Greater Male WTE ADB

Audited Project Financial Statements
Project Number: 51077-003

Loan/Grant Number: 3954/8384/0732/0733
Period covered: 1 January 2022 to 31 December 2022
Maldives: Greater Malé Waste-to-Energy Project
Prepared by Ministry of Environment, Climate Change and Technology
For the Asian Development Bank

Date accepted by ADB: 15 August 2023
The audited project financial statements are documents owned by the borrower. The views expressed
herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These
documents are made publicly available in accordance with ADB’s Access to Information Policy and as
agreed between ADB and the Ministry of Finance.
PUBLIC. This information is being disclosed to the public in accordance with ADB’s Access to Information Policy.
Report No: FIN-2023-36(E) 29 June 2023
Greater Male’ Waste To Energy Project

(GMWTE)
For the Financial Year Ended
31st December 2022
TABLE OF CONTENTS
Auditor General’s Report ...................................................................................................................... 1

Financial Statements
Statement of Receipts and Payments........................................................................................ 6
Statement of Comparison of Budget and Actual Amounts ...................................................... 7
Notes to the Financial Statements ............................................................................................ 8
c
AUDITOR GENERAL’S REPORT
TO THE MINISTRY OF ENVIRONMENT, CLIMATE CHANGE AND TECHNOLOGY ON

THE FINANCIAL STATEMENT OF GREATER MALE’ WASTE TO ENERGY PROJECT
Opinion
We have audited the accompanying financial statements; Statement of Receipts and Payments and
Statement of Comparison of Budget and Actual Amounts for the year ended 31st December 2022 and
notes to these statements, which include a summary of significant accounting policies and other
explanatory information of Greater Male’ Waste to Energy Project (No. 51077-003), financed by the
Asian Development Bank (ADB) grant, Asian Development Bank (ADB) loan, Asian Infrastructure
Investment Bank (AIIB) loan, the Japan Fund for Joint Crediting Mechanism (JFJCM) loan and the
Government of Maldives.
In our opinion, the accompanying financial statements present fairly, in all material respects, the cash
receipts and cash payments and budget amounts for the financial year ended 31st December 2022 and
cash balances at the year then ended, in accordance with the International Public Sector Accounting
Standard: Financial Reporting under the Cash Basis of Accounting
In addition to the opinion, we can provide assurance that:
(a) The funds provided under the Financial Agreements have been utilised for the purposes for
which they were provided;
(b) The Special Account (bank account) transactions and its balance as at 31st December 2022
have been presented truly and fairly on the financial statement, in accordance with
International Public Sector Accounting Standard: Financial Reporting under the Cash-Basis
of Accounting. The cash balance as at the end of the year shown on the Statement of Receipts
and Payments reflects the cash balance which is reconciled to that of the Special Account as
at 31st December 2022;
(c) Adequate supporting documentation have been maintained to support claims to the ADB, for
reimbursement of expenditures incurred and which expenditures are eligible for financing
under the Financing Agreements; and
(d) The imprest procedures and fund have been used properly, in accordance with ADB’s Loan
Disbursement Handbook and the project documents.
Page 1 of 11 Auditor General’s Office | Chanbeylee Villa, 1st Floor | Majeedhee Magu | Male’, Republic of Maldives
+960 332 3939 | info@audit.gov.mv | www.audit.gov.mv
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Management in
accordance with the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards) (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Responsibilities of management and those charged with governance for the financial statements
The Management is responsible for the preparation and fair presentation of this financial statement
in accordance with the International Public Sector Accounting Standard (IPSAS): Financial
Reporting under the Cash Basis of Accounting. This responsibility includes: designing, implementing
and maintaining internal controls relevant to the preparation and fair presentation of financial
statement that are free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Those charged with governance are responsible for overseeing the project’s financial reporting
process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the project’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
 Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance of the project regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
Review of the Project’s Progress

Without qualifying our opinion, we draw attention to the following management issues observed from
our review of the project’s progress.
From our review of the project’s progress, we have observed that there were delays in implementation
of the contracts signed. The table below shows the management comments and the status.
Implication
Failure to meet the targets set by Asian Development Bank will result in delay in achieving the
objectives of the project in due time and have a negative impact on the performance of the project.
Recommendation
We recommend PMU to follow the recommendations given by Asian Development Bank missions
in a timely manner to ensure that various components of the project are implemented within the set
time and budget.
Item Action Target date as per Management Response Revised due

