FINANCIAL SECTOR DEVELOPMENT SPECIALIST
||Freetown, SIERRA LEONE
|Application Deadline :||14-Sep-12|
|Type of Contract :||TA International|
|Post Level :||P-4|
|Languages Required :||
|Starting Date :|
(date when the selected candidate is expected to start)
|Duration of Initial Contract :||364 days|
|Expected Duration of Assignment :||364 days|
|Sierra Leone’s financial sector plays a critical role in the economy, but its contribution depends upon the quality and efficiency of its services. Fundamental sector reforms are needed to improve its efficiency and it is against this background, that the Financial Sector Development Plan (FSDP) was developed by Bank of Sierra Leone (BoSL) and approved by cabinet in 2009, consistent with Sierra Leone’s long term objectives.
The objective of the FSDP is “to provide a framework for creating a sound, diversified, responsive and well functioning financial system that would provide appropriate support to productive activities, thereby contributing to economic growth and poverty reduction”. The Head of the FSDP-S, who has been appointed from within the BoSL, is responsible for the day-to-day management of the FSDP Project and is supported by one technical staff and one administrative staff, who coordinate with the procurement and financial management functions.
In order to consolidate the gains achieved so far and make further strides in development of the financial sector and in accordance with the UNDP programming cycle 2010-2012, UNDP seeks to support the capacity building needs of the FSDP-S. In this regard, UNDP is recruiting a financial sector development advisor to support the BoSL. The objective of the technical assistance is consistent with the broad objectives of UNDP support to the financial sector in Sierra Leone aimed to broadening microfinance and rural finance delivery outreach and supervision and building capacity of BoSL’s Research Department in order to inform the Bank’s policy decisions on Macroeconomic Management, Monetary and Financial Stability issues.
The Financial Sector Development Specialist will work under the overall guidance of the UNDP Sierra Leone Country Director and the director supervision of the Deputy Country Director Programme. He/She will work very closely with UNDP senior economist and with BoSL and in particular the Governor of the Bank.
Duties and Responsibilities
- To assist with strategic running of the FSDP-S by working with staff of the Secretariat to coordinate various programs with activities at the policy level as well as build the capacity of the Secretariat to lead and coordinate the various reform activities within the framework of the FSDP;
- To support increase in access to finance by broadening its outreach, strengthening microfinance and rural credit governance and supervision, and addressing the community banks’ structural issues; and
- To support capacity building of the Research Department of the BoSL so that the department provides analytical support throughout the Bank, published macroeconomic and financial analysis and contribute to scientific research.
- The Financial Sector Development Specialist is expected to deliver the following specific deliverables under each of the above functions.
- Guidance, oversight, monitoring & evaluation and reporting are provided during the implementation of the project to ensure accountability for the utilization of donor funds and contribution to developing results and the impact and sustainability of results.
- Capacity of staff of the FSDP-S strengthened through training courses relating to project implementation and financial sector development and arrange foroccasional exposure workshop, seminars, retreat and/or industry talks on the implementation of the project and issues relating to the development of the financial sector.
- Capacities of the Research Department of the BoSL are increased so that the department provides analytical support throughout the Bank, published macroeconomic and financial analysis and contribute to scientific research;
- Develop a set of financial soundness indicators for the Sierra Leonean economy: design a capacity building program on modeling and developing of financial system stability assessment framework to produce a biannual Financial Stability Review Reports and provide in-country training courses to key personnel.
Impact of the results:
- Access to finance is increased by broadening its outreach, strengthening microfinance and rural credit governance and supervision, and addressing the community banks’ structural issues
- The BoSL through it’s Financial Sector Development Plan (FSDP) Unit is well positioned in providing leadership, guidance, oversight and monitoring of the microfinance sector for improved financial access;
- The research department of Bank of Sierra Leone is well equiped to support analytical research and policy analysis for improved monetary policy formulation and implementation.
- Demonstrates integrity by modeling the UN’s values and ethical standards
- Promotes the vision, mission and strategic goals of UNDP
- Displays cultural, gender, religion, race, nationality and age sensitivity and adaptability.
Knowledge Management and Learning:
- Promotes knowledge management in UNDP and a learning environment in the office through leadership and personal example
- Actively works towards continuing personal learning and development in one or more practice areas, acts on learning plan and apply newly acquired skills
Development and Operational Effectiveness
- Demonstrated capacity and substantial experience in dealing with policy and strategic issues related to institution building and governance
- Substantive knowledge of institution building, training, public-private partnerships, and economic reform issues
- Experience with policy advice
- Demonstrated experience in managing development projects (preferable in conflict environments), in particular dealing with decentralization, local governance, or broader governance/development issues.
- Substantial previous experience in working with senior government officials, donor representatives and civil society on policy and strategic issues.
- Demonstrated strong coordination and facilitation skills
- Strong communication skills (oral and written)
- Strong analytical skills
- Result oriented, flexible, and problem-solving skills.
Management and Leadership:
- Focuses on impact and result for the client
- Leads teams effectively and shows conflict resolution skills
- Consistently approaches work with energy and a positive, constructive attitude
- Builds strong relationships with clients and external actors
- Demonstrates openness to change and ability to manage complexities
Required Skills and Experience
- Minimum of a Master’s Degree or equivalent in Economics or Econometrics or International Economics, Finance and Project Management from a recognized institution; and
- Holding a Ph.D. in economics will be an added advantage.
- Minimum of 7 years of demonstrated experience at the national or international level in central banking, financial sector development issues and economic modeling in support of monetary policy formulation and implementation;
- Strong communication, reporting and analytical and presentation skills;
- He/She should clearly demonstrate experience of having undertaken similar assignments in the sub-region
- Experience in coordinating and reporting on multi-donor support will be an added advantage;
- Experience in leading teams to ensure operational coordination of activities of various development partners.
- Experience in developing and reviewing quarterly progress reports on the project implementation process.
- Strong written and spoken skill of the UN working language of the duty station; and
- A second UN language desirable.
UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence.