Liaoning Provincial Audit Office of the People's Republic of China i- Audit Report i-*f'&4k C2019) 31 # LIAO AUDIT REPORT [2019)] NO.31 Project Name: Liaoning Coastal Economic Zone Urban Infrastructure and Environmental Management Project financed by World Bank k 8236-CN Loan No.: 8236-CN 4J~ k1t4: Thfv &K tf flT T ilT4 A?k /JF Z Project Entity: Liaoning Provincial Finance Department & Liaoning Urban Construction & Renewal Project Office 2018 Accounting Year: 2018 目录 ContentS 一、审计师意见．.......．……，....................．……，,．··．....．····，·，·，···················，·……1 工．Auditor&sOpinion二，…，...........．……，．……，..........．……，.........．……，.........．……3 二、财务报表及财务报表附注．,,.,.........．……，.．……，...．……，..............．……，,5 11 .Financial Statements and Notes to the Financial statemeflts二，……，……5 （一）资金平衡表…，,,..........．……，．……，,........．……，.,........．……，..．……5 i,Balance Sheet．…，........．……，.,...............．……，.........．……，,...........．……，5 （二）项目进度表．,．…，，二，...........．……，............．……，二，..........．……，.．…8 11.Summary of 50二ces and Uses ofFunds饰Project Component二8 （三）贷款协定执行情况表二，.,...........．……，.,,......．……，二，.,,....．……12 111 .statement叮Implementation ofLOan Agreement，…，．…，二，··……12 （四）专用账户报表．......................．……，．…，.........．……，..........．……13 iv .Special Account Statement........................．……，……，,,......．……，…13 （五）财务报表附注，二，,...．……，.．…，,............................．……，....．……15 v .Notes to the Financial Statements....．……，,............................．……18 三、审计发现的问题及建议……，,．…，.,.........．……，．…，.........．……，......．……22 111.Audit Findings and RecommendationS...．……，二，.............．……，,，·．.．……，25 一、审计师意见 审计师意见 辽宁省财政厅、辽宁省城市建设改造项目办公室： 我们审计了世界银行贷款辽宁沿海经济带城市基础设施和环境治理 项目2018年12月31日的资金平衡表及截至该日同年度的项目进度表、 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21页）o （一）省财政厅对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表、贷款协定执行情 况表和专用账户报表是辽宁省财政厅的责任，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 政策的恰当性和作出会计估计的合理性，以及评价财务报表的总体列报。 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 辽宁沿海经济带城市基础设施和环境治理项目2018年12月31日的财务 状况及截至该日同年度的财务收支、项目执行和专用账户执行情况。 （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15、16、17、18、 19、20号提款申请书及所附资料。我们认为，这些材料均符合贷款协议 的要求，可以作为申请提款的依据。 本审计师意见之后，共同构成审计报告的还有两项内容：财务报表 及财务报表附注和审计发现的问题及建议。 盆二 」侧仁 中华人民共和国辽子省审计厅 ｛口 2毋，年6月28日丫 地址：中国辽宁沈阳市皇姑区北陵大街45一1号 邮政簖码；110032 电话：86一24一8689 2625 传真：86一24一8689 3670 2 1. Auditor's Opinion Auditor's Opinion To Liaoning Provincial Finance Department & Liaoning Urban Construction & Renewal Project Office We have audited the special purpose financial statements from page 5 to page 21 ) of Liaoning Coastal Economic Zone Urban Infrastructure and Environmental Management Project financed by 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 year then ended, and Notes to the Financial Statements. Liaoning Provincial Finance Department's Responsibility for the Financial Statements Your entity is responsible for the preparation of the financial statements mentioned above, 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 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. Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of Liaoning Coastal Economic Zone Urban Infrastructure and Environmental Management Project financed by World Bank as of December 31, 2018 its financial receipts and disbursements and the project implementation for the year 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.15 to No.20and the attached documents submitted to the World Bank during the period. In our opinion, the attached 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. Liaoning Provincial Audit Office of People's Republic of China June 28, 2019 Address: No.45-1 Beiling Street, Huanggu District, Shenyang, Liaoning, China Postcode: 110032 Tel.: 86-24-86892625 Fax:86-24-86893670 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 * 12A 31 l (As of December 31, 2018) Project Name: Liaoning Coastal Economic Zone Urban Infrastructure and Environmental Management Project financed by World Bank 41*ik: i12?:M*FJP*t Prepared by: Liaoning Provincial Finance Department Currency Unit: RMB yuan Application of Fund Line Beginning Ending Balance Sources of Fund Line Beginning Ending Balance No. Balance No. Balance Total Project 1 622,410,094.30 989,688,369.69 Total Project 28 160,465,919.14 250,072,553.85 Expenditure Appropriation Funds Fixed Assets 2 - - 29 - TranserredProject Capital and TransferredCapitalSurplus Construction 3- Grant 30 - Expenditures to be Fund disposed Investment 4 - - 31 454,341,862.37 733,003,277.83 Total Project Loan Transferred-out 41 :(flTIg 11 3T)MM"Y Construction in 5 622,410,094.30 989,688,369.69 Total Project 32 454,341,862.37 733,003,277.83 Progress Investment Loan rAL I q-(1) M*MHIM Investment Loan 6 - - 33 454,341,862.37 733,003,277.83 Foreign Loan Receivable ____________ Including: World Bank 7 - -Including:IDA 34 - Investment Loan Receivable | 5 Appropriation of 8 I35 454,341,862.37 733,003,277.83 Investment Loan Including: appropriation 6 of World Bank Technical Cooperation Investment Loan 10 37 Equipment Co-financing - Including: Equipment 11 - Domestic Loan 38 Losses in Suspense 12 73,560,679.51 47,250,545.10 39 - Total Cash and Bank Other Loan 13 73,525,924.54 47,207,174.56 Appropriation of 40 - Cash in Bank Investment Loan Including: 14 3,850,53147 39,130,916.87 World Bank Loan 41 - Designated Account - - - i- 15 34,754.97 43,370.54 42 - Cash on Hand Bond Fund AA iN2tIlk2Atl3 Construction Total Prepaid and 16 38,627,991.42 50,276,566.03 expenditures to be 43 Receivable offset 17 - 44 119,790,983.72 104,139,649.15 Including: World Bank Total Payable Loan Interest Receivable World Bank Loan 18 -Icluding: World Bank 45 - Commitment Fee Receivable Loan Interest Payable 19 - - World Bank Loan 46 - World Bank Loan Commitment Fee Payable Service-fee Receivable I -iE 20 47 - Marketable Securities World Bank Loan Service Fee Payable Al 2l At 2MI1m 48 - Total Fixed Assets I I Other paables 6 22 -h- 49 Fixed Assets, Cost Appropriation of Fund ZQ: WTff*IH Less: 23 50 Accumulated Retained Earnings Depreciation - 24 - 51 Fixed Assets, net Fixed Assets 25 - 52 Pending Disposal 26 - 53 Fixed assets losses in suspense 27 734,598,765.23 1,087,215,480.82 54 734,598,765,23 1,087,215,480.83 Total Application of Fund ____Total Sources of Fund -- 7 (n) * 5 & ii. Summary of Sources and Uses of Funds by Project Component SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT I *MA9 2018 * 12 A 31 1 (For the period ended December 31, 2018) Project Name: Liaoning Coastal Economic Zone Urban Infrastructure and Environment Management Project 9T4*4i: iT t.kFY *4k: A,RpRtG Prepared by: Liaoning Provincial Finance Department Currency Unit: RMB yuan .1% it Current Period Cumulative Current Current Period Current Cumulative umulative 0 Period Budget Actual Co d Life of PAD Actual Completed P 1Kit Total Sources of 1,419,030,000.0 Funds 520,680,940.30 368,268,050.17 70.73% 0 983,075,831.68 69.28% International Financing 398,738,126.00 278,661,415.46 69.89% 937,600,000.00 733,003,277.83 78.19% 398,738,126.00 278,661,415.46 69.89% 937,500,000.00 733,003,277.83 78.19% 2. 5 ¶I4IDA I 4. E 4 Counterpart Financing 121,942,814.30 89,606,634.71 73.48% 481,530,000.00 250,072,553.85 51.93% 1. 