Aide Memoire dates
May 2022
1. Procurement Award 3/5 contracts Q1 2023
[Package 3] Public Awareness Submission of CSRN 31-May-22 There was a delay in preparation of -
Consultant Advertise EOIs 15-Jun-22 TOR for the package as IEC
Submission 1 (shortlist) 15-Aug-22 resigned and new IEC specialist was
Submission 2 15-Nov-22 appointed in September 2022. Upon
Submission 3 15-Dec-22 hiring the new IEC specialist, the
Contract Signing 1-Feb-23 first draft of the TOR was shared
with MOF for ADB no objection in
October 2022. Upon received No
objection from ADB the REOI was
published in 21 December 2022.
2. Safeguards
Environmental Impact Update Environmental 30-Jul-22 The contractor submitted EIA report 30th June 2023
Assessment for the DBO WTE Impact Assessment and in January 2023 and was revised in
plant disclose on ADB’s website February 2023, and again before
prior to commencement of commencement of work on 16th
civil works April 2023, but after reviewing it
required major revisions and was
delayed
3. Technical Site Issues
Vessels docking at the Cause HDC to remove and 1-Jul-22 During meeting on 14th June, HDC Sep-23
construction site stop vessels to unload on has given a deadline of September
facility boundaries quay 2023 as the final date for removal of
wall all vessels. Delay was mainly due to
legal issues surrounding removal of
these vessels which have now been
resolved
Electricity cable and tree on Cause HDC to remove cable 30-Jun-22 In meeting on 14th June, HDC 29-Jul-23
construction site and trees adjacent to informed that a contract was signed
existing road passing between them and Fenaka to lay a
through the revised WTE new cable and disconnect the
facility site existing cable. This effectively
leaves the cable on site but is not a
risk to the contractor. HDC had early
on that the trees on site can be
removed by the contractor
WTE electricity evacuation Agree on electricity 30-May-22 Confirmed as 11kV. Contractor now -
requirements by STELCO evacuation requirements working out the variation
(11kV vs. 132kV)
Accumulated waste in DBO Cause MTCC to remove 30-Jun-22 Waste removed by Wamco, but the -
construction site boundaries waste site was deemed unsafe due to the
gradient of the slope of the
dumpsite. This required setting the
boundary fence of the site by 20m to
avoid risk to workers from debris
coming down from the dumpsite.
4. Designs Submission and Approval
Detailed designs Submit detailed designs 30-Jul-22 Detail design works are in progress -
and expected to continue until the
end of this year as contract doesn’t
require on detailed design
submission
Commencement of Build-Period Commence civil works 30-Aug-22 Piling works started on June 2023. -
Due to delays in EIA
5. Financing and fund flow mechanisms for sustainable O&M
Tripartite agreement for Sign the agreement with 1-Aug-22 Tripartite agreement not signed yet. -
electricity sales between MOF, sale price It is coordinated by Ministry of
MOECCT and STELCO Finance
29th June 2023
Hussain Niyazy
Auditor General
MINISTRY OF ENVIRONMENT, CLIMATE CHANGE AND TECHNOLOGY
GREATER MALE' WASTE TO ENERGY PROJECT
STATEMENT OF RECEIPTS, PAYMENTS AND CASH BALANCES* FOR THE YEAR ENDED 31 DECEMBER 2022
ALL FIGURES ARE IN US DOLLARS
Notes 2022 2021 Cumulative to-date
Cash Receipts/ Cash Cash
(Payments) Receipts/ Receipts/
Direct Direct Direct
Controlled by (Payments) (Payments)
Payments Payments Payments
the entity Controlled by Controlled by
(ADB) the entity the entity
Receipts
ADB Grant 3.1 43,987 3,059,854 - - 43,987 3,059,854
ADB Loan 3.2 - 3,865,700 - - - 3,865,700
Japan Fund for join crediting mechanism

3.3 - 1,003,400 - - - 1,003,400
(JFJCM) grant
Asian Infrastructure Investment Bank

3.4 - 4,046,950 - - - 4,046,950
(AIIB)
Government of Maldives 3.5 - 2,611,193 - - - 2,611,193
Total Receipts 43,987 14,587,097 - - 43,987 14,587,097
Payments
CS-project management, design and

