Gansu Provincial Audit Office of the People's Republic of China Audit Report #W * # A (2019) 11 -1T GANSU AUDIT REPORT (2019) NO. 11 Project Name : Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank & #: 8676-CN Loan No.: 8676-CN Project Entity: World Bank Loan Second Gansu Cultural and Natural Heritage Protection and Development Project Management Office 14: 2016 # 1 A 1 H 12018 * 12 A 31 F1 Accounting Year: January 1,2016-December 31,2018 目录 Contents 一、审计师意见．.............................................................．····················……1 1 .Auditor&5 OPinion .............................................................................．……3 二、财务报表及财务报表附注．.........................................................．……5 11.Financial Statemenis and Notes to the Financial Slatements ..........．……5 （一）资金平衡表．.......................................................．················……5 1 .Balance Shect ..............................................................................．……5 （二）项目进度表．.................................................．······················……7 11.Summ娜of Sources and Uses ofFunds by Project Componeni .．…7 （三）贷款协定执行情况表．.....................................................．……10 111 .Statement of Implementation of Loan Agreement ..................．……10 （四）专用账户报表．.................................................................．……n iv.Special Account statement......................................................．……n （五）财务报表附注．.................................................................．……13 v.NotestotheFinancialStatemenis.............................................．……16 三、审计发现的问题及建议．...........................................................．……20 m .Audit Findings and Reco~endations ........................................．……24 一、审计师意见 审计师意见 甘肃省世行贷款甘肃文化自然遗产保护与开发二期项目管理办公室： 我们审计了世界银行贷款甘肃文化自然遗产保护与开发二期项目 2018年12月31日的资金平衡表，以及截至该日同期间的项目进度表、 贷款协定执行情况表和专用账户报表等特定目的财务报表及财务报表附 注（第5页至第19页）。 （一）项目执行单位对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表及贷款协定执行情 况表是你办的责任，簖制专用账户报表是甘肃省财政厅的责任，这种责 任包括： 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编制项 目财务报表，并佼其实现公允反映； 2．设计、执行和维护必要的内部控制，以使项目财务报表不存在由 于舞弊或错误而导致的重大错报。 （二）审计责任 我们的责任是在执行审计工作的基础上对财务报表发表审计意见。 我们按照中国国家审计准则和国际审计准则的规定执行了审计工作，上 述准则要求我们遵守审计职业要求，计划和执行审计工作以对项目财务 报表是否不存在重大错报获取合理保证。 为获取有关财务报表金额和披露信息的有关证据，我们实施了必要 的审计程序。我们运用职业判断选择审计程序，这些程序包括对由于舞 弊或错误导致的财务报表重大错报风险的评估。在进行风险评估时，为 了设计恰当的审计程序，我们考虑了与财务报表相关的内部控制，但目 的并非对内部控制的有效性发表意见。审计工作还包括评价所选用会计 政策的恰当性和做出会计估计的合理性，以及评价财务报表的总体列 报。 l 我们相信，我们获取的审计证据是适当的、充分的，为发表审计意 见提供了基础。 （三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会计准 则、会计制度和本项目贷款协定的要求编制，公允反映了世界银行贷款 甘肃文化自然遗产保护与开发二期项目2018年12月31日的财务状况， 以及截至该日同期间的财务收支、项目执行和专用账户收支情况。 （四）其他事项 我们审查了本期内由省财政厅报送给世界银行的第01号至04号提 款申请书及所附资料。我们认为，这些资料均符合贷款协议的要求，可 以作为申请提款的依据。 ｝本审计。币意见之后，共同构成审计报告的还有两项内容：财务报表 及财务报表附注、审计发现的问题及建议。 