ESTABLISHMENT OF A COUNTRY PROGRAMMATIC MULTI … · governance in public sector financial...

ZIMREF BOARD PAPER

ESTABLISHMENT OF A COUNTRY PROGRAMMATIC MULTI-DONOR UMBRELLA-

TYPE TRUST FUND FOR ZIMBABWE

Zimbabwe Reconstruction Fund

Southern Africa Country Department 3 Africa Region

April 21, 2014

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ZIMREF BOARD PAPER

CURRENCY EQUIVALENTS

Currency Unit = USD US$1 = US$1

ABBREVIATIONS AND ACRONYMS

AAA Analytical and Advisory Activities AfDB African Development Bank

A-MDTF Analytical Multi-Donor Trust Fund

APS Analytical Policy Support AU African Union

BETF Bank Executed Trust Fund

CAADP Comprehensive African Agriculture Development Program

CSO Civil Society Organisation DAC FS Development Assistance Committee in Fragile States

DfID Department for International Development EU European Union

FMA Financial Management Agency

GDP Gross Domestic Product

GFRP Global Food Crisis Response Program

GoZ Government of Zimbabwe

HIPC Heavily Indebted Poor Countries IBRD International Bank for Reconstruction and Development

ICES Income Expenditure and Consumption Surveys IDA International Development Association

IFC International Finance Corporation

IFI International Financial Institution

IMF International Monetary Fund

ZIMREF BOARD PAPER

ISN III Third Interim Strategy Note

MDA Ministry, Development, or Agency

MDC-T Movement for Democratic Change-Tsvangirai

MDTF Multi-Donor Trust Fund

MDTF-HRI Multi-Donor Trust Fund for Health Results Innovation

MoFED Ministry of Finance and Economic Development

ORAF Operational Risk Assessment Framework

PICES Poverty Income Consumption and Expenditure Survey

PFMS Public Financial Management Systems

POC Policy Oversight Committee

PPG Public and Publicly Guaranteed PPP Public Private Partnerships PSG Private Sector Growth PST Project Support Teams

RETF Recipient Executed Trust Fund

RLS Resilience and Livelihoods Support SADC Southern African Development Community

SAP Systems Application Products SCD Systems Capacity Development SME Small & Medium Enterprise SMP Staff-Monitored Program

SPF State and Peace Building Fund

SWG Sector Working Group

SCD Systems and Capacity Development TA Technical Assistance

TF Trust Fund

TRG Technical Review Group

UN United Nations

ZIMREF BOARD PAPER

WDR World Development Report

ZANU-PF Zimbabwe African National Union-Patriotic Front

ZimAsset Zimbabwe Agenda for Sustainable Socio-Economic Transformation

ZIMREF Zimbabwe Reconstruction Fund

ZOG Zimbabwe Operational Guidelines

ZIMREF BOARD PAPER

ESTABLISHMENT OF A COUNTRY PROGRAMMATIC MULTI-DONOR UMBRELLA-TYPE TRUST FUND FOR ZIMBABWE

CONTENTS

I. INTRODUCTION ............................................................................................................... 6

A. ECONOMIC, POLITICAL AND SOCIAL DEVELOPMENTS ........................................ 9

B. DONOR ENGAGEMENT AND COORDINATION ....................................................... 11

C. RATIONALE FOR BANK INVOLVEMENT THROUGH ZIMREF ............................. 11

II. ZIMBABWE RECONSTRUCTION FUND: OBJECTIVES AND SCOPE .................... 13

III. GOVERNANCE STRUCTURE ........................................................................................ 16

IV. FIDUCIARY ARRANGEMENTS .................................................................................... 18

V. MOVE TOWARDS USE OF COUNTRY SYSTEMS ..................................................... 18

VI. REPORTING, MONITORING AND EVALUATION ..................................................... 21

VII. RISKS AND MITIGATION MEASURES ....................................................................... 22

VIII.NEXT STEPS .................................................................................................................... 23

ZIMREF BOARD PAPER Page 6

ESTABLISHMENT OF A COUNTRY PROGRAMMATIC MULTI-DONOR UMBRELLA-TYPE TRUST FUND FOR ZIMBABWE

I. INTRODUCTION

1. The Zimbabwe Third Interim Strategy Note (ISN III) was endorsed by the World Bank Board of Executive Directors in April 2013. Since then, Zimbabwe has held national elections and also initiated the IMF Staff-Monitored Program (SMP). Under the ISN, the development of an economic program and track record (inter alia, as represented by the SMP) is one important consideration for progressing from the ‘status quo’ to the ‘enhanced re-engagement’ scenario1. The ‘enhanced re-engagement’scenario includes the possibility of accelerated progress toward normalization of relations with Zimbabwe, which has been in non-accrual status with IDA/IBRD since 2000. An IMF Staff-Monitored Program was signed in June 2013 following the lifting by the IMF Board Technical Assistance (TA) restrictions in October 2012. The SMP focuses on financial sector stabilization and improved fiscal stability, including increased transparency in the diamonds sector. In December 2013 the SMP has been extended until June 2014.

2. The ISN referred to the need for a new financing instrument to help take forward the World Bank Group’s work in Zimbabwe. This proposed Zimbabwe Reconstruction Fund (ZIMREF) is meant to be a key instrument to implement the ISN. It builds upon the ongoing Analytical Multi-Donor Trust Fund (A-MDTF), which will expire in June 2014. Under the A-MDTF, the World Bank has significantly contributed to both informing and formulating Government policy for Zimbabwe’s development. This was done through support to analytical initiatives, and in some instances, flexible Technical Assistance that helped to clarify and lay out policy options for Government and Donor Partners to consider for further support and for Government to implement (refer to Box 1 for additional information).

3. Zimbabwe’s arrears to the World Bank stand at US$1.06 billion, as of April 2014. In line

with the suggestion in the ISN, Zimbabwe has started making quarterly token payments to the Bank of US$900,000. The path to arrears clearance is set out in the ISN, and at this point it is difficult to estimate a timeline for arrears clearance. At this time the Bank and IMF are undertaking a loan-by-loan assessment of Zimbabwe’s external Public and Publicly Guaranteeed (PPG) debt to determine Zimbabwe’s qualification for Highly Indebted Poor Countries (HIPC).

