Microsoft Word pcr uzb public Finance Management Reform Project Final 7Sept2017. docx

C. 
Project Costs 
20. 
ADB approved a loan of $20.70 million to finance a portion of the total project cost of 
$37.36 million. The government contributed $10.00 million for the refurbishment of treasury 
offices nationwide, $2.61 million for interest and commitment charges during implementation, 
and $3.95 million for taxes and duties. The loan was closed in November 2012. At loan closing, 
the audited project financial statements for 2012 indicated interim cumulative expenditure of 
$18.24 million: $6.36 million by ADB and $11.88 million by the government. ADB financed three 
contracts totaling $6.194 million and project management costs of $0.161 million. The loan in 
the amount of $14.35 million was canceled (69.3%).
16
21. 
The government funded project costs in 2013–2017. During this period, an additional 
$4.44 million was incurred for GFMIS development (equivalent to $1.10 million) and server 
procurement (equivalent to $3.34 million). The total project cost at project completion in 2017 
was $22.68 million. In general, project costs were lower than planned. 
D. 
Disbursements 
22. 
Disbursements under the loan were equal to $6.36 million (30.7%): $6.2 million for IT 
equipment (97.5%) and $0.16 million (2.5%) for project management support. PIU promptly 
established and maintained an imprest account following ADB’s 
Loan Disbursement Handbook 
(2007, as amended from time to time). There was no increase in the ceiling amount. The use of 
the imprest account was satisfactory. The loan proceeds were disbursed (i) directly to suppliers 
for the provision of goods and services ($6.194 million) and (ii) via an imprest account for PMO 
expenditures ($0.161 million). The first advance was made on 31 March 2008. Delay in the 
issuance of final payments and liquidation of the imprest account advance resulted in a 3.5-
month delay before the loan was closed. Overall, disbursements did not follow the original 
timeline because of procurement delays. The loan disbursement ratio was below 1.00% until 
2012, and improved only in the last year of loan operations. High PMO staff turnover, slow 
contracting, and the decision not to rebid the GMFIS contract package resulted in considerable 
underutilization of 69.3% of loan proceeds.