中·妙· 地址：中国甘肃省兰州市民主东路109号 邮政簖码：730000 电话：86一931一8418421 传真：86一931一8929333 2 1. Auditor's Opinion Auditor's Opinion To World Bank Loan Second Gansu Cultural and Natural Heritage Protection and Development Project Management Office: We have audited the special purpose financial statements (from page 5 to page 19) of Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank, which comprise the Balance Sheet as of December 31, 2018, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement and the Special Account Statement for the period then ended, and Notes to the Financial Statements. Project Entity and Gansu Provincial Finance Department's Responsibility for the Financial Statements The preparation of the Balance Sheet, the Summary of Sources and Uses of Funds by Project Component and the Statement of Implementation of Loan Agreement is the responsibility of your entity, while the preparation of the Special Account Statement is the responsibility of Gansu Provincial Finance Department, which includes: i. Preparing and fair presenting the accompanying financial statements in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of 3 material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entities' preparation and fair presentation of the financial statements 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. Audit Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank as of December 31, 2018, its financial receipts and disbursements, the project implementation and the receipts and disbursements of special account for the period then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter We also examined the withdrawal application from No.01 to No.04 and the attached documents submitted to the World Bank during the period. In our opinion, these documents comply with the project loan agreement and can serve as basis for loan withdrawal. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations. Gansu Provincial Audit Office of the People's Republic of China June 26,2019 Address: NO. 109 Democracy East Road, Lanzhou Gansu, China Postcode:730000 Tel.: 86-931-8418421 Fax: 86-931-8929333 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. 4 II. Financial Statements and Notes to the Financial Statements i. Balance Sheet BALANCE SHEET 2018 4 12 A 31 E (As of December 31,2018) Project Name: Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank Entity Name:World Bank Loan Second Gansu Cultural and Natural Heritage Protection and Development Project Management Office 7f *ftk: ARKi Currency Unit: RMB Yuan Application of Fund Line No Beginning Balance Ending Balance - H JEfAfl (Total Project Expenditures) 1 108,997,696.35 1.4AtfflM#Y (Fixed Assets Transferred) 2 2.#tM§Jm nhXIB (Construction Expenditures to Be Disposed) 3 3. #HRfk (Investments Transferred-out) 4 4.iEIIEf (Construction in Progress) 5 - 108,997,696.35 S S&If-*@&&## (Investment Loan Receivable) 6 7- Including: World Bank Investment Loan Receivable 51-. &( &11)M K (Appropriate of Investment Loan) 8 9- Including: Appropriate of World Bank Investment Loan 1, ;# (Equipment) 10 fAtt: # lAR t# A(Including: Equipment Losses in Suspense) 11 H RflMr59- (Total Cash and Bank) 12 . 61,544,928.78 1.it## (Cash in Bank) 13 - 61,536,732.78 ArP: 1.9f JKPf4 (Including: Special Account) 14 - 40,141,029.40 2.WA (Cash on Hand) 15 - 8,196.00 A M $ 4& -A-it (Total Prepaid and Receivable) 16 - 21,800.00 Including: World Bank Loan Interest Receivable 17 - World Bank Loan Commitment Fee Receivable 18 World Bank Loan Service-Fee Receivable 19 -s JffriE* ( Marketable Securities) 20 A, Wt5*Pit (Total Fixed Asset) 21 [MZt illifr (Original Value of Fixed Assets) 22 X: Jit*IIfI (Less: Accumulated