4.1 - 87,097 - - - 87,097
supervision (2101)
Works (3201) 4.2 - 14,500,000 - - - 14,500,000
Incremental recurrent costs (2701) 4.2 10,105 - - - 10,105 -
Total Payments 10,105 14,587,097 - - 10,105 14,587,097
Increase/(Decrease) in Cash 33,882 33,882
Cash balance at the beginning of the year - - - - - -
Increase/(Decrease) in Cash 33,882 - - - -
Cash balance at the end of the year 33,882 - - - -
The Financial Statement of the Project was approved by the Project Management Unit (PMU) on 21st June 2023
Signed for and on behalf of the GMWTE PMU:
…………………………… ………….………….
Ibrahim Zameel Aminath Afeef
(Project Manager) (Financial Specialist)
The accounting policies and notes on pages 8 through 11 form an integral part of the Statement of Receipts and Payments.
Page 5 of 11 Ministry of Environment, Climate Change and Technology, Green Building, Handhuvaree Higun, Malé, Maldives.
Tel:+(960) 3018300, Fax: +(960) 3018301, e-mail: secretariat@environment.gov.mv
GREATER MALE' WASTE TO ENERGY PROJECT
STATEMENT OF BUDGET VERSUS ACTUAL AMOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022
ALL FIGURES ARE IN US DOLLARS.
2022 2021 Cumulative
Budgeted Actual Budgeted Actual Budgeted Actual

Item Note Variance Variance Variance
Amount Amount Amount Amount Amount Amount
(USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD)

CS-PROJ MGMT,
DESIGN,&
4.1 910,000 87,097 822,903 850,000 - 850,000 1,960,000 87,097 1,872,903
SUPERVISION
(2101)
CIVIL WORKS
4.2 30,420,000 14,500,000 15,920,000 18,860,000 - 18,860,000 49,280,000 14,500,000 34,780,000
(3201)
TOTAL
31,330,000 14,587,097 (3,471,266) 7,118,000 9,812,733 (2,694,733) 34,530,000 19,851,523 14,678,477
PAYMENTS

GREATER MALE' WASTE -TO -ENERGY PROJECT
Statement of Advance Account for the year ended 31st December 2022
Account No: 210265
Account Name: Greater Male' Environmental Improvement and Waste Management Project / Ministry of
Environment and Energy
Column1 Notes Current year Prior Year
(USD) (USD)
Balance brought forward from previous period 0.00
Add:
Initial Advance 43,986.64
Replenishment received during the year/period 0.00
Interest Earned 0.00
Subtotal (A) 43,986.64
Deduct:
Payments made during the year/period 10,104.85
Liquidation
Expenditure yet to be claimed 0.00
Amount refunded during the year/ period 0.00
Subtotal (B) 10,104.85
Closing Balance 33,881.79
As per bank statement (copy attached) 33,881.79
The accounting policies and notes on pages 8 through 11 form an integral part of the Financial Statements.
GREATER MALE' WASTE -TO -ENERGY PROJECT
STATEMENT OF CLAIMS AND DISBURSMENT FROM ADB GRANT FOR THE YEAR ENDED 31ST
DECEMBER 2022
ALL FIGURES ARE IN US

DOLLARS.
ADB grant Notes Current year Prior Year Cumulative Project Date
(USD) (USD) (USD)
Reimbursement - - 65,677.95
Initial advance fund and
replenishments 43,986.64 - 403,427.70
Direct Payment 3,059,854.36 - 14,587,097.12
Subtotal 3,101,351.36 - 15,056,202.77
Grand total 3,101,351.36 - 15,056,202.77
The accounting policies and notes on pages 8 through 11 form an integral part of the Financial Statements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMEBER 2022
ALL FIGURES ARE IN US DOLLARS.
1. ROJECT INFORMATION
1.1 Key Highlights:
Project Title: Greater Male' Waste -to -Energy project (WTE) (51077-003)
Funded By: Special Grant from ADB Special Grants, ADB Loan , AIIB Loan and Japan fund for poverty
reduction
Executing Agency: Ministry of Finance
Implementing Agency: Ministry of Environment, Climate Change and Technology
Approved Date: July 2020
Closing Date: 31st December 2023
Project Duration: 3 years
Approved Budget: USD 151.13 million
Amount ($ Share of Total

