4/20/2022
The development of the new stock market in Mongolia, which was first established in 1990, has been accelerating in recent years, and the appropriate legal environment and government policies and regulations must be implemented promptly.
The first Securities Market Law was enacted in 1994 and has been revised in 2002. The current law was amended in 2013 and has been amended seven times since its enactment. However, due to the rapidly changing international and domestic environment in the stock market practice, the lack of a regulatory framework for the introduction of new emerging products and services in the market makes it necessary to make certain changes and updates in the legislation.
Within the framework of the “Strengthening Fiscal and Financial Stability Project” jointly implemented by the Ministry of Finance of Mongolia and the World Bank, the following fundamental changes have been carried out on as part of the legal reforms to improve the stability of the financial sector and stock market since 2021. These include:
A discussion, which was supported by the project, related to the above changes was held between the MOF Legal Department, the MongolBank, the Financial Regulatory Commission, and the representatives of the Association of Stock Market and the Securities Dealers.
The above legislative reforms will result in the elimination of the duplicated functions of government regulators and self-regulatory bodies in the market, market efficiency, transparency of information of joint-stock companies, improved corporate governance, the entitlement of shareholders' rights, and protection of the interests of small shareholders by differentiating the types of self-regulatory bodies and improving the scope of rights and responsibilities. The revised draft law is being prepared to be submitted to the Parliament.
|
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. |
