Financial Economic Advisor


Location : Kuwait, KUWAIT
Application Deadline :18-Feb-18 (Midnight New York, USA)
Type of Contract :Individual Contract
Post Level :International Consultant
Languages Required :
Arabic   English  
Starting Date :
(date when the selected candidate is expected to start)
04-Mar-2018
Duration of Initial Contract :12 month

Background

UNDP and the State of Kuwait, represented by the General Secretariat of the Supreme Council of Planning and Development (GSSCPD), strive to enhance institutional capacities at various government agencies by providing them with necessary technical support to strengthen their capacities and skills to perform their expected duties.

Under the framework of the Institutional and Technical support for the establishment of Kuwait Public Policy Centre (KPPC) project, UNDP will collaborate closely with GSSCPD to support the establishment of a pioneer KPPC to address policy making gaps and mainstream policy research, analysis and studies in the policy making process.

The KPPC seeks to be a reliable resource that will influence national policies and strategies. The project builds on UNDP's mandate and strategic vision and aims to promote efficient governance and institutional management. This project will provide a framework of how UNDP will accompany the GSSCPD in its ambition to improve the quality of policy making in Kuwait and in particular on how the KPPC can contribute to that, while operating under the umbrella of GSSCPD.

Within this context, the KPPC is seeking to recruit Financial Economic Advisor to support the Kuwait Public Policy Center (KPPC) in providing financial sector advisory services in order to develop its economic evidence base and policies particularly those related to the Kuwait financial sector. Providing insights and briefing for Kuwait policy makers for the Kuwait financial sector, other than the what is currently available.  


Duties and Responsibilities

Under the direct supervision of the Secretary General at GSSCPD and with close coordination the KPPC Project Coordinator and the Policy Advisor on Economic Growth, taking on board views of sector stakeholders, the Financial Sector Advisor will assume the following tasks:

1. Prepare financial economic outlook and forecast reports on the global economy in the context of global financial sector;

  • Develop global, regional and national economic and financial outlook and forecast key sector indicators under alternative scenarios (for example, on the assumption of low global oil price);
  • Analyse the oil price trend and forecast it over the next 3-5 years; (medium to long term outlook for oil prices);
  • Policy response for a negative impact on the financial sector and manage risk;
  • Identify the leading economic factors affecting the global economy and anticipating the next economic cycle downturn (recession);
  • Highlight the major economic risks facing the global economy and how they could affect Kuwait financial sector;

2. Develop financial economic outlook and forecast for the local economy in Kuwait in the context of national financial sector:

  • Develop financial economic outlook on Kuwait, with forecast over the next 5 years based on the current set of policies;
  • Work on Kuwait linked international macro-financial issues; cross-country spill overs; implications of globalisation and GCC links; links growth and finance; feeds into a wide range of the Secretary General’s key policy outputs;
  • Highlight the major financial economic risks facing Kuwait and discuss ways to mitigate these risks;
  • Develop reports on the economic and financial sector indicators for Kuwait to forecast financial crisis and risk for the economy;
  • Propose options on how to manage sovereign wealth fund in different ways during a low oil price and a crisis situation;
  • Propose options on how to manage the financial sector for a prolonged decline in oil prices;

3. Develop a financial sector white paper and policy options for Kuwait covering solutions for accelerating economic growth, economic diversification and enhancement of private sector contributions in the financial sector. 

  • Produce analysis and policy recommendations on the appropriate shape of the monetary and financial system for Kuwait financial sector;
  • Highlight the main opportunities and challenges facing the financial sector in Kuwait during low oil prices and financial downturn;
  • Engage with and involve key economic and financial sector stakeholders, study and analyse the financial sector performance in Kuwait and its effect on the economic growth;
  • Identify new products where the financial sector in Kuwait can benefit and diversify production base
  • Analyze different ways to manage financial side of PPP and SMEs, and recommend options, with options for lower impact on public finance

4. Conduct national consultations and workshop to present the findings and get recommendations and inputs on the results of the study;

5. Conduct training sessions for GSSCPD/ KPPC staff to build the internal capacity in the areas related to the assignment;

6. Provide guidance and advice on the development of the customized macroeconomic model to ensure that its design is aligned with the requirement of the KPPC;  

7. Ensure that the policy recommendations in the white paper could be tested for in the  customized macroeconomic model.     

Expected Outputs and Deliverables

The duration and timeline of the deliverables is indicated in the below table:

Deliverables/ Outputs

Target Due Dates

Payment schedule in percentage

Review and Approvals Required

Economic outlook and forecast report on global economy and its effect on the  Kuwait economy;

After 3 months from date of contract issuance

25%

GSSCPD and UNDP Authorized Officer

Economic outlook and forecast report on Kuwait economy with emphasis on the next 5-year plan.

After 6 months from date of contract issuance

25%

GSSCPD and UNDP Authorized Officer

To submit a Kuwait financial sector white paper; and policy recommendations and policy options for the 5 year plan.

After 9 months from date of contract issuance

25%

GSSCPD and UNDP Authorized Officer

Conduct a national workshop and consultations to present the findings  to key stakeholders in the economic and financial sector. Final report with consideration of comments and feedback from the respective stakeholders, national partners’ comments including all attachments and analysis conducted.

After 12 months from date of contract issuance

25%

GSSCPD and UNDP Authorized Officer

Institutional Arrangement

  1. The consultant will work under the supervision of the Secretary General of the GSSCPD and in will coordinate his/her work directly with the KPPC Project Coordinator.
  2. The GSSCPD is responsible for provision of available information and access to any related information that is essential to complete the assignment.
  3. The consultant will submit draft reports on the analysis, research performed, policy documents on the financial sector with highlights on the assignment results as per above to be certified by and approved by the GSSCPD and UNDP Authorized Officer. These interim and final reports and documents will serve as a justification for payment.
  4. GSCCPD will provide with access to the working place, internet and printing machine.