3 E 41 4 Appropriation Funds 121,942,814.30 89,606,634.71 73.48% 481,530,000.00 250,072,553.85 51.93% 21 fE M DomestcL,oan 3. 1$ -9 V Bankroll of company Ezz ]'rfl fl- Total Application of Funds ( 19 ? Ft01 1,419,030,000.0 Subproject Component) 520,680,940.30 367,278,275.39 70.54% 0 989,688,369.69 69.74% Donggang City Transit Oriented Development 215,000,000.00 178,591,318.24 83.07% 402,430,000.00 343,211,075.44 85.28% l.b. *W±,iikWA4 K H Kuandian Urban Infrastructure 40,000,000.00 78,802,090.78 192.01% 196,380,000.00 169,468,318.43 86.30% Reconstruction Project _______ 8 Current Period Cumulative Current Current Period Current Cumulative "umulative 0 Period Budget Actual e ed Life of PAD Actual Completed I.e. &MMUAW% fI Lingyuan City Municipal Administration Path and Bridge Project 67,220,000.00 41,979,301.17 62.45% 349,810,000.00 89,777,842.38 25.66% i.e. t4& R * R Panjin City Public Transportation Development Project 121,410,940.30 24,481,775.21 20.16% 206,540,000.00 143,398,028.11 69.43% 2.a. W M W ZW zl }TI iR H Lingyuan Urban Municipal Drainage and Recycling Water Reuse Project 77,050,000.00 45,423,789.99 58,95% 263,870,000.00 243,833,105.33 92.41% MSh Difference 989,774.78 -6,612,538.01 Change in Receivables 11,648,574.61 50,276,566,03 2. h4'L Change in Payables 15,651,334.57 -104,139,649.15 3. AmrBiA4t Change in Cash and Bank -26,310,134.41 47,250,545.10 4. A9 Other , - - 1 9 ，方； � �+ а �i � a�i +�� k � � Й �� � Е-+ , � о �di.о И � 'F ,1 }'�" ь" О У_ � b '0. �.��, О � д �гГ' U р. N ���� м � �. G й п°i о й н � у� о м оо м оо о, м оа � 3 � м оо �о � � w .� сч о� й и J.I и � тL� � У гг�С С � b ;� сн �ы А I� W �� й О ы L. 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Statement of Implementation of Loan Agreement 'R A01, -1 Z A ff I x A STATEMENT OF IMPLEMENTATION OF LOAN AGREEMENT *,A,R 12018 * 12 A 31 F1 (For the period ended Derember 3 1, 2018 4 9' 9F 4 JA * A A ik t O JA ' I TAT ;t 4: !11 N Project Name: Liaoning Coastal Economic Zone Urban Infrastructure and Environment Management Project 44k*ik: i1!7T1V0-TkfT- *1k: A R -F it Prepared by: Liaoning Provincial Finance Department Currency Unit: RMB yuan Current-perio Withdrawals Cumulative Withdrawals Category Loan Amount YT -181- A R ffi tri-fl )" R ifi 9ZTc (USD) ATL (USD) (RMB) 9Z Tr, (USD) (RMB) ±1t-VY Civil Works 121,849,900.00 33,095,063.833 227,138,042.80 71,031,353,50 487,505,358.34 Equipment, 26,125,100.00 3,598,491.61 24,697,167.62 23,998,665.66 164,707,642.16 Materials and Vehicles (EMV) Consulting 1,650,000.00 575,916.13 3,952,627.58 1,396,950.4511 9,587,550.33 Service and Training Vq, AIEV Front-endFee 375,000.00 - 375,000 00 2,573,700.00 H, %ft9Vffl Unallocated - - IN, XP Designated Account 10,000,000.00 68,632,000.00 ILI Others 00. 37,269,071.57 255,785,092.00 106,801,969.61 733,003,277.83 kit Total 150,000,0 00 12 ( vy) #YfD M Pt_1 iv. Advance Account Statement SPECIAL ACCOUNT STATEMENT *M a 4EJ 2018 4 12 A1 31 H (For the period ended December 31, 2018) Project Name: Liaoning Coastal Economic Zone Urban Infrastructure and Environmental Management Project financed by World Bank & : 8236-CN Loan No.8236-CN Prepared by: Liaoning Provincial Finance Department ffP4RWt4 r N W:f 4 P-Ftfl4T Depository Bank: Heping branch of Agricultural Bank of China Mrfk#: 06135014040000738 Account No. : 06135014040000738 Currency : USD Part A-Account Activity for the Current Period Amount Beginning balance (Dec 31,2017) 589,288.89 Add: 37,269,07 1.57 Total amount deposited by World Bank MPJAR MM (AWW PMS)4,481.85 Total interest earned this period if deposited in Designated Account Total amount refunded to cover ineligible expenditures Deduct: 32,156,804.79 Total amount withdrawn 