Depreciation) 23 - $J ??AT{11 (Net Value of Fixed Asset) 24 - [MZ/'%'rf (Fixed Asset Pending Disposal) 25 - E (Fixed Asset Losses in Suspense) 26 - !4 Al - it (Total Application of Fund) 27 - 170,564,425.13 5 BALANCE SHEET (continued) 2018 * 12 A) 31 R (As of December 31,2018) Project Name: Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank Entity Name:World Bank Loan Second Gansu Cultural and Natural Heritage Protection and Development Project Management Office &-F* : AR A 7 Currency Unit: RMB Yuan Sources of Fund Line No Beginning Ending Balance Balance - 0 41ait (Total Project Appropriation Funds) 28 - 12,044,960.00 4 E 4 f29- Project Capital and Capital Surplus A+: ffl0 (Including: Grants) 30 m MB {a-it (Total Project Loan) 31 - 116,595,902.22 1.A 0 RMAA (Total Project Investment Loan) 32 - 116,595,902.22 (1)IM M RZ (World Bank Loan) 33 - 116,595,902.22 AQ(Including): mliTTh%ttw(IDA) 34 m I FNRW (IBRD) 35 116,595,902.22 Ik**fFMR(Technical Cooperation) 36 IK Ir (Co-Financing) 37 (2)m Rff (Domestic Loan) 38 2.AO1%MW (Other Loan) 39 - V. -L AR r (Appropriated Investment Loan) 40 - - P: 4IA tR (Including: World Bank Loan) 41 - T, 4!Jk0* (Bond Fund) 42 - A *. LbERdA ( Construction Expenditures to Be Offset) 43 -L, fwf A (Total Payable) 44 - 41,901,807.44 A :R1 T a$1 ,45 - Including: World Bank Loan Interest Payable World Bank Loan Commitment Fee Payable 46 World Bank Loan Service Fee Payable 47 - A, R *i (Other Payables) 48 - h- A (Appropriation of Fund) 49 MR M&A (Retained Earnings) 50 - 21,755.47 * i& * t(Total Sources of Fund) 51 - 170,564,425.13 6 （二）项目进度表 11.Summary ofsources and Uses OfFundsbyProj呱Compone咐 项目进度表（一） SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENTI 本期截至2018年12月31日 伊or the period ended December 31,2018) 项目名称：世界银行贷款甘肃文化自然遗产保护与开发二期项目 ProjectN田且e:Second Gansu Culiural and Natural Heritage Protection and DeveloP]meni Project Financed by the World Bank 簖报单位：甘肃省世行贷款文化自然遗产保护与开发二期项目管理办公室 EntityN田ne:Worid Bank Loan Seeond Gansu Cuhiral and Natural Herltage Protection and Development Projeet Management office 一华有 7 项目进度表灌表） SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT(continued) 本期截至2018年12月31日 伊or the period ended December 31,2018) 项目名称：世行贷款甘肃文化自然遗产保护与开发二期项目 ProjectName:WOrldBankLoansecondGansuCu加叮a1andNatura1HeritageProtectionandDevelopmeniProject 簖报单位：甘肃省世行贷款文化自然遗产保护与开发二期项目管理办公室 EniityName:WorldBankLoansecondGansuCu】turalandNatura1HeritageProtectionandDeve1oP］肚eniProjectManagementoffice 犷幸 8 项目进度表（二） SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENTll 本期截至2018年12月31日 (For the period ended December 31,2018) 项目名称：世界银行贷款甘肃文化自然遗产保护与开发二期项目 ProjectN田且e:Second Gansu Cul奴叮al andNal班a1HeritagePrOtCctionandDeve1opmentProject FinancedbytheW位ldBank 簖报单位：甘肃省世行贷款文化自然遗产保护与开发二期项目管理办公室 EntityName:WorldBankLoanSecondGansuCuhura1andNa1旧ra1HeritagePr0tectionandDevefoPmentProjectManagement0ffice 货币单位：人民币元 毕一幸 9 iii. Statement of Implementation of Loan Agreement * #1 IT * A STATEMENT OF IMPLEMENTATION OF LOAN AGREEMENT *M,# __4S 2018 * 12 )1 31 H (For the period ended December 31, 2018) *Pt*: Project Name: Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank 41VA: -W*Vi ff 94 Alj'*t 4 3PA --M 3A PC, 39 "t, "- * Entity Name: World Bank Loan Second Gansu Cultural and Natural Heritage Protection and Development Project Management Office *7 *11: *"t/AR-Ct Urut USD/ RMB Yuan a)VRVC*w *M+AVR z i++A alk Loan Amount Amount of Current-period Withdrawals Accumulated Amount of Withdrawals Category 4)-T-r61-X,:rG 4fif0bru A.