \\ith dekelopmentpartners. The Project consists of the folloVing parts. subJect to suCh modifications there of as theRecipient and the Association may aLrce upon from time to achieve the objecties 01 the Project.

Part A. Ger Area Particulate Matter Mitigation

Implementation of a stove replacement program and a low preSSUre boiler replacementprogram. including:

( ) Provision of capital subsidies to eligible households for the pUrChase of selectedheating appliances including stov s (begiing September 201 3 or upon completionof the stove component of the Millennium Challenge Corporation*s Energy andEnvironment Project. w\hichever comes earlier). stoves for heating valls and lowpressure boilers from eligible Stove and pressure boiler producers and suppl iers andsto\ e replacement:

(2) technical support to stove and a low\ pressure boiler suppliers. includina:(a) goods. technical assistance, and Operating Costs for the Stove [missions and

Efliciency Testing Laboratory:(b) technical assistance and equipment for technical advice in addressing problems

with the design and production of the stoves and loXV presSure boilers:(c) technical assistance in the development of emissions standards for stoves and lo\\

prsSure boilers:(d) market developmcnt sUpport and technical assiStance to design and implement

adjUstment to the stove replacement program and for accommodating low pressureboilers: and

(e) technical assistance in the establishment of a system of monitoring the qualit\ of

products supported by the P-roject;(3) molitoriig and eValuation: and(4) training lor kno\ ledge e\change.

Part B. Central Ulaanbaatar Particulate Matter Mitigation

(I) Mitigation of fugitive dust from lack of city greeningPreparation of an action plan for city greening. and preparation and implementation ofpilot, including: (a) assessment of greening programs in Ulaanbaatar. evaluation ofoptions and development recommendation to improve greening. (b) preparation of a pilotproJect inluding support for hid document preparation: and (c) in1vestment support forthe supply and installation of grass and other eligible plants and trees in U laanboatar ona pilot basis.

(2) Mitigation of dust from power plant emissions and ash pondsCarrviig out of feasibilitv study for:(a) the installation of improved emission controls inUlannbaatar's connbined teaL and pover plants: and (I) the mitigation of dust fr1 po\\erplant ash ponds. thc stud\ of their cnvironmenta impaCts and recoinmendin! costCi ctive sOlutions.

(3) District heatin, feasibility stUd% and knowledge building(a) Carrvin out of feasibility study for rehabilitation and sUstainiable expansion of district

heating in Ulaanbaatar.

b) Complementary raining on district heaing policy, -regu-lation and management.(4) Affordable housing policy technical assance

(a) Carring out of assesmnens of current policies, laws and practices for afåordablehousing provision in U.laanbaatar, evaluation of efticciveness to\ards meeting policyobjectives, and introduction of lessons from international experiences on affordablehousng.

(b) Development of an affordable housing strategy for U laanhaatar.

Part C. Public Awareness Raising. Programni Coordination, and Projeci Manageiment

(1) Akir quah i nonitoring. management and analysis(a) Air qualiy nitorinog and anajlsis equipment. inludinig for the Ulaanbaatar Air

Quality Agenc(b) Training urban air quality analysis and management.

(2) Program Coordination support(a) Consultants' services to assist Ulaanbaatar's air polluion program coordination,

including to rnaintain links with stakeholders. colect, synthesize and archiveintormation on air quality for use b\ dccision makers and the public: and provide tosupport to air qualy working groups or coordination mechanism to improveeffectiveness and sharing of information.

(b) Training on air qualityr management and policy-making.(3) Project manageent, public awareness, and monitoring and evaluation.

(a) Assistance to the development of a communication program for the Projeet.(b) Management Fec for Project management services.(c) Monitoring and ekaluation.

The Closing Date is June 30. 2018.

The follow ing table specifies the caegories of Eligible Expenditures that mav be financed out ofthe proceeds of the Financing ("Categor ". the allocations of lie amounts of the Finaning toeach Category. and the percenage of expenditures to be financed for 1l igible xpeinditures each

Category:

ý0Percentage ofAmiotint of the Financi ng IAllocred ~Expendituires to be

Category Allocated1 (expressed mn Epnkue ob

USD) Financed (inelusiveof Taxes)

(1 )Subsid ies under part-A ol e 6 12.371 00 100%Brojiect

(2)Good, Work, Consultants' services. 6.092.784.00 100°%1 raining and Workshops. andOperating Costs under the Project(3) Management Fee under Part 1,391.753.00 100%C3)(b) of the Project(4)Una locmed 60309100 100" --o_-------TOAL AMOLINT 15,000,000.00

. .... . . . .. - - ----

2. Sunmary of significant accounting policies

a) Statement of compliance

The financial monitoring reports comprise the balance sheet a summary of source and uses of

funds. the statement of expenditures and the special account reconciliation statement. These

linancial monitoring reports have been prepared in accordance vith Financial Monitoring

Reports for Word Bank financed Projects: Guidelines for Borrowers.

b) Basis of preparation

The financial monitoring reports are prepared in accordance with International Public Sector