Source Type Modality
Million) (%)
Asian Development Bank Loan 38.21 25.30
Asian Development Bank 35.18 23.30
Asian Infrastructure Investment
40.00 26.50
Bank
Japan fund for poverty reduction Grant 10.00 6.60
Grant - Additional
Government of Maldives 27.74 18.30
financing
Total 151.13 100.00
Disbursements from the ADB Special Grants, AIIB Loan and Japan fund for poverty reduction are centrally
administered by the ADB.
Government of Maldives contributions include Goods and Service Tax for taxable supplies of the project, maintenance,
rent and other miscellaneous expenditures made out of the state budget and 30% of PMU staff.
1.2 Descriptions of Impact and Outcome/ Outputs
The Project will establish a sustainable regional solid waste treatment system in the Greater Malé capital region by
(i) developing treatment (proven waste-to-energy [WTE] technology), recycling and disposal infrastructure;
(ii) strengthening institutional capacities for technology), recycling and disposal infrastructure; (ii) strengthening
institutional capacities for sustainable solid waste services delivery and environmental monitoring; and (iii) improving
public sustainable solid waste services delivery and environmental monitoring;
(iii) improving public awareness on WTE and reduce-reuse-recycle (3R).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation

The financial statement is prepared by the management in accordance with International Public Sector Accounting
Standards (IPSAS): Financial Reporting under the Cash Basis of Accounting, issued by Public Sector Committee of the
International Federation of Accountants.
The financial statement comprises:
 Statement of Cash Receipts and Payments
 Statement of Comparison of Budget with Actual Amounts
 Statement of Advance Account
 Statement of Claims and Disbursements from ADB Grant
 Notes to the Financial statement, including the summary of significant accounting policies.
2.2 Cash Basis of accounting

Receipts and payments are accounted for on cash basis. Receipts are recognised when the Maldives Monetary Authority
(MMA) receives the funds from World Bank to the bank account maintained for the project with it. This account is
maintained in United States Dollars (USD). Payments are recognised at the time of outflow of cash either from the bank
account, or from the cash account maintained for cash payments.
The financial statement prepared based on cash method presents information on the source of cash, application of funds
objectives and cash balances at the reporting date. The measurement focus in the financial statement is balances of cash
and changes therein.
2.3 Recognition of Receipts and Payments

Receipts and payments are accounted for on cash basis. Receipts are recognised when the Maldives Monetary Authority
(MMA) receives the funds from ADB to the bank account maintained for the project with it. This account is maintained
in United States Dollars (USD). Payments are recognised at the time of outflow of cash either from the bank account, or
from the cash account maintained for cash payments. Financial contributions to the project from Government of
Maldives are recognised when cash outflow occurs from the Public Bank Account (PBA) in respect of the project. Such
outflows (payments) are also recognised as receipts in the financial statements.
2.4 Third Party Payments

Payments made to vendors directly by the ADB on behalf of the project are recognised and included within the
receipts(disbursements) of the project, whilst such figures are also recognised as payments under appropriate heads in the
financial statement.
2.5 Presentation Currency

The financial statement has been presented using the United States Dollars (USD). And all the figures have been rounded
to the nearest Dollar.
2.6 Foreign Currency Translation

Receipts and Payments in currencies other than the reporting currency (USD) are converted according to the MMA
exchange rate of the day (the higher band MVR 15.42 and the lower band MVR 10.28) which is the exchange rate between
the transaction currency and USD at the time of the transaction. Cash balances in currencies other than USD as at the end
of the reporting period are shown in USD in the financial statements at the exchange rate between the transaction currency
and USD that was prevailing at the last day of the reporting period and resulting exchange gain/loss (if any) is recognised
in the financial statements.
2.7 Changes in Accounting policies

There are no changes in accounting policies
2.8 Reporting Period

Financial statements are generally prepared for one year (calendar year). Period for which financial statement is
prepared are disclosed on the face of the financial statement.
2.9 Comparatives
The comparative figures of 2021 and 2022 are shown in the Financials. There were no financial transactions in Year
2021.
For the year ended 31