Duration of the Work[1]

The overall duration of this consultancy will be 12 months.

Duty Station

The consultant will be required to be present in the State of Kuwait at least 20 working days every quarter during the assignment period or as agreed with the beneficiary. 8 trips will be covered under this assignment.

Scope of Price Proposal and Schedule of Payments

The financial proposal submitted shall specify a total lump sum amount, and payment terms around specific and measurable (qualitative and quantitative) deliverables (i.e. whether payments fall in installments or upon completion of the entire contract). Payments are based upon output, i.e. upon delivery of the services specified in the TOR. The financial proposal will include a breakdown of this lump sum amount (number of anticipated working days).

Travel: Please specify number of travels envisaged under this assignment.

EVALUATION

Individual consultants will be evaluated based on cumulative analysis 

The technical evaluation will be based on a desk review and an interview.

Total score=Technical Score + Financial Score.

Technical Criteria weight - 70%, 700 scores maximum 

Financial Criteria weight - 30%. 300 scores maximum

Only candidates obtaining a minimum of 490 from 700 point in the Technical Evaluation would be considered for the Financial Evaluation

The lowest qualified financial proposal receives 300 points and all the other financially qualified proposals receive points in inverse proportion, according to the formula:

P=Y*(L/Z), where

P=points for the financial proposal being evaluated

Y=maximum number of points for the financial proposal

L= price of the lowest price proposal

Z=price of the proposal being evaluated

The selection of candidates will be done in 3 stages:

1st stage: Prior to detailed evaluation, all applications will be thoroughly screened against eligibility criteria (minimum qualification requirements) as set in the TOR in order to determine whether they are compliant/non-compliant.

Shortlisting criteria  

1

Minimum Masters in Financial Economics, Economics, Financial Econometrics, or any related field

2

Minimum 10 years of experience in applied economic research and analysis ;

3

Fluency in English and Arabic language

2nd  stage: Evaluation of technical proposals

Short-listed candidates will be evaluated based on the following criteria. Only candidates obtaining a minimum of 490 points (70%) at the Technical Evaluation would be considered for the Financial Evaluation.

Technical Evaluation Criteria (Desk review and Interview based)

Maximum obtainable points – 700;   Threshold – 490 points

Masters in Financial Economics, Economics, Financial Econometrics, or any related field

PhD in Financial Economics, Economics, Financial Econometrics or any related field is an added advantage

60

 

30

Minimum 10 years of experience in applied economic and financial research and analysis

100

Proven ability to draft policy papers and policy documents, reports and publications

(please provide with minimum 2 reference links to documents drafted or published – 30 points per each paper)

60

 

 

Proven oral and written communication skills

30

Technical proposal with clear methodology presented

420

Financial Evaluation Criteria

Maximum obtainable points – 300 (30%)

3rd stage: Financial evaluation

Cumulative analysis will be used based on the following methodology: All the offers of individual consultants who scored 490 (70% from 700) and more points during the desk review are acceptable for financial evaluation. The lowest financial qualified proposal receives 300 points and all the other technically qualified proposals receive points in inverse proportion

The candidate achieving the highest cumulative score for both Technical and Financial evaluations will be recommended by the Evaluation Committee for contracting upon receipt of positive reference checks.

DOCUMENTS TO BE INCLUDED WHEN SUBMITTING THE PROPOSALS.

  1. Duly accomplished and signed Offeror’s letter/filled-in template to UNDP confirming interest and Breakdown of Costs Supporting the Final All-Inclusive Price as per Templatehttp://www.kw.undp.org/content/kuwait/en/home/operations/procurement.html. If an Offeror is employed by an organization/company/institution, and he/she expects his/her employer to charge a management fee in the process of releasing him/her to UNDP under Reimbursable Loan Agreement (RLA), the Offeror must indicate at this point, and ensure that all such costs are duly incorporated in the financial proposal submitted to UNDP;
  2. Complete and signed P11/CV http://www.kw.undp.org/content/kuwait/en/home/operations/procurement.html, indicating all past experience from similar projects, as well as the contact details (email and telephone number) of the Candidate;
  3. At least three (3) professional references;
  4. Brief description of why the individual considers him/herself as the most suitable for the assignment, and description of Approach to Work (Methodology); 
  5. Copy of diploma/s
  6. Copy of ID card (passport)


Competencies

Core Competencies

  • Reliably delivers on promises and honours commitments, holding himself/herself accountable for actions taken. 
  • Gains cooperation from others through understanding of the political and organizational culture.
  • Works collaboratively with team members sharing information openly and displaying cultural awareness and sensitivity.
  • Synthesizes multiple/complex messages, identifies appropriate key points for different audiences and communicates concepts in a manner that influences the perceptions/behaviours of others. 
  • Expresses own point of view in a neutral manner rather than in an argumentative tone, avoiding unproductive conflict.

Functional Competencies

Job Knowledge/Technical Expertise

  • Understands more advanced aspects of social development as well as the fundamental concepts of related disciplines. 
  • Continues to seek new and improved methods and systems for social planning.
  • Keeps abreast of new developments in area of public policy development and international organisations and seeks to develop him/herself professionally.


Required Skills and Experience

I. Academic Qualifications:

  • Minimum Masters in Financial Economics, Economics, Financial Econometrics, or any related field. PhD in indicated fields is an advantage.

II. Years of experience:

  • Minimum 10 years of experience in applied research work related to economics;
  • Proven ability to draft policy papers and policy documents, reports and publications (should be supported by copies or links of reports/publications);
  • Excellent communication, drafting, presentation and reporting skills;
  • Fluency in English and Arabic is a must.


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.


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