INDEPENDENT AUDITORS' REPORT Public Disclosure …documents.worldbank.org/curated/en/209461483034424242/pdf/Kosov… · Independent Auditors' Report Page With Audited Financial Statements

FICADEX ALBANIA Ltd

INDEPENDENT AUDITORS' REPORT

With audited financial statements

for the year ended December 31, 2015

Energy Sector Cleanup and Land Reclamation Project (MESP)(IDA Credit No. 5240 - XK and DUTCH Grant No. TF013509)

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Project,

"Energy Sector Clean - Up and Land Reclamation" (MESP) Project(IDA Credit No. 5240 - XK and Grant No. TF13509)

Project ID P096181

Status Active

Approval date January 10, 2013 and May 15, 2013

Effective date April 19, 2013

Closing date December 31, 2014, extended August 31, 2016

Country Kosovo

Audited by,

"FICADEX ALBANIA" Ltd

Jacques COLIBERTMaria DUSHIwww.ficadex.com

"SARACEVE" street; Buildingno 6, No. 1Municipal Unit no. 8, Tirana-Albania

"Migin street ,147 0. 4, Durres-Albania;

Te/lfr - 3555237859

Mission,

Audit of Financial Statements

Report,

Date: July 05, 2016

Version: Final report

Declaration of responsibility

The entire documentation was provided by the management of the Project and MoF of Kosovo.

Independent Auditors' Report Page

With

Audited Financial Statements of the project

* Statement of Sources and Uses of Funds for the year ended 31 December 12015

* Statement of expenditures for the year ended 31 December 20152-3

* Notes to the Financial Statements as at 31 December 20154-13

Supplementary schedule to the Financial Statements:

* Accumulated statement of expenditures for the period April 19, 2013(inception date) up to December 31, 2015 1-11

"FICADEX ALBANIA" Ltd Mobile: + 355 69 40 52 787

" SARACEVE" street-, Building no. 6, No. Tel/fax: + 355 52 2 37 8591; Municipal Unit no. 8, Tirana-Albania E-mail: [email protected]; alficadexabotmail.com;

"Migjeni" street ,147 Q. 4, Durres - Albania Web site: www.ficadex.com

INDEPENDENT AUDITORS' REPORT

To the Minister of Finance, Republic of Kosovo

We have audited the accompanying financial statements of "Energy Sector Clean - Up and LandReclamation" Project (MESP), financed under World Bank (IDA Credit No. 5240 - XK and DUTCHGrant No. TF013509), which comprise the statement of cash receipts and payments and the statement ofexpenditures for the year ended December 31, 2015 and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements inaccordance with the cash basis of accounting described in note 2 to the Financial Statements; this includesdetermining that the cash basis of accounting is an acceptable bases for the preparation of the financialstatements in the circumstances. Management is also responsible for the design, implementation, andmaintenance of internal control relevant to the preparation and fair presentation of financial statementsthat are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing. Those standards require thatwe comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud or error.In making those risk assessments, the auditor considers internal control relevant to the entity's preparationand fair presentation of the financial statements in order to design audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity'sinternal control. Accordingly, we express no such opinion. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of significant accounting estimatesmade by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Opinion

In our opinion, the financial statements referred to above, presents fairly in all material respects, the fundsreceived and expenses paid by the "Energy Sector Clean - Up and Land Reclamation" Project (MESP)financed under World Bank (IDA Credit No. 5240 - XK and DUTCH Grant No. TF013509) for the yearended December 31, 2015 in accordance with the cash receipts and disbursements basis as described innote 2 to the financial statements.

"FICADEX ALBANIA" Ltd Mobile: + 355 69 40 52 787

" SARACEVE" street Building no. 6, No. Tel/fax: + 355 52 2 37 8591; Municipal Unit no. 8, Tirana-Albania E-mail: [email protected]; alficadex(ql,hotmail.com;

" Migjeni" street,147 Q. 4, Durres - Albania Web site: wwwficadex.com

Basis ofAccounting

We draw attention to note 2 of the financial statements, which describe the basis of accounting. Thefinancial statements are prepared on the cash basis of accounting, which is a basis of accounting otherthan accounting principles generally accepted in the Republic of Kosovo. Our opinion is not modifiedwith respect to this matter.