4,481.85 Total Interest withdrawn 13 Total service changes if not included in above amount withdrawn 5,701,555.67 Ending balance (Dec 31,2018) Part B - Account Reconciliation LEFF-0 & MAR10,000,000.00 Amount advanced by World Bank 2. rV4 I 1Y,1.ATM Total amount recovered by World Bank 3. M*Amw f 9 iKr P - & A f Outstanding amount advanced to the Designated Account at 10,000,000.00 Dec 31,2018 .E)5KP MA ,5,701,555.67 Ending balance of Designated Account at Dec 31,2018 Add: 5.M S M B i R lA R 428443 Amount claimed but not yet credited at month/day/year 4,298,444.33 Application No. 8236-CN0021 4,298,444.33 6.am0M A ENE $1@iRRA Amount withdrawn but not yet claimed 71Thv r#i (4i@tE570l684) Cumulative service charges (if not included in item 5. Or 6.) Deduct: 8.TJ,&A (TAtJRPM6) Interest earned (if included in Designated Account) Total advance to Designated Account accounted for at Dee 10,000,00000 31,2018 14 （五）财务报表附注 财务报表附注 1．项目概况 辽宁沿海经济带城市基础设施和环境管理项目（以下简称本项目）于 2013年3月20日获得世行董事会批准，我国政府于2013年5月20日正 式与世界银行签订该项目的贷款协定，获得世行贷款1,5。亿美元，贷款号 为8236一CN。本项目的主要目标指导城市和经济群附近的发展进程并帮助 保护有价值的生态系统并打造具备更好公共服务的宜居城市以吸引人口 和投资。预期的项目成果是改善沿海经济带城市的城市交通和城市污水处 理和中水回用。项目预计2018年9月30日完工，2018年9月30日关账， 后延期至2019年9月30日关账。项目计划总投资在中期调整后为2.27 亿粎元，其中世行贷款额1,50亿美元，其余为国内配套资金。 项目实施机构包括： 。东港市市政管理处 。宽甸满族自治县城乡建设房地产开发有限公司 。盘锦市公共交通有限公司 。凌源市市政管理处 。凌源市应急供水建设管理处 2．财务报表编制范围 本财务报表的簖制范围包括5个子项目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〔2000〕13号）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。 15 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，以入民币为记账本位币。 3.4期末外币业务按照中国人民银行2018年12月31日汇率折算， 即USDI＝人民币6.8632元。 4．报表科目说明 4.1项目支出 2018年项目支出人民币367,275,257.39元。截至2018年12月31日， 项目累计支出人民币989,688,3 69.69元，占总投资计划的6974％。 4.2货币资金 2018年12月31日货币资金余额为人民币47,250,545.10元，其中专 用账户存款折合人民币39,130,916.87元。 4.3预付及应收款 2018年12月31日预付及应收款账面余额为50,276,566.03元，为宽甸 县老城区基础建设改造项目、凌源市城市排水及再生水回用工程项目和凌 源市道路、桥梁项目的预付工程款。 4.4项目拨款 2018年12月31日余额为人民币250，。72,553.85元，是省、市、县各 级到位的配套资金，占计划额的51.93％。项目计划配套资金总额为人民 币481,530,000.00元。 4.5项目借款 2018年12月31日余额为人民币733,003,277.83元，其中：世行贷款 额为106,801,969.61粎元，折合人民币733,003,277,83元。 截至2018年12月31日，累计提取世行贷款资金106,801,969.61美 元，占贷款总额的78,19％。 16 4.6应付款 截至2015年12月31日应付款余额为104,139,649.15元。 5．专用账户使用情况 本项目专用账户设在中国农业银行沈阳和平支行，账号为 06135014040000738，币种为粎元。专用账户首次存款10,000,000.00美元。 期初初余额为589,258.89粎元，本年度回补37,269,071.57美元，本期利 息收入4,48 1 .85粎元，本期利息转出为4,48 1 .85美元，本期支付 32,156,804.79粎元，年末余额5,701,555,67美元，本年已申请报账尚未回 补4,295,444.33美元。 6．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。 11. Notes to the Financial Statements Notes to the Financial Statements 1. Project overview Liaoning Coastal Economic Zone Urban Ini-astructure and Environment Management Project (hereinafter referred to as Project) is approved by board of director of World Bank ( hereinafter referred to as WB ) on March 20th 2013. And, the goverm-nent of the People's Republic of China officially signed the Loan Agreement with WB on May 20th, 2013, which stipulated that WB provides USD 150 million loan for the implementation of the Project. The WB Loan Number is 8236-CN. The project aims to improve traffic efficiency and solve water shortage problems of coastal cities in Liaoning Coastal Economic Zone Urban. The expected achievement of the Project is improvements of urban transportation and waste water treatment and reuse of reclaimed water. The Project is expected to be completed by 30 September 2018. The loan closing date is 30 September 2018, and then the closed data was delayed to September 30, 2019. The total investment plan of the project after mid-term adjustment is USD 227,187,200.00, among which the WB loan amount is USD 150,000,000.00, and the rest are domestic counterpart funds. The implementation institutions include: " Dong gang City: Dong gang Municipal Administration Department; " Indiana County: Indiana Rural-Urban Real Estate Construction and Development Company, Ltd. " Tianjin City: Tianjin Public Transport Company, Ltd; " Clingy City: Clingy Municipal Administration Department; " Clingy City: Clingy Emergency Water Supply and Administration Department. 