2281 Technical Advisor - Economic and Financial Analysis

UNDP Serbia has been supporting the Ministry of Finance of the Republic of Serbia since 2013 to build capacities for the efficient coordination and management and economic reforms and accession negotiations as well as for fulfilling the economic and political criteria for European Union (EU) membership. “Support to strengthening technical capacity and institutional development of the Ministry of Finance and coordination in the field of economic governance” project implementation has started in 2018. Main project activities are focused on providing capacity building support to the newly established Public Investment Management (PIM) unit within Ministry of Finance and on analysis of current situation, preparation of strategy and amendment of the legal framework for Capital Markets Development.

One of the main goals of the Ministry of Finance (“MoF”), and its Department for Fiscal Risks Monitoring (“FRMD”), has been the development of a system for the management of both planning and monitoring of the implementation of capital investment projects. A number of steps have been taken so far in achieving these goals.  In 2019, the Government of the Republic of Serbia (“GoS”) adopted the Decree on Public Investment Management (“PIM”) in order to establish a unique methodology - system for managing both planning and implementation of capital projects. The new PIM system managed to strengthen the existing quality control processes of capital projects under the planning and implementation stages. However, during the application of the PIM, certain gaps have been identified which need to be addressed in the near future. Current challenges in public investment management are linked, not exclusively, to the following issues: strategic planning and preparation of strategic documents; budget preparation process; process of project documentation preparation, capacity of institutions to identify, formulate, implement and operate investment projects etc.

New PIM system is focused on strengthening the existing quality control mechanisms for capital projects, both at the planning and execution stages. Also, quality control points are introduced, and new “gate-keeping” mechanisms installed, such as investment pre-selection, resolution of dormant projects and ex-post evaluation of projects. New system is built to ensure the development of a uniform mechanism for all investments, regardless of the source of financing, to ensure a more active role of the MoF during preparation and monitoring of capital investments.

Capital investments on sub-central levels and local governments constitute a significant share of the public sector. Such kind of investments substantially contribute to the (i) reduction of fiscal pressure on the budgets of all levels of government, (ii) increase in the volume of infrastructure investment, (iii) risk transfer, (iv) implementation of projects within the planned financial and time frame, (v) increase in value for taxpayers' money as end users, (vi) reduction of public debt levels, (vii) improving the quality of public services and lowering their prices, etc.

While current legislation in Serbia covers some fiscal risks and some aspects of their management, important gaps remain in the country’s fiscal risk management framework. The Department for Fiscal Risks Monitoring in the Ministry of Finance should ensure that fiscal risks are properly identified, quantified, monitored, mitigated, and disclosed. The MoF has recognized that Public Investment Management should be further developed in the context of fiscal risks monitoring.

During April 2019, the GoS established the Capital Investment Commission (“CIC”), chaired by the Prime minister of Serbia, as a key decision-making point for capital projects, as stipulated by the new PIM Decree. The new PIM system is also enhanced by the establishment of the Public Investment Management (“PIM”) Unit at the FRMD in Ministry of Finance that will be dealing with capital investment planning and monitoring with direct reporting line to the CIC.

Since Serbia would clearly benefit from improved cooperation between public sector institutions in the planning, programming and preparation of projects financed by loans, the Ministry of Finance seeks technical expertise and logistical support in assessing the current level and means of cooperation between different government bodies and institutions and preparing a regular mechanism for sustained cooperation. 

In this regard, UNDP Serbia is seeking the Technical Adviser for Economic and Financial Analysis which will be responsible for coordinating efforts of FRMD’s Public Investment Management Unit in Capital Investment Analysis assessment and procedures for budgeting the public investment activities.
 

• Regularly analyzes relevant financial data and framework of proposed capital investment proposals in the prescreening phase of the FRMD’s PIM System within the Ministry of Finance of the Republic of Serbia;
• Prepares Analytical Review of capital investment projects of the FRMD’s PIM System at the Ministry of Finance;
• Reviews and analyzes potential red flags concerning capital investment projects;
• Monitors implementation process of capital investment projects and assists in preparation of reports to be submitted to the Capital Investment Commission;
• Conducts data analysis of relevant capital projects;
• Engages on the improvement of all aspect of the Public Investment Management System;
• Closely works with international organizations and other stakeholders on including all relevant and necessary aspects and requirements in preparation of the reports prepared by FRMD’s PIM unit;
• Maintains good cooperation and coordination between national counterparts, project partners and other relevant stakeholders;
• Actively participates in and coordinates meetings, training sessions, conferences and public promotion of projects;
• Performs other duties as required.

The Technical Advisor for Economic and Financial Analysis will work under the overall guidance and supervision of the Technical Advisor – Delivery Unit Coordinator.
 

• Good organizational and time management skills;
• Demonstrates integrity by modelling ethical standards;
• Focuses on impact and result for the client and responds positively to critical feedback;
• Builds strong relationships with clients and external actors;
• Excellent information technology skills, including word processing, database applications, presentation software, and internet;
• Treats all people fairly without prejudice;
• Cultural, gender, religion, race, nationality and age sensitivity and adaptability.

Education

Bachelor’s degree in Law, Economics, or Management. Master’s Degree would be considered an asset.

Work experience 

Minimum 2 years with Master’s degree or 4 years with Bachelor’s degree of progressively responsible work experience in the field of financial management and/or investment analysis, with at least 2 years of experience in performing the financial management function. 

Required Language(s) 

Excellent knowledge of written and spoken Serbian and English.

Required skills

• Knowledge of the Serbian legal framework, with particular focus on the financial regulatory environment (Decree on Public Investment Management (“PIM”), Payments Act);
• Strong oral and written communication skills in Serbian and English language;
• Client oriented: establishes and maintains productive partnerships with clients by gaining their trust and respect; identifies clients’ needs and matches them to appropriate solutions; monitors ongoing developments inside and outside the clients’ environment to keep informed and anticipate problems; keeps clients informed of progress or setbacks in projects;
• Good organizational and time management skills;

Desired additional skills 

• Sound understanding of Serbia's political, institutional, and socio-economic situation;
• Thorough knowledge of the Financial, Investment and Cost-Benefit Analysis. 

Important applicant information

All posts in the NPSA categories are subject to local recruitment.

Applicant information about UNDP rosters

Note: UNDP reserves the right to select one or more candidates from this vacancy announcement.  We may also retain applications and consider candidates applying to this post for other similar positions with UNDP at the same grade level and with similar job description, experience and educational requirements.

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