1 Under the ISN, the three scenarios are ‘status quo’ (continue current levels of support for reform and recovery through policy dialogue, analytical work, and piloting activities in specific sectors), ‘enhanced re-engagement’ (work with partners in helping the Government to develop a track record of implementation of social and economic reforms and start preparations for moving to arrears clearance and full re-engagement), and ‘deterioration’ (scale back work program to minimum analytical work and policy dialogue)


Box 1 A-MDTF Achievements

The A-MDTF is having a significant impact in informing Government policy; building up technical knowledge (through studies and workshops) related to Zimbabwe’s development issues; supporting Government capacity improvement; establishing a basis for accountability; and informing the public debate on international best practices in specific areas including the following: • Inputs to formulating policy: A number of analytical studies have been

carried out which serve to both enhance the development knowledge-base and lay out policy options for the Government. These include studies on Building Agricultural Markets – Constraints and Opportunities in Contract Farming for the Smallholder Agricultural Economy, position papers and background technical papers on Water Resource Management, Urban Water Supply and Sanitation and Rural Water Supply and Sanitation, a study on developing guidelines for urban water tariffs, annual reviews of budget preparations which have supported improved planning and execution of the budget, and a Trade and Integration Diagnostic Study.

• Contribution to building capacity for improved accountability and

governance in public sector financial management: Starting from manual accounting in 2009, the A-MDTF has provided technical assistance to revive the Systems Application Products (SAP) application software, which underpins financial management in the public sector. Over 1,800 public servants have been trained as end-users and hence all the Ministries and Provinces are currently capturing financial data continuously using the system. The Office of the Auditor- General now has a draft strategic plan and draft regulations for the Audit Office funded by the A-MDTF. To help strengthen the capacity of the State Procurement Board to perform their oversight functions, a capacity and needs assessment for the Board was carried out.

• Private sector development: The A-MDTF has promoted dialogue in the

management of the mining sector, and supported knowledge generation through a survey of small-medium size enterprises. The survey provided the first detailed overview of micro- and medium size enterprises in Zimbabwe. The survey attracted a lot of interest, and is informing policies on micro-and small enterprises. The survey is also informing the IFC about new engagement in advisory services.

• Coordination forum: The A-MDTF also provides a forum for

coordination at policy and technical levels.


4. Given the uncertainty around the timing of arrears clearance, ZIMREF will be the main instrument of immediate Bank engagement with Zimbabwe. The World Bank and IFC have developed a joint plan to support private sector development in Zimbabwe, including support to investment climate reforms, Small & Medium Enterprise (SME) development, Public Private Partnerships (PPP) and access to finance. In line with ISN, the IFC is stepping up its advisory work, on investment climate advisory services through the updating of the Zimbabwe Doing Business Memorandum, which was recently delivered to the Government. Through funding from Department for International Development (DFID), the IFC and the World Bank will be supporting the Government of Zimbabwe by implementing the areas outlined in the joint IFC/WB plan.

5. ZIMREF is informed by design principles in situations of risks, articulated in the World

Development Report (WDR) 2011 and the Africa Strategy. Specifically, the WDR insights on identifying ‘best fits’ based on country circumstances, adapting assessments and risks regularly, and learning from the experience of other countries in using pooled funding/MDTFs, have informed establishment of ZIMREF. Its projects/programs will be adapted to Zimbabwe’s evolving context and will allow the opportunity to further adjust/scale-up programs as the country context changes and/or the re-engagement process picks up momentum.

6. Purpose and structure of this paper. This paper proposes the establishment of a country programmatic multi-donor trust fund with umbrella-type features in support of Zimbabwe’s reconstruction and development efforts. This type of trust fund is a funding mechanism, linked to specific sectors/themes, to facilitate a more strategic and disciplined approach that will increase development effectiveness and operational efficiency. Its principles include: strategic alignment and results focus; efficient governance structure; cost effective management and administration; transparent allocation of funds and coordinated fundraising. Zimbabwe is one of the first countries in Africa to design this instrument at the country level, but similar types of instruments are being implemented at global partnership levels. This paper describes the features of the umbrella-type trust fund, which would guide the preparation and implementation of individual programs under ZIMREF. BP 14.40-Trust Funds, paragraph 4, footnote 72, requires that the Executive Directors approve any proposal for a Bank-administered trust fund where it would provide assistance to a member not in good standing with the Bank.

2 Paragraph 4 footnote 7: Executive Directors approve any proposal for a Bank-administered trust fund where one or more of the following circumstances arise: (i) it includes a transfer or transfers from the Bank's net income or surplus; (ii) it would provide assistance to a non-member country, or to a member not in good standing with the Bank; or (iii) it presents novel or significant policy issue(s) which, in Management’s judgment, warrant consideration by the Executive Directors. In most such cases, approval may be sought on an absence-of-objection basis.


RECENT DEVELOPMENTS

A. ECONOMIC, POLITICAL AND SOCIAL DEVELOPMENTS 7. The overall assessment of Zimbabwe’s development opportunities and challenges as set

out in the ISN remains broadly valid at this stage. After a strong rebound since dollarization, growth in Zimbabwe has slowed down, and remains below potential. On the outlook, risks remain tilted to the downside, due to easing international prices of some minerals, hurried implementation of indigenization legislation, unresolved vulnerabilities in the banking sector, potential fiscal slippages and the precarious external position.

8. Despite the current difficulties, Zimbabwe has enormous potential for sustained growth and poverty reduction given its generous endowment of natural resources and a reservoir of highly skilled human resources base. Realizing this potential would require conducive political and economic environment. Zimbabwe was on the path to middle-income status through the 1980s and much of the 1990s, but now suffers from protracted fragility induced by cycles of political and economic crises lasting over a decade. Zimbabwe is different from the typical fragile and conflict-affected state because it has both the characteristics of a middle income country and of a typical fragile state, for example, it has high levels of backbone infrastructure and human capacity. There has also been a loss of institutional capacity, especially in core Government functions, service delivery to citizens, the private sector and in systems to resolve political and economic differences and contests. The degradation of institutions is such that Zimbabwe has had difficulty managing the political, economic and external stresses that could, if not properly handled, reignite political conflict and economic vulnerability.

