Reference: | C11/CS/010 |
Client: | Ministry of Finance |
Category: | Consultancy Service |
Advertised: | 5/16/2018 |
Deadline: | 5/30/2018 11:00:00 |
REQUEST FOR EXPRESSION OF INTEREST. Mongolia has received a
credit from the International Development Association (IDA) for the
Strengthening Fiscal and Financial Stability Project (SFFSP). The
Objective of the SFFS Project is to contribute to the Government of
Mongolia’s efforts to strengthen fiscal and financial stability and
improve the quality of expenditure. The project is designed into five
components: (I) Strengthening Macroeconomic and Fiscal Management; (II)
Improving the Efficiency of Public Financial Management; (III) Enhancing
Financial Sector Stability; (IV) Strengthening the Social Protection
System; (V) Project Management and Monitoring. The objectives are to:
Strengthening fiscal responsibility and implementing relevant policy
measures, improving fiscal discipline, strengthening the resiliency of
the banking system, improving public expenditure quality in social
protection, providing support for Project implementation, coordination,
monitoring and evaluation, including, inter alia, audit arrangements,
reporting requirements, procurement and financial management activities
respectively. For more details, please refer to the Project Appraisal
Document Report No. PAD2269.
Mongolia’s total public debt (NPV) is
projected to increase in the future and therefore, the Government of
Mongolia has been taking actions to reduce it. The country’s external
debt consists of borrowings from multilateral sources, bond issuance in
the international capital markets, and government guarantees. In order
to improve public debt management operations, the Mongolian Law on Debt
Management has been approved and adopted by the Parliament on February
18, 2015. The Purpose of the Law is as follows: i) ensuring the
appropriate level of public debt within the regulatory framework; ii)
implementing the medium-term government debt management strategy; iii)
regulating relations in connection with the central and local
governments that arise from issuing loans, on-lending arrangements,
guarantees, recording, reporting, and controlling all debt obligations.
The
Public debt management strategy and management capabilities are crucial
for consistent and successful sovereign bond issuances. Importantly the
size, terms and conditions of external bond issues should be consistent
with the government’s medium-term government debt management policy
objectives and framework. Moreover, sovereign bond issuance in the
international debt markets can strengthen macroeconomic discipline and
transparency given the demands and required due diligence by
international market participants.
In recent years the Government of
Mongolia has successfully issued several bonds such as Chinggis Bonds,
Dim Sum Bonds, Mazaalai Bonds, Khuraldai Bonds and Gerege Bonds at the
International Markets and in the future the Government intends to have
its active participation in the international markets. Thus, in order to
succeed and to make sure a strong participation at the international
markets in the future the country needs to have a comprehensive and
proper regulation for the Government External Bond Issuance aligned with
the Mongolian Law on Debt Management. The Ministry of Finance,
therefore, is seeking to hire an International Individual Consultant to
conduct a detailed analysis on the outstanding external bonds and draft
the regulation (Government External Bond Issuance Regulation), which
will be closely supervised by the Financial Policy Department of MOF
throughout the period of the consultancy service.
SCOPE OF THE ASSIGNMENT
The
main objective of the National Individual Consultant is to assist the
Financial Market and Insurance Division (FMID) of Financial Policy
Department of Ministry of Finance (MOF) for reviewing and providing
assessment on the current external bond agreements and documents and
drafting the Government External Bond Issuance Regulation in accordance
with the Debt Management Law of Mongolia. In addition, he/she should
prepare a comprehensive Government bond investor presentation template
that will be used for future bond issuances and investor relations
activities.
The consultant shall carry out the following tasks, but not limited to:
I.
Analyzing current external bond agreements and drafting External Bond
Regulation - The consultant should prepare a final draft of the External
Bond Regulation based on a thorough assessment of the current
agreements and contract of the external bonds:
1. Conduct a
thorough analysis of the outstanding Mongolian Government Bonds and
contracts, including Chinggis Bonds, Dim Sum Bonds, Mazaalai Bonds,
Khuraldai Bonds and Gerege Bonds.
2. Carry out a comparative
research on the international best practices of external bond
regulations and provide analytical report of it.
3. Produce a
final draft document of the Government External Bond Issuance Regulation
in accordance with the Debt Management law of Mongolia.
II. Preparing Bond Investor Presentation Template:
1. Create and design a comprehensive draft bond investor presentation
template that will be used for future bond issuances and investor
relations activities.
III. Recommendation on Institutional arrangement for FMID:
1.To consult with the key stakeholders and organize the working group meetings.
2.Undertake such other tasks as reasonably requested and/or assigned by the FMID, MOF.
SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:
Education:
A suitable candidate should have a postgraduate degree from an
accredited university (preferably from OECD countries) and in the fields
of Finance, Economics, Public Finance, Management and Investment.
Experience:
a.Incumbent should have at least 5-10 years of relevant professional
experience preferably in the Public sector with the skill of developing
legislation, conducting financial and economic analysis.
b.International professional experience would be an asset.
c.A good understanding of Mongolian financial systems, laws, and regulations.
Language skills: Fluent written and spoken skills in English and Mongolian.
Other skills:
a.Excellent skills in research, facilitation of workshops, and consultations.
b.With excellent skills and abilities to function effectively and collaboratively in a team environment.
c.Be proficient in PC based applications such as Word, Excel and data
management, and have excellent web research and navigation skills.
CONTRACT DURATION:
The
consultant is expected to commence working effective from June, 2018.
The duration of the assignment is 6 months. The consultant will be
selected in accordance with the World Bank’s Procurement Regulations for
IPF Borrowers (July 2016).
If you possess the above qualifications, please submit following documents in person:
Cover letter indicating why she/he considers her/himself suitable for the position,
Detailed CV highlighting relevant skills/experience,
Copy of diplomas or certificates and,
2 reference letters from previous last two employers no later than 11:00 P.M, May 30, 2018 in person.
The
submitted documents will not be returned to the applicants. Please be
noted that incomplete applications would not be considered for
evaluation. Only selected candidates will be contacted. Candidates can
be interviewed. Detailed terms of reference can be requested from
procurement@sffs.mn Contact address: Attn: Ms.Khaliun, Procurement
Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582
70120582