OPEN BUDGET INDEX AND MONGOLIA

9/28/2022

In 2011, government leaders and civil society advocates came together to create a unique partnership—one that combines these powerful forces to promote accountable, responsive, and inclusive governance. Everyone everywhere should have the opportunity to engage with the budget process in a meaningful way. First launched in 2006, the Open Budget Survey is the world’s only independent, comparative, and fact-based research instrument to measure these essential aspects of governance and accountability.

Budgets in most countries are not sufficiently transparent. The global average score for budget transparency is 45 out of 100, demonstrating that the public needs more information to engage in meaningful debate on government funds and to make the distribution of resources more equitable. About 30 percent of surveyed countries have sufficient levels of budget transparency.


With the support of the European Union and the World Bank, the Ministry of Finance of Mongolia has been implementing the Strengthening Fiscal and Financial Stability project and the Strengthening Governance in Mongolia project to support Government's effort to strengthen fiscal transparency and accountability in Mongolia. Within the framework of strengthening budget transparency, establishing a mechanism for preparing, and distributing Citizens' budgets online in a timely manner to the public, and improving the comprehensiveness of the Year-End report has been evidenced by the achievement in the 2021 Open Budget Index (OBI). Mongolia scored 60 in the 2021 survey which represents 16 points above compared with 46 in 2017. 


The OBS assessed activities are undertaken and eight documents should have been published by December 31, 2020. Further enhancing this initiative from 2021, the Ministry of Finance has begun to develop a MID-YEAR ECONOMIC AND BUDGET REVIEW to expand budget information for the public. The mid-year review provides information on economic and fiscal performance in the first half of the year and expected performance at the end of the year based on it. As a result, the OBI for Mongolia will improve in the next round of assessment.

NEWS
DRAFT OF THE MID-TERM ROADMAP TOWARD IMPLEMENTATION OF ACCRUAL BASED IPSAS AND CHART OF ACCOUNTS FOR PUBLIC SECTOR ACCOUNTING BEING DEVELOPED

11/30/2022

As part of the Strengthening Fiscal and Financial Stability project, a consulting team has been developing draft of the mid-term roadmap toward implementation of accrual based International Public Sector Accounting Standards (IPSAS), economic classification and chart of accounts for public sector accounting and reporting. 

Working on a model for establishing a sustainable Central Provident Fund in Mongolia

11/22/2022

The Ministry of Labor and Social Protection and SCE signed a cooperation agreement. It officially launched the operation as part of the World Bank-funded SFFS project. 

DELEGATIONS OF THE FINANCIAL REGULATORY COMMISSION ATTENDED THE IAIS ANNUAL CONFERENCE

11/16/2022

Delegations of the Financial Regulatory Commission attended the International Association of Insurance Supervisors (IAIS) Annual Conference, held in Santiago, Chile.

The operation of MOF databases have been improved and an integrated database management system has been introduced

11/2/2022

The Financial Information Technology Division of The Ministry of Finance Mongolia is responsible for more than 10 fiscal and financial related important information systems of the government such as Government Financial Management Information System of the Treasury (GFMIS), the financial reporting system of budget organizations (E-Report), the financial reporting system of private organizations (E-Balance), Glass accounting system, Budget planning system, Debt management system, Integrated salary system of civil servants, and etc. Ensuring the security of these systems and the reliable operation of the database is a task that requires many factors such as time, human resources, and technological innovation, and it is not easy to solve it with state budget funds alone. Therefore, under the projects SFFS and SGM, we are working to improve and ensure the reliable operation of the databases of the Ministry of Finance's information systems, and to create an integrated database management system.

THE FINANCIAL REGULATORY COMMISSION OF MONGOLIA SIGNED THE “MULTILATERAL MEMORANDUM OF UNDERSTANDING FOR SUPERVISORY COOPERATION”

10/26/2022

Mr Bayarsaikhan Dembereldash, Chairman, Financial Regulatory Commission of Mongolia participated in the 47th Annual Meeting of the International Organization of Securities Commissions (IOSCO) from 17 to 20 October, in Marrakech, Morocco. During the Annual Meeting, member authorities have discussed the previous year’s achievements, policies, recommendations, and challenges for accelerating the development of the capital market. Particularly, delegations exchanged views on the supervision of technology-based financial activities and the principles of sustainable finance including green finance, and policy solutions for carbon reduction. 

The discussion on draft revisions to the Law on Insurance, the Law on Insurance Intermediation, and the Law on Drivers’ Insurance

10/18/2022

Under the "Strengthening Budget and Financial Stability Project" implemented in cooperation with the World Bank, the Ministry of Finance, the Financial Regulatory Commission /FRC/, and the Mongolian Insurance Association have prepared the draft revisions to the Law on Insurance, the Law on Insurance Intermediation, and the Law on Drivers’ Insurance. Within the scope of gradually implementing legal reforms in the insurance sector, in accordance with the relevant policy and planning of the Parliament and Government of Mongolia, the draft revisions of the laws were published on the Ministry of Finance’s website in June 2022 and have carried out the public discussion step electronically, thus reflected 277 suggestions received from the professional associations, stakeholders and individuals. The revised versions of the laws were prepared for the next round of discussions. 

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