9. Following a weak recovery in the second semester, overall growth in 2013 has been sluggish, with preliminary data pointing to an estimated 1.8 percent growth in 2013, substantially below initial projections. Growth was largely saddled by the slowdown of key sectors of the economy. Agriculture has negatively affected growth in 2013, contracting by 1.3 percent. The weak 2013 season was driven by the strong decline in maize (-7.5 percent) and cotton (-16 percent), due to the drought season, lower hectarage planted and subdued yields. The tobacco sector has remained buoyant, as production increased by 20 percent, and exports reached US$769 million, supported by good prices in 2013. Recovery in the mining sector has remained tepid, as international prices of minerals ease, amidst low levels of investment and rising production costs. Preliminary data for 2013 indicate strongly reduced growth in the second half of 2013, leading to an unanticipated 6 percent contraction of fiscal revenues in the last quarter of 2013. The slowdown from the third quarter of 2013 is likely to weigh down 2014 growth, especially in the first and second quarters. As households and firms readjust expectations, households consumption was reduced, impacting firms’ expected profitability, in particular in the services sector. Lower confidence and level of earnings are therefore creating a drag that will impact the baseline growth and fiscal flows for 2014. Growth prospects for 2014 – currently estimated at 3.7 percent - remain uncertain, as Zimbabwe faces headwinds from the global economy, while fiscal and financial situation are both


tightening. After a bad 2013 season, maize is expected to stage a tangible recovery as rain patterns have been beneficial.

10. Zimbabwe faces important challenges in eliminating poverty and boosting shared prosperity in line with the new WBG strategy. The recent (2011-2012) Poverty Income Consumer Expenditure Surveys (PICES) shows that 72 percent of Zimbabweans are poor, with rural poverty at over 84 percent. While extreme poverty has declined, poverty headcount has increased although PICES and the 2001 Income Consumption and Expenditure Surveys (ICES) are not directly comparable, the 2001 Survey indicated a higher prevalence of extreme poverty.

11. The July 31, 2013, national elections saw the end of a 5-year old Government of National Unity and the coming in of a ZANU PF-led Government which won a majority at the polls. Soon after the election results, uncertainty resurfaced, with the election results being disputed by the opposition Movement for Democratic Change-T (MDC-T), but endorsed by SADC and AU. Following the concerns raised by several bilateral donor countries about the elections, there continues to be uncertainty over the pace of Zimbabwe’s re-engagement with the international community.

12. Since the elections, the Government has prepared a 5-year recovery program, the

Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset). ZimAsset is a progression from the Medium-Term Plan, prepared under the previous Government and focuses on four strategic clusters: (i) Food Security and Nutrition; (ii) Social Services and Poverty Eradication; (iii) Infrastructure and Utilities; and (iv) Value Addition and Beneficiation. The Government’s transformational agenda is anchored on its commitment to implement a wide range of developmental programs that are targeted at establishing a comprehensive national infrastructure with public enterprises reforms being one of the major programs. However, there are areas of continuing concern in the policy context, such as on indigenization. Although the 2014 budget speech of the Finance Minister called for a more flexible implementation strategy of the indigenization policy, there is confusion about how the new pronouncements fit in with existing legal provisions of indigenization.

13. The IMF Staff-Monitored Program (SMP) for Zimbabwe, covering the period April-December 2013 was approved in June, 2013 and has since been extended for a further six months until June 2014. The first and second review under the SMP will take place in March 2014, with the third review planned for June 2014. The SMP supports the Zimbabwean authorities’ comprehensive adjustment and reform program and has been endorsed by Zimbabwe’s Cabinet. A successful implementation of the SMP could be an important stepping stone toward helping Zimbabwe re-engage with the international community. It focuses on putting public finances on a sustainable course, while protecting infrastructure investment and priority social spending, strengthening public financial management, increasing diamond revenue transparency, reducing financial sector vulnerabilities, and restructuring the Central Bank. The Government has, since the elections, re-affirmed its commitment to the ongoing IMF SMP, normalization of


relations with International Financial Institutions (IFIs) and continued use of the multi-currency system for the next five years.

14. The proposed ZIMREF will finance selected activities that are both in line with the 2013-2015 ISN (whose focus is supporting economic recovery for inclusive growth) and Government of Zimbabwe (GoZ) 2014-2018 Zimbabwe Agenda for Sustainable Socio-Economic Transformation.

B. DONOR ENGAGEMENT AND COORDINATION 15. Friends of Zimbabwe3 (an informal meeting of major international donors to Zimbabwe)

meet annually to facilitate the informal coordination of the international approach to Zimbabwe. The group met on March 27, 2013, in London to discuss a range of issues relating to Zimbabwe, including potential future cooperation. Since the 2013 elections, the major traditional bilateral donors are reviewing their engagement strategies and contribution to Zimbabwe.

16. As for the donor community itself, there are both formal and informal coordinating bodies in Zimbabwe. For instance, most bilateral and multilateral donors meet regularly in the “Fishmongers” group. Thematic group meetings also take place, on a wide range of issues including health, education, and humanitarian assistance. A Policy Oversight Committee for the AfDB Zim-Fund is another coordination mechanism co-chaired by the Minister of Finance and Economic Development and a representative of the contributing donors. Zimbabwe has been a pilot country for the Development Assistance Committee in Fragile States (DAC FS) principles, and moving forward, donors and GoZ will want to continue to draw on international commitments and best practice on aid effectiveness in fragile states including the New Deal (an agreement between the development partners and the G7+ countries).

17. The Bank, through the A-MDTF has convened donors around issues of policy and critical areas of technical work. It continues to play a central role in providing a forum for donor coordination at the policy and technical levels across major sectors. Some of the Technical Review Groups (TRGs) established within A-MDTF have become the de facto donor forums for coordination around specific sectors such as water, agriculture, infrastructure and economic management and governance.

C. RATIONALE FOR BANK INVOLVEMENT THROUGH ZIMREF 18. In the absence of a lending program due to non-accrual status, the main mechanism used

by the Bank to finance support to Zimbabwe over the last five years has been Trust Funds. These include the Board-approved Zimbabwe Analytical Multi-Donor Trust Fund

3 The group includes EU Member States, Australia, Canada, Japan, Norway, the US, the European Commission (EC), and the EU Council Secretariat. Representatives from the UN, IMF, World Bank and African Development Bank attend in an observer role.


(A-MDTF)4, the Multi-Donor Trust Fund for Health Results Innovation (MDTF-HRI), the Global Food Crisis Response Program (GFRP) in response to the 2008 food crisis, and others.