- A v 1 *_1r6_XR *_AU 1 USD USD RNM USD RNM Goods, non-consulting services, consultant services, Training and 13,412,000.00 817,663.96 51611,791.29 817,663.96 5,611,791.29 Workshops, andIncremental Operating Costs under the Project 2 T)N Works 86,338,000.00 9,920,898.55 68,089,110.93 9,920,898.55 68,089,110.93 3 Ag V Front-end Fee 250,000.00 250,000.00 1,715,800.00 250,000.00 1,715,800.00 4-! fflWp SpecialAccount 6,000,000.00 41,179,200.00 6,000,000.00 41,179,200.00 Ait Total 100,000,000.00 16,988,562.51 116,595,902.22 16,988,562.51 116,595,902.22 1 iv. Special Account Statement t*fl*Ptf1 SPECIAL ACCOUNT STATEMENT A0#1 2018 * 12 A 31 E (For the period ended December 31,2018) Project Name: Second Gansu Cultura andNatural Heritage Protec pository BankAhou Aing Sub- Development Project Financed by the World Bank branch, Gansu Province Branch, Industrial and Commercial Bank of China (ICBC) t #: 8676-CN X-U#: 2703001229200129748 Loan No.: 8676-CN Account NO.: 2703001229200129748 Prepared by: Gansu Provincial Finance Department Currency Unit: USD Part A: Account Activity For The Period Amount #J71N (Beginning Balance) 0.00 Au: (Add): Total Amount Deposited by World Bank 16,738,538.51 2, (2,120.26 Total Interest Earned this Period (Deposited in Special Account) Total Amount Refunded to Cover Ineligible Expenditures &: (Less): *JANAM (Total Amount Withdrawn) 10,891,925.03 Total Service Charges not Included in Above Amount Withdrawn) 24.00 MS## (Ending Balance) 5,848,733.74 11 PART B- Account Reconciliation Am t 6,000,000.00 Amount Advanced by World Bank M(Less): Total Amount Recovered by World Bank 6,000,000.00 Outstanding Amount Advanced to the Special Account at 12/31/2018 5,848,733.74 Ending Balance of the Special Account at 12/31/2018 tni: (Add) 153,362.52 Amount Claimed but not yet Credited at 12/31/2018 Application No. Amount 04 153,362.52 Amount Withdrawn but not yet Claimed at 12/31/2018 7ARI*M+3tM (4D**5 n6ifr) 24.00 Cumulative Service Charges (If not Included in Item 5 or 6) 91: (Deduct) 8.WACA (4AMtKPE$#) 2,120.26 Interest Earned (Included in Special Account) Total Advance to Special Account Accounted for at 12/31/2018 6,000,000.00 12 （五）财务报表附注 财务报表附注 1．项目概况 世界银行贷款甘肃文化自然遗产保护与开发二期项目于2017年7 月与世行签订贷款协议（贷款号8676一CN)，项目计划总投资人民币 101040万元，其中利用世行贷款1亿美元（约折合人民币65000万 元），支持本项目的实施。项目将在甘肃省的5个区县（包括：平凉市 径川县和庄浪县、陇南市宕昌县、康县、临夏州和政县），通过挖掘和 展示当地丰富的文化遗产，提高当地的遗产保护能力和管理水平，对项 目景区软、硬件提供全面支持，从而促进项目区域旅游业的转型升级和 可持续发展。由于环保政策收紧，部分建设内容审批受到限制，因此庄 浪、和政县部分建设内容将从项目中取消，计划新引入景泰县黄河石林 景区文化自然遗产保护与开发项目和康县茶文化景区项目，目前已完成 上述两个项目的可研报告和移民安置计划，环境监测报告正在完成中， 待环境检测报告审批通过后完善中期调整报告报世行审批。 项目执行期为2017至2022年，共计5年，贷款由省财政厅对外统 一借款，扼诺偼还责任，对内通过各项目受益地区和部门逐级转贷。即 由项目县（区）政府负责偼还贷款，并承担相应的外汇风险。 2．财务报表编制范围 本财务报表的簖制范围包括甘肃省项目办和4个县子项目办的财务 报表及省财政厅专用账户报表。 3．主要会计政策 3.1本项目财务报表按照财政部《世界银行贷款项目会计核算办 法》（财际字（2 000)13号）、《国际金融组织贷款会计制度》（财际 字〔1999〕165号）和《世界银行贷款甘肃文化自然遗产保护与开发二 期项目财务管理办法》的要求编制。 3.2会计核算年度采用公历年制，即公历每年1月1日至12月31 日。 l3 3.3本项目会计核算以“权责发生制”作为记账原则，采用借贷复式 记账法记账，以人民币为记账本位币。 3.4按照中国人民银行2018年12月28日汇率，即1美元＝人民币 6 .8632元。 4．