OFFICIALS ATTEND THE ONLINE TRAINING ON FINANCIAL SPECIALIZATION

10/6/2021

The Strengthening Fiscal and Financial Stability project - implemented in collaboration with the World Bank – contributes to Mongolia's financial stability. Within the framework of the project, technical assistance activities are undertaken, improving the institutional capacity of the Financial Regulatory Commission (FRC). To empower FRC’s Insurance Market Department, officials responsible for developing regulatory policies of the insurance market are involved in advanced training presented by the internationally recognized Chartered Insurance Institute (CII) of the UK. The training targets to specialize officers in the field of finance at advanced levels. 

The CII is an internationally recognized professional institute, dedicated to building public trust in the insurance and financial planning profession. Online and physical training are among the many ways the CII achieves its goals. The CII awards certificates (formal recognition of high-quality learning), and accreditation for working in the specialized field; or as a consultant in the insurance sector. 

Officials from the FRC's Insurance Market Department attend advanced training in insurance underwriting, financial and investment planning, and bancassurance. At a time when the capital market is growing faster, and insurance companies are offering their shares publicly, underwriters and financial and investment planning officials are required to review investment estimates and register and trade financial instruments. Insurers who have submitted a request for becoming ‘listed’ companies will be able to have their financial statements reviewed and evaluated by their experts. Professionals specializing in ensuring fair competition and stability in the insurance market and overseeing and coordinating the proper management of assets in the insurance fund are of great importance. 

The FRC also trains and licenses underwriters, brokers, and other professionals to work in the domestic insurance market. Moreover, the Insurance Market Department's officials, who have received advanced training from a reputable international organization, will work as ‘trainers’ in subsequent training organized by the FRC. 

NEWS
WORLD BANK WORKING GROUP MET WITH PIU AND IMPLEMENTING ORGANIZATIONS REGARDING THE COMPLETION REPORT OF THE STRENGTHENING GOVERNANCE IN MONGOLIA PROJECT

4/3/2023

Concerning the Strengthening Governance in Mongolia project, which was completed on February 28, 2023, the World Bank working group to develop the project completion report had an official meeting with Project Implementation Unit (PIU) and implementing organizations on March 30, 2023. The purpose of the working group meeting is to review the implementation of the project, the results achieved, and the fulfillment of the project indicators.

PERFORMANCE BASED FINANCING: INSPIRING NEW APPROACHES TO PUBLIC FINANCIAL MANAGEMENT IN HEALTH AND EDUCATION

3/23/2023

Performance based financing (PBF) links funds or payments to service providers to results achieved and gives them considerable autonomy in the use of these funds. The strategic approach is appealing to many individuals and organizations as it motivates them to perform better and channels resources directly to the frontlines. This in turn fosters greater accountability. Using this approach has been popular in different sectors with some promising results emerging. 

AN INTEGRATED SYSTEM FOR RESULTS-BASED MEDIUM-TERM BUDGET PLANNING: IN ACHIEVING THE GOALS OF IMPROVING BUDGET PLANNING, BUDGET EFFICIENCY AND PROGRAM OUTCOME.

3/7/2023

    Under the scope of improving public financial management, Mongolia is aiming to introduce result-oriented medium-term budgeting, transitioning from the traditional input-based budgeting. This goal is aligned with development policy of Mongolia to shift from medium-term fiscal framework (MTFF) to medium-term expenditure framework (MTEF).

The MOF is entering the new phase of PFM Reform Action Plan

2/28/2023

Within the framework of the European Union financed, World Bank managed “Strengthening Governance in Mongolia” project, the Ministry of Finance, in compliance with the “Sustainable Development Vision 2030” and the “Action Program of the Government of Mongolia for 2016-2020”, has approved and implemented the Public Financial Management (PFM) Reform Strategy and the Action Plan for 2018-2022. The overarching objective of the strategy was to improve governance and achieve effective resource allocation and efficient public service delivery. The implementation status of the PFM Action Plan is indicated as “Certain results have been achieved” at the rate of 85 percent.

LAUNCHED BETA VERSION OF THE REDEVELOPED GLASS ACCOUNT PORTAL

1/20/2023

The Ministry of Finance Mongolia has developed and successfully launched the new version of the Glass Account Portal in 2023 within the framework of the Strengthening Governance in Mongolia Project jointly implemented by the EU and the World bank.

New systems and services are added in the Intermediate service platform for fiscal and financial systems

1/11/2023

The Ministry of Finance Mongolia has developed and successfully launched the Intermediate Service Platform (ISP) in 2022 within the framework of the Strengthening Governance in Mongolia Project. The main purpose of the system is to provide a possibility of information /web services/ exchange between the independent systems of the Ministry of Finance and other organizations in a easy and flexible way. In addition, it is solving the issues of overlapping connections and development between many information systems and organizations, transferring them to a unified standard, making it has no complexity, and more secure.

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