19. ZIMREF will be the successor arrangement to the A-MDTF, and is proposed to be the main instrument to implement the ISN. It would provide support to improve the livelihoods and welfare of the poor, allow the Bank to continue to provide critical knowledge for informing policy choices, and build the capacity of the government through Technical Assistance. All these would be important building blocks for eventual arrears clearance and resumption of standard Bank support (as mentioned elsewhere, arrears clearance would follow established processes). The rationale for continuing Bank engagement and the preparation of this new umbrella-type instrument is based on the following: i. the development case for Zimbabwe: as set out above, Zimbabwe has suffered

from cycles of fragility but has tremendous potential to bounce back and improve the well-being of its population. As the country starts to put together a coherent policy framework and strengthen implementation capacity, it needs active private sector investments and support from development partners. ZIMREF would allow partners to channel their support through a Bank-managed instrument to address identified priorities and build institutional capacity in the country.

ii. case for continuing strong Bank engagement even after the A-MDTF: the GoZ and development partners have valued the Bank’s analytical work, Technical Assistance (TA) and convening role under the A-MDTF. There remains strong interest amongst key stakeholders for the Bank to continue its support to Zimbabwe after the A-MDTF, especially at a critical time when the policy agenda is evolving and the SMP is under implementation.

iii. case for complementing analytical work/TA with a programmatic5

instrument: as set out in the ISN, the time is opportune for the Bank to build upon its experience with analytical work and TA by complementing it with supporting projects and programs. Thus the need for a new programmatic instrument is strong.

iv. case for having an umbrella-type framework in order to avoid proliferation

of Trust Funds: the Africa Region is keen to adopt a strategic approach to the use of Trust Funds and to avoid unnecessary proliferation, through multiple individual TFs on Zimbabwe being sent to the Board. Therefore, the umbrella-

4 Donors that have contributed to A-MDTF include; UK, Netherlands, USA, Australia, Denmark, Sweden, Norway, EU, Germany and Switzerland. 5 A Programmatic TF finances multiple grants, under a two-stage mechanism. In the first stage, one or more donors

agree to a broad thematic framework designed to support a program of activities over multiple years and the donor(s) commit the funds. In the second stage, the grants are approved for specific activities.


type instrument would allow individual projects to be prepared under this framework arrangement once approved by the Board.

v. case for having a flexible instrument which can adapt to changing country

context and priorities of development partners: the policy and institutional context in the country continues to evolve as does the assessment of development partners of their engagement strategies. In order to effectively operate a TF instrument in such a context, the Bank needs some flexibility in calibrating the approach and priorities of ZIMREF to the changing context, which has been an important design consideration. The details of the ZIMREF governance and administration arrangements will be provided in the ZIMREF Operational Guidelines (ZOG).

20. ZIMREF will build on the achievements of the A-MDTF (see box 1 above), as well as

human service delivery initiatives financed by various Development Partners over the last decade. It is instructive to note that the A-MDTF started with a few donors and an initial funding of $1.5m, but it increased in both value and number of contributors. To date, contributions to A-MDTF amounts to about US$21 million. Likewise, ZIMREF is expected to start small but, grow over time, when it starts to demonstrate results. ZIMREF is informed by lessons from A-MDTF presented in Box 2, together with others from Afghanistan, Aceh, Haiti and South Sudan TFs.

II. ZIMBABWE RECONSTRUCTION FUND: OBJECTIVES AND SCOPE

21. ZIMREF is a five-year instrument (2014-2019) to implement ISN III. It will contribute to the three ISN objectives: a) foster private sector-led growth, b) create an enabling environment to strengthen public sector core management systems, and c) strengthen resilience and human capacity development. It will operate through three modalities: analytic work, technical assistance, and investment projects/programs. IFC will partner with the Bank on the private sector activities under ZIMREF.

22. Proposed Development Objective: to contribute to strengthening the recipient’s systems

with a focus on stabilization and reform, reconstruction, development, and poverty alleviation efforts in Zimbabwe. ZIMREF will comprise four windows – three of the windows will be aligned to the objectives of the ISN. Each of these thematic windows will fund both investments and analytical work related to the window. The fourth window will focus on supporting analytical work. In addition, it will provide funds for studies that are key to GoZ reconstruction and development work but are not specifically related to any of the thematic windows or of a cross-cutting nature. The four windows will be:

(i) Private Sector Led Growth (PSG): Support will be provided to national

efforts to improve the business environment in Zimbabwe. Special focus will be on employment generation and reforms that would unlock the private sector potential to contribute to poverty reduction.


(ii) Government Systems and Capacity Development (SCD): The window will finance activities that would strengthen public sector management systems, institutional reforms, enhance capacities for greater efficiency, effectiveness and accountability in services delivery for its citizens. There will also be focus on activities that promote demand side accountability.

(iii) Resilience and Livelihoods Support (RLS): This window will support

activities that would contribute to social and economic investments for reconstruction and development, including safety nets and improved livelihoods.

(iv) Analytical and Policy Support (APS): This window will support analytical

work that is not specifically related to activities that are supported by the thematic windows but are essential for future reconstruction and development of Zimbabwe.

23. ZIMREF will also promote donor coordination. Critical to the achievement of these

goals are: financial and technical support to activities that are consistent with Zimbabwe’s development and poverty reduction priorities; mobilization of pooled donor resources based on a common understanding of the country’s reconstruction needs, linked to effective coordination with other related activities funded outside the trust fund implemented by the UN family and Civil Society Organizations; strong results focus; efficient monitoring and evaluation of outputs and outcomes; and communication of the results.

24. ZIMREF draws on lessons learned from predecessor MDTFs, including the A-MDTF (see Box 2). Given the unique and evolving Government-Donor relationships in Zimbabwe (long period of non-engagement, highly active donor community, evolving assessment of use of Government systems, varying attention to short vs. medium-term priorities), ZIMREF will use windows to align with country development needs, Government priorities, Technical Review Groups (TRGs), World Bank Interim Strategy Note, and donor funding priorities while avoiding a proliferation of Trust Funds (TF) in Zimbabwe.