2. Consolidation Scope of the Financial Statements Consolidation scope of the financial statements covers the financial statements of five projects, as well as the Designated Account set in the Reckoning Provincial Department of Finance. 3. Accounting Policies 3.1 The Financial Statements of the Project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project (Cadiz[2000]No.13) . 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January I to December 31. 3.3 The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB Yuan is used as the recording currency for bookkeeping. 3.4 The exchange rate used in the financial statements was the exchange rate on December 31, 2018 of the People's Bank of China, which is USD1= RMB 6.8632 yuan. 4. Explanation of Subjects 4.1 Total Project Expenditures The Project Expenditure during 2018 was RMB 367,278,257.39 yuan. By the December 31, 2018, the cumulative expenditures were RMB 989,688,369.69 yuan, which accounted for 69.74% of the total investment plan. 4.2 Total Cash and Bank On December 31, 2018, the balance of cash in the bank and on hand was totally RMB 47,250,545.10 yuan, among which the amount in the Designated Account was RMB 39,130,916.87 yuan. 4.3 Advanced Payment and Receivable 19 The account balance on December 31, 2018 was RMB 50,276,566.03 yuan which was the construction advance payment for the Indiana Urban Infrastructure Reconstruction Project, Clingy Urban Municipal Drainage and Recycling Water Reuse Project and Clingy City Municipal Administration Path and Bridge Project. 4.4 Project Appropriation Funds The balance on December 31, 2018 was RMB 250,072,553.85 yuan, which was the counterpart fund contributed by all levels including the province, the projector cities and the counties, which accounted for 51.93% of the total counterpart fund. The total planned counterpart funds of the Project were RMB 481,530,000.00 yuan. 4.5 Project Loan The balance on December 31, 2018 was RMB 733,003,277.83 yuan, among which, the WB loan was USD 106,801,969.61, equivalent of RMB 733,003,277.83 yuan. By the end of December 31, 2018, the accumulative withdrawn amount from the WB loan was USD 106,801,969.61, accounting for 78.19% of the total loan amount. 4.6 Payable The balance on December 31, 2018 was RMB 104,139,649.15 yuan. 5. Designated Account The Designated Account in US dollar has been established for the Project in Loyang He ping branch of Agriculture Bank of China, with the account number 06135014040000738. The initial deposit to the Designated Account is USD 10,000,000.00. The beginning balance was USD 589,288.89 and the replenishment amount in 2018 was USD 37,269,071.57. This interest earning in 2018 was USD 4,481.85. The total disbursement during this period was USD 32,156,804.79. The ending balance was USD 5,701,555.67, amount claimed but not yet claimed was USD 4,298,444.33. 6. Others explanation 20 The discrepancy among the World Bank loan difference between ending and beginning balance in Balance Sheet, the World Bank loan current period actual in Summary of Sources and Uses of Funds by Project Component I and World Bank loan current period withdrawals in Statement of Implementation of Loan Agreement is resulted by exchange gain and loss. 21