Kosovo July 05, 2016

Albo"6FI Ltd

Jacqfues

Marije DUSHI

217 P-

"Energy Sector Clean-up and Land Reclamation" (MESP) Project

(IDA Credit No. 5240 - XK; DUTCH Grant No. TF013509)

Statement of Sources and Uses of Funds

For the year ended 31 December 2015

(In EUR unless otherwise stated)

Cumulative fromSources and uses Year ended April 19, 2013

Notes (inception date) to:December December December December 31,

31, 2015 31, 2014 31, 2013 2015

Sources of funds:

IDA funding (IDA Credit No. 4 324,788.11 827,132.53 - 1,151,920.645240 - XK)

DUTCH funding (Grant No. TF 5 160,797.50 45,721.29 - 206,518.79013509)

Temporary advances received by 6 253,789.86 66,411.31 62,724.95 382,926.12Government

Total sources - 739,375.47 939,265.13 62,724.95 1,741,365.55

Uses of funds:

Training 8 (12,379.66) (32,030.38) (5,333.50) (49,743.54)

Goods 9 - (24,931.00) (9.062.81) (33,993.81)

Retroactive Reimbursement Air 13 - (326,492.00) - (326,492.00)Quality Monitoring Equipment

Consulting services 10 (723,516.69) (550,403.23) (46,744.41) (1,320,664.33)

Incremental operating costs 11 (3,479.12) (5,408.52) (1,584.23) (10,471.87)

Total uses 12 (739,375.47)* (939,265.13) (62,724.95) (1,741,365.55)

Cash on hand and at banks atthe end of the year - - -

The Statement of Sources and Uses of Funds is to be read in conjunction with the notes set out onpages 4 to 13 and forming an integral part of the financial statements.

The annual financial statements of the Project were authorized for issue by the management of EnergySector Cleanup and Land Reclamation Project on July 8, 2016 and signed on its behalf by:

11 b JINOLLI Mirja SA

oec oordinator Financial management specialist

*There is a difference between expenditure reported as per KFMIS reports and expenditure reported in the Financial Statements, in the

amount of 9,722 Euro. This amount represents a payment executed directly by the Treasury Department as a court decision against the

Ministry of Environment and Spatial Planning. Please see Note 15.

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Energy Sector Clean-up and Land Reclamation (MESP) Project


Notes to the Financial Statements

for the year ended 31 December 2015

(in EUR unless otherwise stated)

1. General

The Financing Agreements for the Energy Sector Clean-up and Land Reclamation Project ("CLRP")(IDA Credit No. 5240 - XK; Grant No. TF 013509) ("Agreements'), were signed between theInternational Development Association ("IDA") and Republic of Kosovo ("Recipient") on January10, 2013 and May 15, 2013.

The Project funding Agreements are ratified by Assembly of Republic of Kosovo with Law No. 04/L-210 on July 31, 2013. 19 April 2013 is the effective date of the project (Grant TF 13509) while 08October 2013 is the effective date for IDA Credit 5240.

On January 10, 2013 International Development Association, acting as administrator of grant fundsprovided by the Netherlands Minister for European Affairs and International Cooperation agreed agrant to the Recipient, in an amount not to exceed Euro 854,000 ("Grant") on the terms and conditionsset forth or referred in the letter agreement ("Agreement").

On May 15, 2013 the Republic of Kosovo and International Development Association ("Association")agreed to provide additional financing for activities related to the ESCLR Project. The Associationagrees to extend to the Recipient on the terms and conditions set forth or referred to the Agreement, acredit in an amount equivalent to two million eight hundred thousand Special Drawing Rights (SDR2,800,000) Financing") to assist in financing the project.

The closing date of the project was December 31, 2014. It has been extended to February 29, 2015,and a further extension was granted up to August 31, 2016.

At 31 December 2015, the Project had 4 employees (full time, Project Coordinator, ProcurementOfficer and Communication Specialist and part time, Financial Management Specialist)

The objectives of the Project are:

i. to address environmental legacy issues related to the open dumping of ashes on land fromKEK's Kosovo A thermal power plant;

ii. to enable KEK to free land for community development purposes currently taken byoverburden material and to enable KEK to remediate the Kosovo A ash dump; and

iii. to support KEK and MESP to implement continued clean-up operations and environmentalgood practice in the mining and energy sector.