Box 2. Lessons from Post-Crisis Multi-Donor Trust Funds Multi-Donor Trust Funds (MDTFs) are an integral part of many post-crisis transitions. They are intended to provide resources for reconstruction to the intended beneficiaries as efficiently and effectively as possible. MDTFs reduce transaction costs by achieving economies of scale in the administration, planning, and overall management of Donor funds, and by harmonizing rules and procedures for disbursing and using the funds. Other benefits of MDTFs include the alignment of activities with national priorities and activities of other actors involved in the reconstruction effort, improved coordination among development partners, resource mobilization, and risk-sharing among development partners. Numerous lessons have been drawn from designing and implementing MDTFs over the past several year and these have guided the preparation of the ZIMREF. Some of these lessons include the following:-

• It is essential that complex MDTFs are managed by a dedicated Secretariat with an adequate number of experienced staff with the right skills mix. The specialists need to be mobilized and deployed quickly and an operational guideline should be prepared as soon as the design elements are clear so as to accelerate implementation start-up.

• MDTFs should seek a balance between quick-disbursing results activities and policy and capacity-building activities. A shared understanding should be developed regarding the importance of investing early in fiduciary systems and capacity.

• A clear communications strategy needs to be designed and implemented from the outset to inform Government, development partners, and the public at-large, about the trust fund’s objectives and accomplishments, and to manage expectations about the time, scale, and impact of implementation activities.

Critical elements that must explicitly be taken into account include:

• political milestones and associated risks (events mandated in peace agreements, planned or unforeseen leadership changes, election campaigns and votes, etc.);

• operational issues, both cross-cutting and project-specific (procurement, cash flow and financial management, contract management, monitoring and evaluation, arrangements for implementing agencies, monitoring agents);

• existing capacity in country and adopting implementation arrangements based on the current situation on the ground; and

• enabling environment for implementation (staff working conditions, communications strategies,

office support and mechanisms for responsive support from headquarters).


25. As noted earlier, the size of the ZIMREF is difficult to anticipate at this stage, and likely following the experience of A-MDTF, to start small and grow over time once it demonstrates its effectiveness. Currently, there are pledged contributions estimated at US$45.0 million and unconfirmed pledges (US$11.0m). In addition to contributions from the bilateral donors, the World Bank will make contributions to ZIMREF through the State and Peacebuilding Fund (SPF) / WBG grant-making mechanisms. In this regard, it should be noted that ZIMREF is only one of the funding options available to Development Partners to support Zimbabwe. Effective coordination and the tracking of aid flows by Government are, therefore, important and ZIMREF would contribute to it.

26. The Bank would recover the full cost of administering ZIMREF in accordance with the

Bank’s cost recovery policy set forth in the Trust Fund Management Framework. The total incremental cost incurred by the Bank would depend on the eventual size and duration of the Trust Fund. The Bank’s internal guidelines on fee structure and cost recovery procedures will be followed.

27. Life cycle of project activities: Annex 2 details the project cycle activities and responsibilities for each of stage. The identification and preparation of projects is the responsibility of Government and will be informed by, the Government’s development plans, ISN III, and contributing Development Partners’ strategies. The Project Support Teams will assist GoZ in these processes while the Bank will provide advice. Project reviews will be undertaken by Technical Review Groups which comprise technical staff members from the Bank, contributing donors, and Government. Project implementation will be undertaken by technical ministries, with support from PSTs or any agency agreed to by all relevant stakeholders. As required, a Financial Management Agency (FMA) will be procured by the Bank to undertake financial management on behalf of Government since most ZIMREF resources will not flow through the country systems, except funds from SPF/WBG grant-making mechanisms. Supervision of project implementation is the responsibility of the Bank. PSTs and TRGs will also supervise the projects.

III. GOVERNANCE STRUCTURE

28. A two-tier governance structure is proposed for ZIMREF, a Policy Oversight Committee (POC) and Technical Review Groups (TRGs), supported by a Secretariat based in Harare, and Project Support Teams (PSTs). The effectiveness of the governance structure will be assessed after 6-12 months of operation. In its role as ZIMREF administrator, the Bank would be responsible for, among others: overall management of the TF including approval of proposals; technical oversight and quality control for TF-funded projects in accordance with Bank policies and procedures; and establishment and operations of the Secretariat.

29. The Policy Oversight Committee (POC) will provide strategic direction to the operations

of ZIMREF. Some of their functions will include: (i) ensure the alignment of the ZIMREF work program with the Government’s recovery and development programs; (ii) determine priority areas for funding under the trust fund; (iii) oversee the policy implementation of ZIMREF; (iv) identify coordination needs with activities in the


respective sector(s) that are similar to the ones proposed; and seek to raise additional financing as required. (This arrangement has been tested under the A-MDTF and is working well).

30. The POC will comprise relevant GoZ permanent secretaries, heads of contributing donors; as well as non-contributing donors, other local or international partners who will participate as observers. The POC will be co-chaired by the Permanent Secretary for Ministry of Finance, Bank’s Country Manager, and the Head of a contributing donor (in rotation), and will meet on a quarterly basis, or as needed.

31. A Technical Review Group (TRG) would screen project concepts for funding eligibility, and endorse the concept and proposed implementing agency for each project. Following an appraisal of recipient-executed projects, the TRG would be briefed on the results. The process would aim to ensure consistency with: (i) the priority areas as determined by the POC; (ii) Government policies in the particular sector; and (iii) ZIMREF objectives.

32. TRG membership would include technical staff members from the World Bank, the contributing Development Partners and Government, NGOs/Non-State Actors and the UN. The TRGs may invite other participants to its deliberations, such as other contributing Development Partners and other experts as may be required. The TRG would be co-chaired by a contributing development partner representative/World Bank and relevant Government Permanent Secretaries/Directors. The TRGs would meet once in two months or as needed. The TRGs will be aligned to the Trust Fund windows which will be based on the interpretation of the ISN and the ZimAsset, to which funds will be allocated taking into consideration the Government priorities, the ISN and priority areas for donor support. The TRGs will ensure alignment of interventions and coordination among all stakeholders. They will also foster harmonization between activities funded by ZIMREF, Government and Development Partners’ programs.

33. The Project Support Team (PST) will be at the project implementation level and will facilitate Recipient project identification and appraisal, and will facilitate project implementation in line with signed Grant Agreements between Zimbabwe (the Recipient) and the World Bank. The TF will include both Bank- and Recipient-Executed activities (BETF and RETF). ZIMREF will finance investments under the RETF, and impact evaluations and related studies under BETF.

