Project Financial Management and Financial Control Handbook for Borrowers

The Project Financial Management and Financial Control Handbook is intended for use by Borrowers for all projects and programs that receive IFAD Financing. The Handbook defines financial management & financial control principles and requirements to be applied by Borrowers in all operations financed by IFAD throughout the Project cycle, to ensure compliance with fiduciary obligations.

The Handbook can also serve to guide Borrowers to benchmark, validate and align their national/institutional public financial management systems with international standards and good practices. It is effective from July 2022. It reflects the new principle based approach to project financial management introduced through the FMD reforms, including a hierarchical approach for the framework thereto, whereby this document is intended for borrowers, the Financial Management Financial Control Arrangements Letter (FMFCL) and Procurement Arrangements Letter( PAL) provide details for project staff and the Operations Manual contain guidance for IFAD’s workforce.