报表科目说明 4.1项目支出 截至20 18年12月31日，项目支出累计人民币1 08,997,696.35 元。其中：遗产保护与旅游服务提升支出人民币21,482,121.06元，社 区基本服务转移支出人民币69,691,162.92元，能力建设、机构加强和 项目管理支持支出人民币16,467,547.00元，先征费人民币 1,654,150.00元，汇兑损益人民币一297,284.63元。 4.2货币资金 2018年12月31日货币资金余额为人民币61,544,928.78元，其中： 银行存款人民币61,536,732.78元（专用账户存款5,848,733.74美 元，折合人民币40,141,029.40元），现金人民币8,196.00元。 4.3预付及应收款 2018年12月31日预付及应收款余额为人民币21,800.00元，主要 是预付工程款。 4.4项目拨款 2018年12月31日项目拨款余额为人民币12,044,960.00元，主要 是项目配套资金。 4.5项目借款 2018年12月31日项目借款余额为人民币n6,595,902.22元，其 中：国际复兴开发银行贷款额为16,988,562.51美元，折合人民币 1 16,595,902.22元。 4.6应付款 l4 2018年12月31日应付款余额为人民币41,901,807.44元，其中： 应付工程款人民币22,336,315.94元，应付质保金人民币 19,502,278.75元，应付履约保证金人民币61,242.75元，其他应付款 人民币l,970.00元。 4.7留成收入 2018年12月31日留成收入余额为人民币21,755.47元。 4.8专用账户使用情况 本项目专用账户设在工行甘肃省分行兰州安宁支行，账号为 2703001229200129745，币种为美元。专用账户首次存款净额 6,000,000.00粎元，期初余额0.00美元，本期世行回补16,735,535.51美 元，利息收入2,120.26粎元；本期支付10,891,925.03美元，本期支付服 务费24.00粎元，期末余额5,548,733.74美元。 5．其他需要说明的事项 项目资金平衡表中世界银行贷款期末数与期初数之差、项目进度表 中相应本期发生额与贷款协定执行情况表人民币本期提款数不一致是由 于历年汇兑损益造成的。 l5 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project Overview The total investment of Second Gansu Cultural and Natural Heritage Protection and Development Project Financed by the World Bank (Loan No.: 8676-CN) is CNY1010.40 million and the World Bank loan is USD 100 million (about CNY 650 million) to support the project implementation. The project will be carried out in five districts or counties in Gansu Province (including: Jingchuan County and Zhuanglang County of Pingliang City, Tanchang County and Kang County of Longnan City, Hezheng County). The project aims to enhance the local heritage protection capacity and management level by excavating and displaying the rich cultural heritage of the area. Through providing comprehensive support for the software and hardware of the project area, the project will promote the transformation, upgrading and sustainable development of the tourism industry in the project area. Due to the tightening of environmental protection policies and the approval of some construction contents are restrained, some construction contents of Zhuanglang and Hezheng County will be canceled from the project. It is planned to introduce Jingtai County Yellow River Stone Forest Scenic Spot Cultural and Natural Heritage Protection and Development Pro ect and Kang County Tea Culture Scenic Spot Project. So far, the two projects has completed the feasibility study report and resettlement plan, and the environmental monitoring report is being completed. After the approval of the environmental test report, the mid-term adjustment report will be revised and reported to the World Bank for approval. The project implementation period is from 2017 to 2022 with a total of 5 years. The loan is externally borrowed and repaid by Gansu Provincial Finance Department and internally on-lent level by level through each project beneficiary area and sectors. That is, the municipal and county governments shall repay the loan and bear the corresponding foreign exchange risk. 2. Preparation of Financial Statement The scope of the statements includes Project Financial Statements of Gansu Province PMO and 4 County PMOs and special account statement of Gansu Province Finance Department. 