34. The Secretariat will support the POC and TRGs to facilitate the smooth functioning of

these bodies and all projects. Further details on the functions of the Secretariat will be provided in the ZOG. Staffing of the Secretariat will be laid out in detail in ZOG, but should include the Fund Manager, core staff with skills in Development Communication, Monitoring & Evaluation, Financial Management, Procurement, and others as needed. The Secretariat’s structure will be modified depending on the size of ZIMREF funding so as to ensure the efficient use of resources.


IV. FIDUCIARY ARRANGEMENTS

35. The resources from the ZIMREF will be provided to recipients on a grant basis using a Grant Agreement. All recipient-executed activities financed from ZIMREF will be carried out in accordance with applicable Bank policies and procedures as set out in the Grants Agreements. Up to 100 percent of the expenditures needed to meet the development objectives can be financed by the Bank, including recurrent expenditures, local costs and taxes, if permitted by development partners.

36. Financial Management and Disbursement arrangements6 for Project Funds: Funds from ZIMREF will be disbursed to projects using the World Bank’s disbursement guidelines. In other words, disbursements may be done using (i) the direct payment to third parties method; ii) the advance method; (iii) the reimbursement method; and (iv) the special commitment method. The specific methods to be used will depend on the business case for each of the windows or the project. The Concept Note to be endorsed by the Policy Oversight Committee for each project, after satisfying Bank internal requirements, will state the applicable disbursement method(s) and, if necessary, how it intends to use the services of a FMA. For some components of the TF, there may be need to contract the services of a FMA since most ZIMREF funds will not flow through country systems, except those contributed by the SPF/WBG grant-making mechanisms (the POC will decide on final arrangements for the latter). The recruitment and utilization of the FMA will also be informed by the Result-Based Financing model currently being used by the Health Sector in Zimbabwe. Details will be spelt out in both the Concept Note for the proposed project and the Operational Manual/Guidelines in line with Bank procedures.

37. The Concept Note for each project shall clearly state the financial management and reporting (including auditing) arrangements to be put in place, except for projects with approval to use country systems for its financial management and reporting. These would be determined based on discussions between the contributing donors to the specific project and the World Bank, and endorsed by the POC.

V. MOVE TOWARDS USE OF COUNTRY SYSTEMS 38. The ZIMREF will operate under OP 10.00, Investment Project Financing, paragraph 11,

Projects in Situations of Urgent Need of Assistance or Capacity Constraints. 39. The use of country systems in the implementation of the proposed Trust Fund activities

would strengthen existing structures and reduce transaction costs while improving implementation effectiveness. The Recipient activities will be implemented by either

6 Advance: Payments to the borrower for the expected cost of project expenditures. Direct payment: Payments to a third party (e.g., contractor, supplier, consultant) for the cost of project expenditures. Special commitment: Payments to a financial institution for the cost of project expenditures covered by a special commitment. A special commitment is an irrevocable commitment entered into by the Bank in writing to pay such amounts notwithstanding any subsequent suspension or cancellation. Reimbursement: Payments to the borrower for the cost of project expenditures.


Government or agreed implementation agent as required on case-by-case basis with financial management undertaken by a FMA on a need basis. This is in line with the current environment in Zimbabwe which is not universally seen to be conducive to the use of country systems for financial management and procurement. In this regard, only resources from State and Peace Building Fund (SPF)/WBG grant-making mechanisms may be used to test the country systems to ensure readiness for use at an opportune time, subject to endorsement of the POC. An assessment of the use of country systems has not been carried out for Zimbabwe but based on the Country Integrated Fiduciary Assessment and the transformation brought about by the technical assistance to PFM, it is accepted that the system in Zimbabwe is comparable to many PFM systems in Africa that are benefitting from the use of country systems. An initial activity under ZIMREF will be to update the fiduciary assessment of using Government systems for a discussion at the POC. This will be an information exercise only and these assessments will be regularly updated. For non-SPF funds, additional safeguards will be used including procurement of FMA on need basis. The arrangement will ensure that all projects build or start to build capacity of the Recipient to ensure sustainability.

Scope of application

40. All projects will follow the Bank’s policies and procedures. The reporting requirements for projects remain in force; governance and anti-corruption arrangements will continue to apply. This document is intended only to standardize the flow of funds for projects to be funded under the umbrella-type TF – individual projects will take into consideration capacity constraints, nature of the project funded, and other relevant factors.

Implementation arrangements

41. The Government Ministry, Department or Agency (MDA) will be responsible for the planning and implementation of the project on behalf of the Recipient, supported by the Project Support Team. The MDA or the Project Support Team will prepare a budget for the financial year and also a work plan7 showing the cash requirements of each project on a monthly basis. The budget and the work plan will be submitted to the World Bank for No Objection. The Recipient, or if applicable, payment agent will open a designated account with a Commercial Bank acceptable to the World Bank. When the project becomes effective and meets all the disbursement conditions (if any), disbursements will be made by the World Bank into the designated account for the project on a quarterly basis based on the cash flow requirements, and payments shall be made for eligible expenditures from the designated account. In cases where the direct payment to a third party method will be used, the recipient will submit to the World Bank a withdrawal application (with invoices and other supporting documents) requesting payment to a vendor or third party and the World Bank will effect payment directly without releasing the funds into the designated account. Similar arrangements will apply for SPF, with the exception that in some cases, the recipient will open the designated account upon endorsement by POC.

7 Work plan includes procurement plan and other expenses


Procurement and Financial Management Assessments and Manuals

42. Procurement of Goods, Works, and Non Consulting Services under IBRD loans and IDA Credits & Grants by World Bank Borrowers and the Guidelines selection and employment of consultants under IBRB Loans and IDA Credits & Grants by World Bank Borrowers will guide procurement. For Recipient-executed projects governed by the Bank’s procurement and financial management policies, a procurement assessment as well as a financial management assessment would be carried out by the Bank as part of appraisal. The assessments will contain adequate mitigation measures for the identified risks. As necessary, recipients will prepare simple procurement and financial management manuals for Bank review. These manuals would reflect good procurement and financial management systems and practices, and adequately address governance, fraud, and corruption issues in the procedures and accountability systems for the utilization of funds from ZIMREF.

Procurement Staff Requirements

43. Based on the assessed risks, nature, type and complexity of the procurement activities under the project and procurement implementation capacity of the payment provider, the Bank will suggest improvements to enhance capacity, if required.