The Project consists of the following parts:

Part A: Preparation ofMirash Open Pit Mine for Ash Management

Preparation of the Mirash mine, including installation of a base liner and construction of lateral damstructures, to develop the proper conditions for safe and sustainable storage of ash and over burdenmaterials collected from KEK's Kosovo A and B thermal power plants, as well as from lignite miningdevelopments, through the provision of works.

Part B: Environmental Remediation ofKosovo A Ash Dumps

The existing dump site with ashes from Kosovo A and overburden materials from existing lignite mineswill be remediated to mitigate environmental impacts, in particular dust emissions, and take awaygeotechnical instabilities of disposed materials that create risks for nearby houses, through the provision oftechnical assistance, equipment and works.

4 | P a g e


(IDA Credit No. 5240 - XK; DUTCH Grant No. TFO 13509)




1. General (continued)

The objectives of the Project (continued)

Part C: Reclamation of Overburden Dump Areas

Reclamation, reshaping and re cultivation of KEK's South Field overburden dunp and the overburdendump west of KEK's Bardh mine to release approximately 6.5 square kilometers of land for communitydevelopment purposes, including (i) the construction of roads, (ii) a surface drainage system, and (iii) theplanting of trees and mixed vegetation, through the procurement of technical assistance, goods and works.

Part D: Project Management

Provision of technical assistance to KEK and MESP for the purposes of Project implementation, includingthe financing of Training and Incremental Operating Costs such as Project management, short-termexperts, office equipment for MESP and audits.

Part E: Hazardous Materials Clean-up at the Kosovo A Gasification Site

i. Removal and disposal of tar deposits and tar sludge from the Kosovo A gasification site;

ii. Monitoring the implementation of tar deposits and tar sludge removal and disposal from theKosovo A gasification site.

Part F: Environmental Monitoring and Management by MESP

Improving the review and monitoring function of MESP in relation to the environmental andsocial implications of large power plant projects, through the provision of goods, works andtechnical assistance, including:

i. air monitoring equipment to measure baseline air quality data;

ii. soil and water monitoring to collect data on current pollution baseline data;

iii. preparation of an Environmental and Social Impact Assessment("ESIA") for the proposedKosovo Power Project;

iv. monitoring of implementation of the existing RAP;

v. panels of experts established to advise the Recipient on preparation of the ESIA and

implementation of the RAP; and

vi. Preparation of a low carbon growth energy strategy.

Part G: Repair of Trepca Stan Terg mine Slurry Pump

Repairing slurry pump to reduce water consumption for returning mine waste materials at Trepca StanTerg mine.

Part H MESP Environmental Monitoring and Management

Improving the review and monitoring function of MESP in relation to the environmental and socialimplications of large power plant projects, through the provision of consultancy services and technicalassistance in the following areas: (i) review of environmental impact assessments: (ii) permitting tasks; and(iii) inspections to monitor compliance with permit conditions

5|Page






IDA Credit No. 5240 - XK

In accordance with the Financing Agreement dated May 15, 2013 between the InternationalDevelopment Association (the "IDA" or the "Association"), a division of the World Bank, andRepublic of Kosovo ("the Recipient") the Project received an additional Financing of SpecialDrawing Rights ("SDR") 2,800,000 ("Credit")

The following table specifies the categories of Eligible Expenditures that may be financed out of theproceeds of the Financing ("Category"), the allocations of the amounts of the Credit to each category,and the percentage of expenditures to be financed for Eligible Expenditures in each category:

No. Category Amount of credit % of expenditures to beallocated (expressed in financedSDR)

1 Goods, works, non - consulting services and 1,200,000 100%consultants' services under Part C (iii) and E

2 Goods, works, non - consulting services and 1,521,000 100%consultants' services under Part F

3 Goods, works, non - consulting services andconsultants' services and Incremental Operating Costsunder Part D

a. KEK 15,000 100%

b. MESP 64,000 100%

Total 2,800,000

Amounts translated using exchange rates on inception date of the project.

As at 31 December 2015 EUR 1,151,920.64 or SDR 981,768.19 (2014: EUR 827,132.53) weredisbursed from the Credit.

The maximum Commitment Charge Rate payable by the Recipient on the unwithdrawn FinancingBalance shall be 0, 5% (1/2 e 1%) per annum.

The service charge payable by the Recipient on the withdrawn Financing Balance shall be equal tothree - fourths of one percent (3/4 of 1%) per annum.