3. Accounting Policies 16 3.1 The Financial Statements of the project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project (Caijizi[2000]No. 13), International Financial Organization Loan Accounting System (Caijizi[1999]No. 165) and World Bank Loan Second Gansu Cultural Natural Heritage Protection and Development Project Financial Management Manual. 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January 1 to December 31. 3.3 The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB is used as the recording currency of bookkeeping. 3.4 The exchange rate adopted in the financial statements was the exchange rate on December 28, 2018 of the People's Bank of China, which is USD1= RMB 6.8632 yuan. 4. Explanation of Subjects 4.1 Total Project Expenditures As of December 31, 2018, the balance was RMB 108,997,696.35 yuan, in which the balance for Heritage Protection and Tourism Services Improvement was RMB 21,482,121.06 yuan, Basic Community Services Transfer RMB 69,691,162.92 yuan, Capacity Development, Institutional Strengthening and Project Management and Support RMB 16,467,547.00 yuan, front-end fee RMB 1,654,150.00 yuan and Exchange Gains and Losses RMB -297,284.63 yuan. 4.2 Cash and Bank On December 31, 2018, the balance was RMB 61,544,928.78 yuan, in which bank deposit RMB 61,536,732.78 yuan (special account bank deposit USD 5,848,733.74, converted to RMB 40,141,029.40 yuan), cash in hand RMB 8,196.00 yuan. 4.3 Prepaid and Receivable On December 31, 2018, the balance of prepaid and receivables was RMB 21,800.00 yuan,mainly Advance payment. 4.4 Project Appropriation Funds 17 On December 31, 2018, the balance of the project appropriation was RMB 12,044,960.00 yuan,which was Appropriation Funds. 4.5 Project Loan On December 31, 2018, the balance of project loan was RMB 116,595,902.22 yuan, including the IBRD loan USD 16,988,562.51,converted to RMB 116,595,902.22 yuan. 4.6 Payable On December 31, 2018, the balance was RMB 41,901,807.44 yuan, in which the engineering fund payable was RMB 22,336,315.94 yuan,the quality retention money was RMB 19,502,278.75 yuan,the performance bond payable was RMB 61,242.75 yuan, and other payables were RMB 1,970.00yuan. 4.7 Retained Earnings On December 31, 2018, the book balance of retained earnings was RMB 21,755.47 yuan. 4.8 Special Account The Special Account of this project is set in Lanzhou Anning Branch, ICBC Bank, with the account number of 2703001229200129748, and USD as currency Unit. The initial deposit of the Special Account was USD 6,000,000.00. The beginning balance of 2018 was USD 0 and the reimbursement in the period was USD 16,738,538.51 (The World Bank replenishment funds). This period the interest earned was USD 2,120.26 and the disbursement was USD 10,891,925.03 and this period's payment service fee was USD24.00. Thus, the ending balance was USD 5,848,733.74. 5. Other Explanation for the Financial Statements Due to the change of foreign exchange rate, there are discrepancies between the difference of the beginning and ending balance of the WB loan in the Balance Sheet, the current year's loan received in the Summary of Sources and Uses of Funds by Project Component and the amount of current year's withdrawals (disclosed in RMB) in the Statement of Implementation of Loan Agreement. 18