Environmental and Social Safeguards

44. An environmental and social screening and assessment framework for ZIMREF is being

prepared. This framework would provide safeguards guidelines for all Recipient-executed projects governed by the Bank’s safeguards policies with regard to project design and implementation and the planning of mitigation measures. In these cases, the Bank would conduct an environmental screening of individual projects, and the recipients would, as required, carry out an environmental and social assessment, in accordance with OP 4.0 (Environmental Assessment) and associated safeguard policies.

Accounting and Financial Reporting

45. The Bank will maintain separate records and ledger accounts in respect of the

contributions deposited by the Development Partners in the trust fund account and disbursements made therefrom. Separate records and ledger accounts would be kept for each grant (project/program).

46. The Bank will furnish to the Development Partners current financial information relating

to the Trust Fund in United States Dollars with respect to the contribution funds via the World Bank’s Trust Funds Donor Center secure website. Within six months, after all commitments and liabilities under ZIMREF have been satisfied, and the Trust Fund has been closed, the final financial information relating to it in United States Dollars with respect to the contribution funds would be made available to Development Partners via the World Bank’s Trust Funds Donor Center secure website.


47. The Bank will provide the Development Partners, within six months following the end of each of the Bank’s fiscal years, the annual single audit, comprising (i) a management assertion together with an attestation from the Bank’s external auditors concerning the adequacy of internal control over cash-based financial reporting for Trust Funds as a whole; and (ii) a combined financial statement for all cash-based trust funds together with the external auditor’s opinion thereon. The cost of the single audit would be borne by the Bank.

VI. REPORTING, MONITORING AND EVALUATION

ZIMREF Results Framework

48. The indicative result framework presented below (annex 1) is built around the proposed

windows of the Fund. The framework presents indicators that are linked to window objectives. Furthermore, each grant recipient will develop a realistic results framework with measureable indicators for the objectives, outputs and outcomes of a project which will be linked to the indicative framework. The Secretariat will provide guidance to recipients to ensure that results are comparable across projects and contribute to the overall ZIMREF results.

49. ZIMREF will maintain its oversight role through the management of impact evaluations

and reporting of findings. In addition, it will ensure timely completion of ‘non-qualified audits’ by the program. Measuring impacts for ZIMREF is, therefore, at two levels – mechanisms’ performance and service delivery.

a) ZIMREF will furnish its Development Partners, on a semi-annual basis, a report

describing progress in implementation over the preceding six months. Within six months of the closing date, the Bank would furnish to the Development Partners a final report on ZIMREF’s activities.

b) ZIMREF will commission two independent evaluations of the program’s activities,

one prior to mid-term, the other prior to closing. Both evaluations would include a beneficiary assessment to ascertain the Trust Fund’s impact on the ground.


VII. RISKS AND MITIGATION MEASURES 50. There are considerable risks involved in the successful implementation of the proposed

ZIMREF program and attaining the required results. The major risks include the political economy-related issues that will determine the sustenance of commitment to the reform agenda, external and internal macroeconomic risks, weather-related shocks, and risks arising from weak public sector management capacity, fiduciary, and governance issues. There is substantial risk associated with some of the following, and the Bank will play a critical role in helping anticipate, communicate and manage the risks, to the extent possible. The following is the description of risks:

a) Political risks could affect the scenario in which the Bank engages with the Government

of Zimbabwe. While the election results delivered a single-party Government, which is a different context from the coalition Government which was in power earlier, the political and governance situation in Zimbabwe is still evolving. As noted in the ISN, the chances of the ‘deterioration’ scenario of the ISN are considered low. However, if the ISN scenario of ‘deterioration’ is triggered, it will have a direct implication on ZIMREF. The Board will be briefed on the situation and the way forward for Bank’s engagement. Progress in building a track record under the SMP will be a key risk, although the commitment of the GoZ to building a track record under SMP is an encouraging sign. The reform agenda may be affected by the new Government’s policies on reforms in form of reduced continued political commitment to land-related and other politically sensitive reforms. Some of the risks could be mitigated by Government’s deliberate efforts to embark on critical reform and citizens’ demand for continued policy reforms.

b) Shortfalls in donor support could negatively affect the implementation of ZIMREF.

The program is donor dependent since the country is in arrears to the Bank. Most of the traditional donors have adopted a wait-and-see attitude soon after the elections were concluded. In addition, there is minimum trust in the use of country systems. The World Bank will undertake diagnostics on the financial management systems and engage with Government and development partners on the findings and options. As mentioned earlier, the Bank is exploring the calibrated use of State and Peace-Building Fund (SPF) to use country systems.

c) Zimbabwe remains vulnerable to internal and external shocks. The fiscal and financial sector risks would be a key issue for the SMP, and would be carefully tracked. Rising pressures on public sector wages and risks to domestic revenue collections is likely to affect the overall fiscal balance. The weakness in agricultural productivity and marketing systems and an underperforming manufacturing sector as well as weather-related events (in particular, drought, but also floods, are frequent occurrences), expose the economy to these shocks. The Comprehensive African Agriculture Development Program (CAADP) process offers hope in improving agriculture productivity, marketing linkages and access. Reducing non-tariff barriers will be vital to reducing the shock, in addition to a supportive macro-environment and a conducive investment climate. The World Bank, through ZIMREF, together with


other Development Partners, will continue to work closely with Government counterparts to deal with the many structural barriers in this transition process.

d) Climate variability and natural disasters continue to put strains on the economy.

World Bank Group assessments indicate that droughts and dry spells result in losses to GDP. Given the country’s vulnerability to natural disasters and the potential impacts of disasters on the economy, and the potentially exacerbating effects of climate change, scaled-up support to climate and disaster risk management and mainstreaming mitigation and adaptation within the portfolio are already taking place and will have to remain a priority.

e) Weak public sector management and governance concerns persist. Implementation of

the ZIMREF program and the achievement of results could be weakened by poor public sector management capacity and arrangements. Furthermore, a strongly centralized procurement process affects project implementation. Strengthening the evidence base for decision-making and collaboration on strategic decision-making on governance through enhanced support to public sector reform management could mitigate this risk. Weak public fiduciary management due to lack of capacity to implement, account for, and report on expenditures at all levels, as well as weak procurement management capacity, raise concerns about governance aspects. Several existing interventions implemented under A-MDTF are expected to help address some of these capacity challenges. The enhanced transparency of resource flows and service delivery performance, including efforts to improve data quality and availability for results monitoring, coupled with enhanced civil society participation and oversight in service provision, is expected to help mitigate these risks as well.

f) The risk that payments from the Designated Account (DA) are not used for their intended purpose by the Financial Management Agent (FMA). Mitigating measures include: (i) setting standards for the selection of the FMA to ensure that a reputable firm gets recruited; (ii) instituting enhanced fiduciary safeguards and controls beyond the standard implementation support provided by the Bank Financial Management Specialist and the Procurement Specialist. These include: fiduciary assessments of systems before implementation; robust and rigorous FM spot checks, limit level of funds that can be kept in the DA; lowering prior review thresholds for the procurement of goods and services, among others.

