THE African Capacity Building Foundation (ACBF) is tightening its financial support system and is now operating a special account to be used solely for its projects.
An ACBF disbursement officer told executive directors and finance managers at a workshop that the beneficiary project’s counterpart funds must not be co-mingled with funds in the special account.
The ACBF-funded projects are required to be audited annually by a firm of reputable professional auditors in each country.
In Zimbabwe, the ACBF extends financial support to the Zimbabwe Economic Policy Analysis and Research Unit within the Ministry of Finance and Economic Development, the National Economic Consultative Forum and the Macroeconomic and Financial Management Institute of Eastern and Southern Africa.
The officer said an audit report together with a management letter should be submitted to the foundation within six months after the project’s financial year-end.