The interest charge payable by the Recipient on the Withdrawn Credit balance shall be equal to oneand quarter percent (1.25%) per annum.

The Government of Kosovo will repay the principal amount of the Credit in semi-annual instalmentspayable as of described in the following table:

Date Payment Due Principal Amount of the Credit repayable(expressed as a percentage)

On each January 15, and July 15: each instalment shall be

commencing July 15, 2018 to and including 1.65%January 15, 2025

commencing July 15, 2028 to and including 3.35%January 15, 2038

The payment currency is Euro

6|Page

Energy Sector Clean-up and Land Reclamation (MEESP) Project





DUTCH Grant No. TF013509

In accordance with the Financing Agreement dated January 10, 2013 between the InternationalDevelopment Association (the "IDA" or the "Association"), a division of the World Bank, andRepublic of Kosovo ("recipient") the Project received a grant of Euro 854,000 ("Grant").

The following table specifies the categories of Eligible Expenditures that may be financed out of theproceeds of the grant to each category, and the percentage of expenditures to be financed for EligibleExpenditures in each category:

No. Category Amount of grant allocated % of expenditures to(expressed in EUR) be financed

1 Goods, works, non - consulting services and 204,000 100%consultants' services under Part E*

2 Goods, works, non - consulting services and 600,000 100%consultants' services under Part G and H**

3 Goods, works, non - consulting services andconsultants' services under Part D andIncremental Operating Costs

a. KEK 25,000 100%

b. MESP 25,000 100%

Total 854,000

Pursuant to the letter dated June 23, 2014, requesting reallocation of EURO 350,000 from category 2"Goods, works, non-consulting services and consultants' services under part G and H" to category I"Goods, works, non-consulting services and consultant's services under part E", the InternationalDevelopment Association (Association), acting as administrator of grant funds provided by theNetherlands Minister for Foreign Trade and Development Cooperation (formerly the Minister ofEuropean Affairs and International Cooperation), under the Kosovo Energy Sector Clean-up and LandReclamation, the Association has established the following amendments to Article 3.01 of Annex tothe Letter Agreement (expressed in EUR):

No. Category Original amount of the New amount of theGrant allocated Grant reallocated

1 Goods, works, non - consulting services and 204,000 554,000consultants' services under Part E*

2 Goods, works, non - consulting services and 600,000 250,000consultants' services under Part G and H**

3 Goods, works, non - consulting services andconsultants' services under Part D and IncrementalOperating Costs

a. KEK 25,000 25,000

b. MESP 25,000 25,000

Total 854,000 854,000

7|Pa2e






DUTCH Grant No. TF013509 (continued)

Amounts translated using exchange rates on inception date of the project.

As at 31 December 2015 EUR 206,518.79 (2014: EUR 45,721.29) were disbursed from the Grant.

The commitment to the objectives of the project is:

* Part E of the Project shall be carried out through KEK

** Part G and H of the Project shall be carried out through MESP

The project management activities for Part G and H under part D of the project throughMESP, and

The project management activities for Part E under part D by KEK

2. Basis of preparation

The financial statements of the project for the year ended 31 December 2015 have been prepared forthe purpose of complying with the provisions of the Project's objectives, the World Bank guidelinesand terms and conditions of the DUTCH Grant No. TF13509 and IDA Credit No. 5240 - XK

The financial statements comprise the statement of sources (cash receipts) and uses (payments); thestatement of expenditure used as the basis for the submission of withdrawal applications for the yearended December 31, 2015 and a summary of significant accounting policies and other explanatorynotes.

The cumulative statements of expenditure used as the basis for the submission of withdrawalapplications for the period from inception on 19 April 2013 till December 31, 2015 are presented assupplementary schedules. Cumulative information on receipts and disbursements from the Project'sinception date to December 31, 2015 is presented in the statement of sources and uses of funds forinformation purposes only.

The financial statements have been prepared in accordance with cash basis IPSAS - FinancialReporting under the Cash Basis of Accounting, which differs from Kosovo and InternationalFinancial Reporting Standards. On this basis, income is recognised when received rather than whenearned and expenses are recognised when paid rather than when incurred. Accordingly, direct andindirect payments of the Project's expenses, which are made from the proceeds of the grants andcredit, are recognised as sources and uses of funds at the time the payment is made.

The financial statements are presented in Euros ("EUR"), unless otherwise stated.

