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In the recent two years, international financial organizations, such as the World Bank, the Asian Development Bank, etc., have suggested this Ministry several times that, for some loan projects of China, the financial statements and auditing reports thereof have not been supplied to the relevant lending organizations in good time pursuant to the requirements of the relevant loan or project agreements. Such cases have directly or indirectly imposed negative impacts on the credit standing and image of China's government and the relevant project entities. In order to further clarify the provisions and requirements of the relevant international financial organizations, to strictly carry out the stipulations of the relevant agreements, and to maintain the external credit standing and image of China's government, the relevant matters are hereby notified as follows: I. Whether the clauses of the loan agreements signed by China's government with the international financial organizations, such as the World Bank, the Asian Development Bank, the International Agricultural Development Fund, etc., can be fully performed directly concerns the external credit standing and image of China's government. Likewise, full performance of the clauses of the project agreements signed by the relevant project provinces or entities with the relevant lending organizations also directly concerns the external image and credit standing of those project provinces or entities. Therefore, the localities and entities must strictly abide by the clauses of the agreements signed with the relevant lending organizations, and earnestly perform the obligations stipulated therein. II. The localities and entities shall lay great stress on the submission of financial statements and auditing reports to the relevant international financial organizations. The localities and entities shall, pursuant to the requirements of the loan agreements and the relevant domestic financial provisions, make final financial accounting in good time after the end of each year, and shall actively cooperate with the local auditing bodies in the auditing, and thus to ensure that the financial statements and auditing reports of their respective projects are served to the relevant international financial organizations prior to the time set forth by such organizations (as for a project with the World Bank, service shall be prior to June 30 of each year, and as for a project with the Asian Development Bank, the service shall be prior to June 30 or September 30 of each year pursuant to the specific agreement stipulations). The local public finance authorities shall urge the entities undertaking loan projects of international financial organizations under their respective jurisdictions to submit the documents meeting the requirements in good time. III. Where the financial and auditing reports are not submitted to the relevant international financial organizations in good time due to the fault attributable to the project entities or finance authorities, thus affecting China's overall management level assessed by the international financial organizations, and the external image and credit standing of China's government, the Ministry of Finance will give corresponding punishments to the relevant project entities as well as the public finance departments (bureaus), such as suspending fund allocation to the special accounts, stopping arranging plans on visits to foreign countries, and withdrawing the power of the persons who draw the money and give the signature in the relevant projects, or suspending their drawing of money and making financial reports, and at the same time circulate notices of criticism to them. |
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