VIII. NEXT STEPS 51. After approval of the ZIMREF by Executive Directors, the Bank will continue its

preparation to operationalize the fund. The preparatory activities include, inter alia:

• Ensuring that the core Secretariat staff to manage the ZIMREF are available in the World Bank’s Country Office in Harare;

• Concluding negotiation of the Administration Agreements; • Convening the POC and SWG and initiating project identification by PSTs,

preparing the operational manual; and


• Developing an M&E system; and engaging Government to develop a plan to build capacity for future aid coordination and project implementation.

52. After approval of the ZIMREF by the Board, grant proposals and programs will be

approved at Africa Region Regional Vice President (AFRVP) level after a Decision Meeting chaired by the Country Director. Small grants will follow small grants procedures.


Annex I

Project Cycle Management

Stage Responsibility Activity & Remarks

Identification GoZ with assistance from TRGs

• Work plans approved by POC, informed by a list of proposed projects.

• Proposed projects are in line with ZimAsset, ISN III & contributing donor policy strategies.

Preparation GoZ • GoZ prepares & submits project proposal to the Bank.

• The Bank, through TRGs, provides advice during preparation.

Appraisal TRGs • TRGs review proposals for economic, technical, institutional, financial and environmental feasibility.

• The Bank drafts relevant documents based on proposals review outcomes, e.g. concept notes, papers, etc.

Bank Internal Reviews

Bank Various Bank units conduct necessary review meetings.

Endorsement POC • TRGs submit projects summary recommendations.

• POC discusses and endorses projects in line with the work plan and other considerations

Approval Bank AFRVP considers and approves the projects

Board to delegate approval to AFRVP.

Implementation Technical ministries with support from PST or Civil Society Organization (CSO) or any other implementing agency agreed to.

• Details of implementation agency to be provided in the Concept Note.

• PST and Bank to supervise implementation.

• FMA procured by the Bank on behalf of Government to manage funds, where necessary.

Implementation Completion

GoZ and the Bank Two reports to be prepared and submitted (Implementation Completion Reports)

Evaluation Bank Commission evaluations


Annex II

Indicative ZIMREF Results Framework

The ZIMREF objective is to contribute to strengthening of recipient’s systems for reconstruction and development with a focus on stabilization and reform, reconstruction, development and poverty alleviation efforts in Zimbabwe. The indicative result framework presented below is built around the proposed windows of the Fund. The framework presents indicators that are linked to window objectives. Furthermore, each grant recipient will develop a realistic results framework with measureable indicators for the objectives, outputs and outcomes of a project which will be linked to the indicative framework. The Secretariat will provide guidance to ensure that results are comparable across projects and contribute to the overall ZIMREF results.

A. High Level Outcomes Issues & Obstacles Indicative Indicators Window 1: Private Sector Growth (PSG)

Result Area: Improving growth conditions that are related to business environment especially financial markets, infrastructure development (energy water and sanitation) and productivity

1. A supportive environment that enhances inclusive private sector growth, competitiveness and job creation is developed.

a) Loss of competitiveness that has resulted in downsizing

b) Reduced capacity in utilization due to plummeting demand.

c) Weaknesses in the Banking Sector

d) Non-tariff barriers e) Critical infrastructure gaps f) Macro-economic imbalances

and shocks g) Low productivity in key

economic sectors

Increased credit to private sector

Improved job creation Increased country

competitiveness (enabling regulations and policies)

% increase in productivity in key economic sectors

Better investment allocations in infrastructure.

Window 2: Systems and Capacity Development (SCD):

Result Area: Strengthening of Core Systems for Public Management and Service Delivery

2. Reforms that improve management of fiscal and human resources are implemented which lead to strengthened service delivery.

a. Weak financial reporting, compliance and control systems

b. Weak procurement practices c. Weak economic planning and

budget execution. d. Lack of transparency in the

mining sector

Improved management of fiscal and human resources in the public sector

# of non-state actors involved. # of accountability reports

produced, e.g. citizens report card, etc.)

More efficient use of medium-term Government resources.


High Level Outcomes Issues & Obstacles Indicative Indicators

Window 3: Resilience and Livelihoods Support (RLS)

Result Area: Promoting an enabling environment for reducing vulnerabilities, improving resilience and strengthening human development

3. A broad pro-poor growth strategy is implemented to support social protection and other mechanisms to provide safety nets for the poor and vulnerable, and improvement in access to basic services.

a) Fragmented safety net delivery framework with a lot of uncoordinated programs/projects.

b) Poor targeting, low coverage, weak benefits administration

c) Weak monitoring and reporting

d) Weak utilization of resources due to lack of infrastructure to develop smart agriculture.

Reduced vulnerability of rural & peri urban population resulting from increased safety net coverage and coordination and harmonization.

# of core poor reached with interventions.

Better adoption of climate change technologies.

Adoption of tools for managing country level conflict and fragility.

Window 4: Analytical work.

Result Area: Contributing to laying the foundation for re-engagement by development partners and World Bank in Zimbabwe

4. A better understanding of development challenges, opportunities, trade-offs and options.

a) Information gaps and inconsistencies

b) Lack of analytical foundations for targeted transformational reforms

# of analytical studies and reports on key development issues.

Availability of key data and information systems

National and international knowledge sharing platforms created

Better reform frameworks B) Project/Program Outcomes : To be determined and linked to portfolio

C) ZIMREF effective outcomes

5. Provision of timely and quality support that is fragility sensitive

a) Long project/program processing time

b) Slow disbursements c) Lack of dispute resolution

system. d) Weak communication strategy.

Project/Program processing time, disbursement rates.

Dispute resolution system Conflict, gender and climate

change mainstreaming Portfolio quality.

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