3. Receipts For the year ended 31 December 2022 Cumulative to-date
December 2021
Cash Receipts/
Direct Direct Direct
Cash Receipts/ (Payments) (Payments) Cash Receipts/ (Payments)
Details Receipts Receipts Receipts
Controlled by the entity Controlled by Controlled by the entity
(Payments) (Payments) (Payments)
the entity
ADB
ADB Gov Column1 Column2 ADB2 GOV3 Column3
2 Gov2
3.1 Disbursement from Asian

43,986.64 3,059,854.36 43,986.64 3,059,854.36
Development Bank Grant - -
3.2 Disbursement from Asian

3,865,700.00 3,865,700.00
Development Bank Loan -
3.3 Disbursements from JFJCM

1,003,400.00 1,003,400.00
Grant -
3.4 Disbursements from AIIB

4,046,950.00 4,046,950.00
Loan -
3.5 Receipts from Government

2,611,192.76 2,611,192.76
of Maldives - -
43,986.64 0.00 14,587,097.12 43,986.64 0.00 14,587,097.12

-
4. PAYMENTS
For the year ended 31 December 2022 For the year ended 31 December 2021 Cumulative to-date
Cash
Cash Receipts/
Receipts/
Payment (Payments) Cash Receipts/
details
(Payments) Direct Payments Direct Payments Direct Payments
Controlled by (Payments)
Controlled by
the entity
the entity
ADB ADB ADB
Investment ADB ADB ADB ADB
GO ADB loan JFJCM AIIB Gov3 Grant GOV Grant ADB JFJCM Gov grant Gov5 JFJCM2 AIIB2 Gov6
Costs Grant Grant2 AIIB5 Grant6 loan2
V 3 4 4 loan3 4 2 5
4.1 CS-PROJ
MGMT,
DESIGN,& 75,754.36 11,342.76 75,754.36 0.00 0.00 0.00 11,342.76
SUPERVISION
(2101)
4.2 WORKS 2,984,100.00 3,865,700.00 1,003,400.00 4,046,950.00 2,599,850.00 2,984,100.00 3,865,700.00 1,003,400.00 4,046,950.00 2,599,850.00
(3201)
0.00 0.00 0.00 0.00
Total
investment -
3,059,854.36 3,865,700.00 1,003,400.00 4,046,950.00 2,611,192.76
- - - - - -
3,059,854.36 3,865,700.00 1,003,400.00 4,046,950.00 2,611,192.76
Cost
Recurrent Cost - - - - - -
Salaries (A) 9,528.87 575.98

- - - - -
9,528.87 575.98
- - - - -
4.3 PMU Staff
Salary and 9,528.87 575.98 9,528.87 575.98
Pension - - - - -
Contribution
Equipment
Operation and
Maintnenace - - - - - - - - - - - - - - - -
(B)
4.4 Fixed Assets - - - - - - -
Miscellaneous Expenses © - - - - - - - - - - - - - - - - - - - -
Contingencies
(D)
Finance
Charges
During - - - - - -
implementatio
n (E)
Total 9,528.87 575.98 9,528.87 575.98
Recurrent Cost
Total 9,528.87 575.98 3,059,854.36 3,865,700.00 1,003,400.00 4,046,950.00 2,611,192.76 9,528.87 575.98 3,059,854.36 3,865,700.00 1,003,400.00 4,046,950.00 2,611,192.76
* Amount mentioned in 4.11 is

the reverse entry of GST paid by
the project imprest.
5. VARIANCES
Cost Category Budget Actual Variance $ Variance % Explanation
Investment Costs 31,330,000 14,587,097.12 16,742,902.88 46.56 Contractor claimed only advance
payment
Recurrent Cost 300,000.00 10,104.85 289,895.15 96.63 Most of the recurrent costs are
covered by Greater Male
Environmental Improvement and
waste management project. Only
one full time staff was hired for
waste to energy project.
Contingencies -
Total Cost 31,630,000 14,597,201.97 17,032,798.03
6. OPENING AND CLOSING BALANCES
Current Year Previous year

Cash on hand - -
Cash in bank (210288) 33,881.79 -
Total cash and cash equivalents 33,881.79 -
7. DISBURSEMENTS/WITHDRAWAL APPLICATIONS
0732-MLD-ADB Grant
Date Appl. No. Disbursement Procedure Currency Amount USD Equivalent

