Final disbursement.Preparation of WA(s) for final disbursement(s) of project loan
and tranche disbursement of a policy-based loan should be closely coordinated
between ADB and the borrower and/or EA, particularly if the remaining unutilized
balance is expected to be fully utilized.
4.17 Winding-up period.10
The borrower may make withdrawals from the loan account
for expenditures incurred on or before the loan closing date. Expenditures incurred
after the loan closing date will not be financed under the loan. ADB may allow up to
4 months after the loan closing date (i) for the borrower’s WAs to be submitted to ADB
for expenditures incurred on or before the loan closing date, and (ii) for the borrower
to fully liquidate expenditures incurred on or before the loan closing date. After the
winding-up period, WAs, including requests for liquidation, will not be accepted.
Extension of the winding-up period, on an exceptional basis, may be approved by ADB
(Section 4.14).
4.18 Within 2 months after the winding-up period for submission of documents, the
borrower should fully refund any outstanding imprest account balances to ADB. If the
borrower fails to fully refund such balances, ADB may, among other corrective actions,
decide not to allow the use of the imprest fund procedure under the borrower’s new
projects until such time as the refund is received.
4.19 Payment of final audit fees.If external auditor’s fees are financed by ADB, it is
best practice to pay the audit fee before the loan closing date after completing the
final audit (Section 4.15). When audit fees under a project need to be paid after the
closing date, special arrangements may be required for payment of the final audit fee
from the loan account. External auditor’s fees for the final fiscal year may be disbursed
from the loan account, under condition that (i) the borrower signs a contract for the
final audit prior to the loan closing date, and (ii) the contract is a lump-sum or fixedprice contract that requires completion
11
of audit within 6 months after the loan
closing date. If the audit work cannot be completed during the winding-up period, and
the final audit fee will be paid through the escrow account, full supporting documents
should be attached to the WA (see Appendix 4D for more details).
4.20 Refunds.All refunds must be paid to ADB’s accounts at its depository banks with
payment details indicating (i) references such as loan number, (ii) description or
nature of the refund, and (iii) currency and amount of refund. The borrower and/or
EA should send advice to ADB’s Treasury Services Division (TDTS) and CTLA once
a refund is made.

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 The corresponding bank statement and the imprest account reconciliation
statement (Appendix 10C) are also required to be submitted with the WA. The WA
must be prepared in the currency of the imprest account.
10.16  Replenishment of advances is normally provided only until 6 months before the loan
closing date.
10.17  As ADB provides advances to cover projected eligible expenditure for 6 months, the
target turnover ratio of the imprest account is 2.0 per annum.
8
If the turnover ratio
of the imprest account is lower than the target, ADB may reduce the level of advance
to the imprest account by adjusting the amount of replenishment or by requesting a
refund to ADB, as appropriate.
10.18  If replenishment by ADB to the imprest account is less than the amount of the WA,
ADB will notify the borrower in writing, by fax, email, or other means such as the
Loan Financial Information System or Grant Financial Information System website
(Section 4.10 and Chapter 14).
10.19  If the requested level of advance is larger than appropriate level of advance (items 7
and 8 of Appendix 10C) or additional advances are required for project activities, the
borrower should submit the estimate of expenditures (Section 10.12 and Appendix 10B).
If justified, replenishment and/or additional advance may be provided.
Final Liquidation of Advances to the Imprest Account
10.20  All advances to the imprest account are to be liquidated by ADB’s share of eligible
expenditures incurred on or before the loan closing date.
10.21  Advances are normally liquidated without replenishment during the 6-month
period prior to the loan closing date in order to ensure (i) refund of advance is zero
or a minimal amount, and (ii) the borrower can obtain supporting documentation
for clearing the outstanding advances before the end of the winding-up period
(Sections 10.15–10.19).
Refund of Advance
10.22  Any unliquidated balance of the advance to the imprest account must be promptly
refunded to ADB (Sections 4.18 and 4.20–4.22). Refund of imprest advance is normally
in the currency of the imprest account. If the currency of the imprest account (e.g.,
US dollars) is different from the currency of loan account (e.g., special drawing right
[SDR]), exchange difference between the amount charged to the loan account when
the advance was originally made and the equivalent amount at the time of refund are
absorbed in the borrower’s loan account.