Senior Economist

At the World Bank, a member of the World Bank Group (WBG), you’ll join a diverse, global community working across cultures, disciplines, and borders to address the world’s most pressing development challenges. With 1.2 billion young people reaching working age in the decade ahead, the challenge of job creation has never been greater. Through partnerships across 145 countries and more than 182 offices worldwide, we work with governments, private sector, development partners and other stakeholders to invest in people, strengthen markets, and deliver scalable, data-driven solutions that generate more and better jobs and improve lives. For more information, visit https://www.worldbank.org/en/who-we-are/ibrd Background General Description: At COP27 and CMA4, the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) and the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA) established funding arrangements to assist developing countries particularly vulnerable to climate change. This decision established the Fund for responding to Loss and Damage (FRLD) to assist developing countries vulnerable to the economic and non-economic impacts of climate change, including extreme weather and slow onset events. At COP28 and CMA5, the COP/CMA formally approved the Fund’s Governing Instrument, designating it as part of the UNFCCC’s financial mechanism and placing it under the guidance of both COP and CMA. The decision authorized the Fund’s Board to sign a Hosting arrangement with the World Bank as the host for the FRLD Secretariat as well as a Trustee agreement with the World Bank as the interim trustee for four years. The FRLD Secretariat, led by the Executive Director (ED), is an independent Secretariat, accountable to the Board, and is responsible for executing the day to day operations of the Fund in accordance with the decisions of the Board. The Secretariat is composed of 5 divisions led by Program Managers that report to the Office of the Executive Director: Board Affairs and Governance; Programming and Country Engagement; Knowledge, Monitoring and Evaluation and Learning; Resource Mobilization, Communications and Partnerships; and Budget and Finance Management. The Programming and Country Engagement (PACE) division under the FRLD Secretariat is the programming and technical core of the Secretariat, responsible for leading the development and operationalization of funding modalities and instruments, and managing the pipeline and portfolio of the FRLD in close engagement with countries and access entities. Key functions include (1) developing programming modalities and instruments for the start-up phase (Barbados Implementation Modalities, BIM) and long-term operations of the Fund; (2) conducting the review of funding requests submitted to the Fund; (3) managing the pipeline and approved portfolio throughout the stages of the funding cycle, in close coordination and engagement with countries and access entities; (4) supporting the development of the simplified mechanism for determining functional equivalency of countries and entities; (5) representing the Fund, on matters related to programming and country engagement, in global and regional dialogues and conferences; and (6) collaborating with the entities in the funding arrangements to ensure complementarity and coherence. The PACE team is led by a Program Manager who is supported by programming and subject-matter specialists in fields related to loss and damage and climate and development finance. Under the leadership and guidance of the Program Manager, the Senior Economist leads on fiduciary and financial matters across the FRLD pipeline and portfolio and develops policies, frameworks and methodologies for operationalizing a diversity of financial instruments and mechanisms that can support countries in responding to loss and damage. The Senior Economist also leads analytical and knowledge work on economic and financial issues related to loss and damage, and provides strategic advice to the Secretariat. The Senior Economist will report to the Program Manager of the PACE team and will collaborate closely with the wider PACE team as well as others across the wider Secretariat. Key Responsibilities The key responsibilities include (but are not limited to): Pipeline and Portfolio Management • Lead a team of fiduciary specialists in conducting fiduciary review of funding requests and related documents/reports submitted during the implementation of projects/programs • Develop methodologies for fiduciary review, monitoring and reporting and conduct training for the team, as required. • Quality assure the fiduciary and risk sections of the Secretariat assessment reports prepared for submission to the Board, ensuring consistency and full alignment with the assessment methodology and guidelines. • Manage and monitor the process and requirements for the direct budget support access modality, including reviewing the work of the external experts • Manage and monitor the process and requirements for new financial instruments that take into consideration debt sustainability (grants, highly concessional loans, guarantees, budget support and policy-based finance, equity, insurance mechanisms, risk-sharing mechanisms, pre-arranged finance, performance-based programmes and other financial products, etc.) • Serve as the team’s focal point for operational risk management for the pipeline and portfolio, in coordination with the Risk team under the Board Affairs and Governance unit • Participate in PACE leadership meetings, advise the Program Manager on key matters, and collaborate with other leads to facilitate coherence across the work of the team. Policies and Systems • Lead the development of the policy for the provision of grants, concessional resources and other financial instruments, modalities and facilities, taking into account access to other financial resources and debt sustainability • Contribute to the development of other funding modalities and access modalities, including rapid disbursement, small grants and etc. • Develop simplified fast-tracked screening mechanism to determine functional equivalency with internationally recognized standards of national and/or regional funding entities’ safeguards and standards to manage funded activities in country, in collaboration with others in the PACE and the wider Secretariat • Support the development of the funding agreement, led by the BAG team, ensuring alignment with programming and operational considerations • Lead analytical work and knowledge production on economic and financial matters relating to responding to loss and damage and advance strategic thinking on financial strategies, approaches and instruments • Advise the Program Manager and executive leadership on economic and financial matters • Conduct ad hoc assignments as tasked by the Program Manager. Country Engagement • Support the Program Manager in representing the Fund in external conferences and events on discussions related to economic and financial aspects of responding to loss and damage • Contribute to engagement with countries and access entities regarding programming and support the preparations, including preparing briefing notes, talking points and presentation slides for meetings, webinars and etc. Board meeting and consultations • Support the Program Manager with preparations for Board meetings, including ensuring relevant Board papers are delivered in a high quality and timely manner. • Contribute to the preparations for consultations with the Board and Observers, including delivery of high quality presentation materials, talking points, summary of key issues, etc.