23.02.2022 WA001 Direct USD 2,984,100 2,984,100
08.11.2022 WA003 Direct EUR 31,128.65 30,412.69
08.11.2022 WA004 Direct EUR 12,922.40 12,625.19
09.12.2022 WA006 Direct EUR 3,875.80 4,054.67
14.12.2022 WA007 Direct EUR 27,239.89 28,661.81
3,059,854.36
0733-MLD-JFJCM Grant

23.02.2022 WA001 Direct USD 1,003,400 1,003,400
3954-MLD-ADB loan

23.02.2022 WA001 Direct USD 3,865,700 3,865,700
8384-MLD-ADB loan

08.03.2022 WA001 Direct USD 4,046,950 4,046,950
8. OTHER INFORMATION
The following information has been provided as additional information. They do not form part of the above financial
statement that has been presented under IPSAS cash basis of accounting.
8.1 Payables
For the period from 1st January 2022 - 31st December 2022
USD
Pension Contribution April - Dec 2022 744.41
744.41
8.2 Fixed Assets
There are no fixed assets bought under this project yet.
8.3 Amount that need to be deposited by the Government to Imprest Account
At the end of year 2022 there are no amounts that need to be deposited by the government to imprest account.
8.4 Amount that need to be deposited by the GOV to PBA
At the end of year 2022 there are no amounts that need to be deposited by the PBA.

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Audited Project Financial Statements

Project Number: 51077-003

Maldives: Greater Malé Waste-to-Energy Project

Prepared by Ministry of Environment, Climate Change and Technology

For the Asian Development Bank

Greater Male’ Waste To Energy Project

Auditor General’s Report ...................................................................................................................... 1

AUDITOR GENERAL’S REPORT

TO THE MINISTRY OF ENVIRONMENT, CLIMATE CHANGE AND TECHNOLOGY ON

Auditor’s responsibilities for the audit of the financial statements

Review of the Project’s Progress

Item Action Target date as per Management Response Revised due

29th June 2023

GREATER MALE' WASTE TO ENERGY PROJECT

ADB Grant 3.1 43,987 3,059,854 - - 43,987 3,059,854

ADB Loan 3.2 - 3,865,700 - - - 3,865,700

Japan Fund for join crediting mechanism

Asian Infrastructure Investment Bank

Government of Maldives 3.5 - 2,611,193 - - - 2,611,193

Total Receipts 43,987 14,587,097 - - 43,987 14,587,097

CS-project management, design and

Works (3201) 4.2 - 14,500,000 - - - 14,500,000

Incremental recurrent costs (2701) 4.2 10,105 - - - 10,105 -

Total Payments 10,105 14,587,097 - - 10,105 14,587,097

Increase/(Decrease) in Cash 33,882 33,882

Cash balance at the beginning of the year - - - - - -

Increase/(Decrease) in Cash 33,882 - - - -

Cash balance at the end of the year 33,882 - - - -

Ibrahim Zameel Aminath Afeef

(Project Manager) (Financial Specialist)

GREATER MALE' WASTE TO ENERGY PROJECT

2022 2021 Cumulative

Budgeted Actual Budgeted Actual Budgeted Actual

(USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD)

MINISTRY OF ENVIRONMENT, CLIMATE CHANGE AND TECHNOLOGY

Account No: 210265

Closing Balance 33,881.79

As per bank statement (copy attached) 33,881.79

ALL FIGURES ARE IN US

Direct Payment 3,059,854.36 - 14,587,097.12

Subtotal 3,101,351.36 - 15,056,202.77

Grand total 3,101,351.36 - 15,056,202.77

1.1 Key Highlights:

Amount ($ Share of Total

1.2 Descriptions of Impact and Outcome/ Outputs

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

2.2 Cash Basis of accounting

2.3 Recognition of Receipts and Payments

2.4 Third Party Payments

2.5 Presentation Currency

2.6 Foreign Currency Translation

2.7 Changes in Accounting policies

2.8 Reporting Period

For the year ended 31

3.1 Disbursement from Asian

3.2 Disbursement from Asian

3.3 Disbursements from JFJCM

3.4 Disbursements from AIIB

3.5 Receipts from Government

43,986.64 0.00 14,587,097.12 43,986.64 0.00 14,587,097.12

0.00 0.00 0.00 0.00

Salaries (A) 9,528.87 575.98

* Amount mentioned in 4.11 is