World Bank Document

9. 
Supervision Plan. As part of its project implementation support missions, WB will conduct risk-based FM 
supervisions of UZAIFSA at appropriate intervals (first supervision will be conducted within a year since the project 
effectiveness). As required, the WB-accredited FM Specialist will assist in the supervision process. WB will also conduct 
implementation support visits of beneficiaries/implementing entities (PFIs, research institutes, etc.) based on the 
assessment of project performance (e.g. low utilization of funds and feedback from beneficiaries/implementers).
10. 
Staffing. The FM specialist and accountant officer, to be recruited for the PIU, will be trained on WB policies and 
procedures and with additional implementation support after project effectiveness. 
11. 
Budgeting and flow of funds. UZAIFSA will prepare annual budget, based on PP and operating expenses 

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The World Bank 
Agriculture Modernization Project (P158372) 
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estimations, and will have it mandated by relevant state agencies. The UZAIFSA’s Director, project coordinator, and FM 
specialist will be responsible for the project budget preparation, planning, and execution procedures. The budget will 
form the basis for allocating the funds as per project activities and project periods. Based on agreed budget, UZAIFSA will 
be entitled to use funds from UZAIFSA designated account. For credit line, the funds will flow via UZAIFSA to PFIs, which 
will be selected based on the due diligence on line with the credit line guidelines, to be adopted by UZAIFSA after receiving 
clearance from CBU, MOF, and WB.
Implementation arrangement chart 
12. 
Accounting. UZAIFSA will be in charge of keeping accounting records for the project in the accounting system, 
which would be installed duly. The project accounting records will be maintained in accordance with the Cash Basis 
International Public Sector Accounting Standards. At the same time, UZAIFSA will apply accrual basis accounting for state 
agencies/authorities’ needs. This accounting system would allow fully automated accounting and reporting (automatic 
generation of SOEs, IFRs, and statutory reports). The system will have in-built controls to ensure data security, integrity, 
and reliability. The accounting records will be maintained in the currency of payment, as well as in the US$ equivalent, 
applying an actual exchange rate used at the currency conversion. The accounting records will include the details such as 
all individual payments under each contract and balances and transactions from the Designated/transit account.