ADB needs to emphasize the recruitment of staff with adequate financial qualifications for the project management unit's (PMU) finance function. Under this program, annual project financial statements (APFSs) and audited entity financial statements were submitted late to ADB for various reasons, including project staff lacking financial management skills and expertise. In several instances, disclaimers of opinion on APFSs and audit qualification reports were issued. While ADB's efforts to coordinate with the Auditor General's Office should help improve the timeliness and quality of audit reports, PMU hiring of competent financial staff remains a must. At the entity level, ADB's support to the PNG Power Ltd. under the state-owned enterprise reform program should continue to improve financial reporting.
Town Electrification Investment Program (Multitranche Financing Facility and Tranche 2)