According to the World Bank Financial Management Manual, project financial management combines the activities of planning, budgeting, accounting, financial reporting, internal control, auditing, procurement, disbursement and the physical performance of a project with the aim of managing project resources properly, to achieve project’s development objectives.

Sound financial management together with accurate and timely financial data are critical prerequisites for successful project implementation as they aid in effective decision making to guarantee project completion per timelines, scope of deliverables and budget. In addition, these help project management team to take decisive corrective actions on factors that threaten to derail the project.

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