3. Summary of significant accounting policies

A summary of significant accounting policies underlying the preparation of the Project's financialstatements is presented below

3.1 Foreign currency transactions

The project accounts are maintained in Euros ("EUR") the legal currency of Kosovo. The Projectdeals predominantly in EUR, while the foreign currencies the Project deals with are predominantly inSpecial Drawing Rights ("SDR") and United State Dollars ("USD")Transactions in foreign currencies are translated to the functional currency at exchange rates on thedates of the transactions.

81P age


(IDA Credit No. 5240 - XK; DUTCH Grant No. TF0 13509)




3. Summary of significant accounting policies (continued)

3.1 Foreign currency transactions (continued)

Initial grant amount are maintained at the historical exchange rates. The project translates the undrawngrant balance at the rates in effect on the year end. The exchange rates in effect as at December 31,2014 and 2013 were as follows:

Currency 2015 2014

USD/ XDR 0.72 0.69

XDR /USD 1.39 1.45

EUR /XDR 0.79 0.84

XDR /EUR 1.27 1.19

EUR/ USD 1.09 1.22

3.2 Recognition of income and expenses

Income is recognised when received rather than when earned, and expenses are recognised when paidrather than when incurred.

3.3 Taxation

The Project is exempt from income Tax, Value Added Tax (VAT) and Custom Duties for the grantpart (funding source TF13509), but is subject to both VAT and Customs for the Credit part (Fundingsource IDA5240). The local employees of the project are liable for personal tax and social securitycontributions.

4. IDA Credit No. 5240 - XK funding

IDA funding is composed as follows:

Item Year ended Year ended31 December 2015 31 December 2014

Reimbursements 82,549.83 506,714.40

Direct payments 242,238.28 320,418.13

Total 324,788.11 827,132.53

Reimbursements represent the IDA funds for cover the payments already made by Government ofKosovo for this project using withdrawal applications prepared by the Project. Direct paymentsrepresent amounts paid directly by IDA based on contracts between the Project and contractors.

91 Page






5. DUTCH Grant No. TF013509 funding

IDA funding is composed as follows:


Reimbursements 60,987.20 45,721.29

Direct payments 99,810.30 -

Total 160,797.50 45,721.29

Reimbursements represent the IDA funds covering the payments already made by Government ofKosovo for this project using withdrawal applications prepared by the Project. Direct paymentsrepresent amounts paid directly by IDA based on contracts between the Project and contractors.

6. Temporary advances received by government of Kosovo

The temporary advances by Government of Kosovo financing are composed as follows:

Year ended Year ended Cumulated till31 December 2015 31 December 2014 31 December 2015

IDA Credit No. 5240 - XK -Temporaryadvances received by Government 314,777.06 9,750.45 352,904.65

IDA Grant No. TF 13509 - Temporaryadvances received by Government (60,987.20) 56,660.86 30,021.47

Total Temporary advances 253,789.86 66,411.31 382,926.12

7. Training

Training is detailed as following:


Procurement workshop 2,506.50 -

Poland study visit - 30,021.47

Environment Training 9,873.16 2,008.91

Total 12,379.66 32,030.38

8. Goods

Expenditures for goods are detailed as follows:


Vehicle - 24,931.00

Total - 24,931.00

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9. Retroactive R reimbursement Air Quality Monitoring Equipment

The amount of 326,492.00 Euros was paid in several payments made by the Ministry of EconomicDevelopment in year 2012, under the agreement that it would be later reimbursed by the CLRP -MESP Project because the project was not yet effective. The reimbursement was made in 2014 to theTreasury Account. The Financing Agreement for IDA Credit No. 5240 -XK stipulates under Schedule2 Implementation Arrangements, Section IV -Withdrawal of the Proceeds of Financing, that"Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made for paymentsprior to the date of this Agreement, except that withdrawals up to an aggregate amount not to exceedfive hundred sixty thousand Special Drawing Rights (SDR 560. 000) may be made for payments madeprior to this date, but on or after June 1, 2012, for Eligible Expenditures".