Accounting Standards (PSASs) iksued by the International PuLic Sector Accounting Standards

Board IPSASB) of the International Federation of Accountants and cash receipts and

disbursement basis of accounting has been applied. On this basis, receipts are recognized hen

received or direct payment to creditors are made rather than when income is earned and

disbursements are recognized when paid rather than when expenses are incurred.

c) Basis of mCasurement

The financial monitoring reports are presented in t SD. Cash balances denominmated in currences

other than SI) are translated into UYS) at year end rates of exchange stated by the Bank of

Mongolia, Transactions denominated in currencies other than USD are translated at rates at the

dates of the transaction stated by the depository bank. Any gains and losses are refleeted in the

statement of sources and uses of funds

d) Basis of presentation

Ihe accounts balances in the Financial Monitoring Reports as December 3 1. 20 7 have been

presented on December 31. 20)16.

e) Designated account

In according to he Disburseient ILetter. the project opened the Desitnated Account w\hich is

one segregated accoaut for the loan financing at the Ulaanbaatar Ct Bank acceptable to the

World Bank. I he designated account presents in LSD acceptable to the Word bank.

NOTES TO THE PROJECT FINANCIAL STATEMENTS

3. Cash and cash cequivalents

The IIU opened the 1)esignated. Sub-account. Management fee account. PMU Debt Cart

account and Cash on hand for carry ng out project activities. As of December 311 201 7 the cash

and cash equivalents are as fol[Iows:

______________ _____________In USD)

---- - ----- T-~~~~~~ 3- DeJ-2017 - 31-Dec-2016...

Degsnated account 524.315.46 782.32 1 29l Sub-,ccount 167.895.28 -

Management tee account L9 19.70 19.941 71PM I t Cad_\ceount II- - ___ 1,166.19 47 -15

-(Iion ha nd \INT ______5____ 6 ____ 53 -5 5 .4 7

695,353.16 802,789.62

T he projet \s as closed in 20 l 7 In the M,anagement account account of the State Bank and

opened a nc\k account to Khan Bank.

4. Cumulative project expenditures

4.1 lie expenditures for Subsidies under part-A of the Project

/In USDCumulative Dec 31, 2017

The cumulative proect expenditure prior to the rep_ortingperiod 4,525.257.44Subsidies A 275,085.87Subsidies B 29.814.44

- --- - -4,830,157.75

4.2 The expenditures for Goods. Works. Consultants training and Workshops, and Operating

Costs under the Project

CitlaiCumuhlive Dec 31, 2017

he cumn u laitive project expend ture pro to the reportin period 4.240,041.5 1Goods 455 265.80Works 314.745.92ConsultanIts' serVices 77,440.15Training and Workshops 7,956.79Operating Costs t

Total 5,095,450.17

4.3 The expenditures for iManagement Fee under Part C( 3)(b) of thc Pro ect

/In ~USD/Cumulative Dec 31, 2017

The ctinulati\ e project expenditure prior to the reportm- period 1,408,024.27

PMU Staff Salarv 154.795.80Stationarv 8 21Yransportation and Fucl C ost 0,170.90

Renta _ ___ 9,720.79(ommunication and 1 phelpione Cost 1,90 1.26Office Sulppv and Administration 5.057.33PMU Staff travel Cos.tPublic Aw-areness Cost 52.038.07Adverisement Cost 942.76Audjtim_

Good for Project Mlanaecment (office eqiupments)TFotal l1,65ý71,198.42_,

WA-25 didVt issuc an invoice of $45.29 for the followx ing: S 6.226 for paper w\ ork. SI 0.74 fortelephone. $18.29 for tansportation

4.4 Other expenditure

1_In UsDY31-Dec-2017 31-Dec-2016

Bank Service Charges 2.710.20Forcign L\change Loss l 1.6 5.06 12.164,23Tender expense 1 A59 99 1,059.99Other expenditure _45,87I i| 45.87 1.1

61,856.35 62,078.05

WVA-24 didn't issuc an invoice of I61 46 for communication and telephone that \\as registeredfor bank charce.

5. Funds

For this reporting year $1.289.11381 flance w%as received by tlie VB.

5.1 Net interest carned

In USD/31-Dec-2017 31-Dec-2016

Net interest earned 34.675.31 26,915 67Total 34,675.31 | 26,915.67

5.2 Other incone

iln USD/31-Dec-2017 31-Dec-2016

Loreign Exchange Gain 128.26 L 176.75Other Funds 47,569.69 47,569.69Total 47,697.95 48,746.44

6. Procurement of contracts

In the vear of account. 21 new, contraets were signed. contract paxments north 440,661.72 USDfrom the prevlous vear w as made. and training expenses w orth 7,956.79 U SD m as spent. Auditing

nspections in accodance ith intWrnatIa sandards inSpected all ContractS and pre liinarydocuments pertaing to the supplier selection and purchasing prcedures and established that noviolations xere made.

10. Event after year end

The projects end.date has been extended to June 30. 2019 as requested b> the MIinistry of Finance.

1