10. Consulting services

Expenditures for Consultant services are detailed as follows:


PMU project manager 17,580.00 17,580.00

Preparation of TS for Trepca Pump Repair 7,088.10

Financial management specialist 10,800.00 10,800.00

Procurement Specialist 13,200.00 19,618.50

Communications Specialist 12,000.00 11,850.00

Geological and Environmental Expert - 1,060.00

Services for Soil and Water Monitoring Program - 143,960.00

Environmental and Social Impact Assessment 406,514.81 231,099.18

Monitoring Resettlement Action Plan 7,982.62 28,131.20

Panel of Experts ESIA and RAP 13,520.96 11,431.05

Website - 5,110.00

Audit service 1,688.00 1,688.00

Strengthening of review, monitoring and management 80,982.00 8,998.00function of MESP in the field of energy

Low Carbon Growth strategy 140,420.00 -

Consulting Services for Capacity Building Program and 18,828.30 51,989.20Study Tour on Resettlement for the GOK

Total 723,516.69 550,403.23

I1 P a g e






11. Incremental operating costs

Expenditures for Incremental operating costs are detailed as follows:


Mobile phone and postal expenses 822.06 817.65

Advertisements - 150.00

Office supplies 9.99 338.22

Office equipment - 126.00

Printing 11.60 416.60

Fuel 445.00 577.33

Translation - 650.48

Vehicle repair 246.82 698.00

Vehicle insurance 1,160.24 233.46

Business lunches 783.41 1,400.78

Total 3,479.12 5,408.52

12. Expenditures by category components and sources of funds

Expenditures by category and sources of financing are composed as follows:

Temporary TemporaryIDA Credit Grant No. TF advance received advance received

Item No, 5240 13509 funding by GOK Credit by GOK Grant Totalfunding No, 5240 No. TF 13509

Training 2,506.50 - 9,873.16 - 12,379.66

Consultants' services 320,676.83 99,810.30 303,029.56 - 723,516.69

Incremental operatingcosts 1,604.78 - 1,874.34 - 3,479.12

Total 31.12.2015 324.788.11 99,810.30 314,777.06 - 739,375.47

Total 31.12.2014 827,132.53 45,721.29 9,750.45 56,660.86 939,265.13

12| P a g e






13. Expenditures by parts and category:

The expenditures by Project Parts are as follows:

RetroactiveReimbursemen Incremen Total 31

Parts Training Goods t Air Quality Consultant tal DecemberMonitoring services operating 2015MonitringcostsEquipment

Part D Project Management 12,379.66 53,580.00 3,479.12 69,438.78

Hazardous Materials

Part E Clean-tp at the Kosovo A - - - -Gasification Site

Part F Environmental Monitoring 570,126.39 - 570,126.39and Management by MESP

part G Repair of Trepea Stan Tergmine Slurry Pump

MESP EnvironmentalPart H Monitoring and - - - 99,810.30 - 99,810.30

Management

Total 2015 12,739.66 - - 723,516.69 3,479.12 739,375.47

Total 2014 32,030.38 24,931.00 326,492.00 550,403.23 5,408.52 939,265.13

14. Un-drawn grant facilities.

The balance of the undrawn grant and funds facilities from DUTCH Grant No. TF 13509 as of 31December 2015 is EUR 0 (2014: 229,278.71 EUR);

The balance of the undrawn Credit and funds facilities from IDA Credit No. 5240 - XK as of 31December 2015 is XDR 750,632.57 or EUR 955,032.89 (2014: XDR 2,076,424.75 or EUR2,474,883.75);

15. Court Decision executed by Treasury Department.

On August 18, 2015, a payment was executed against the budget amount for the Clean Up and LandReclamation - MESP Project in the amount of 9,722 Euro. This payment was not initiated by theCLRP Project office nor executed and approved by the Ministry of Environment and Spatial PlanningFinance Office. It was later found that the Treasury Department directly executed the claimed amountfor a court decision in favor of an economic operator, against the Ministry of Environment and SpatialPlanning.

This payment is not part of the CLRP - MESP Project expenditure, and therefore it was not includedin the present financial statements as CLRP - MESP Project expenditure. It will not be claimed forreimbursement from the World Bank funds.

13 | P a g e


(DUTCH Grant No. TF 13509; IDA Credit No. 5240 - XK)

Cumulative Statement of Expenditures Withdrawal Schedule


(Supplementary schedule

to the Annual Financial Statements)

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Documents

INDEPENDENT AUDITORS' REPORT Public Disclosure …documents.worldbank.org/curated/en/209461483034424242/pdf/Kosov… · Independent Auditors' Report Page With Audited Financial Statements