10/4/2022
The Social-economic impact assessment of the mega-mining projects is crucial to make optimal policy decisions for maintaining macroeconomic stability and allocation of inadequate financial resources to the most profitable projects.
Under the Framework of the Strengthening Fiscal and Financial Stability project a model for estimating the impact of mega projects on the economy and its user manual was developed, what is more, the outcome of it started to use in the decision-making process.
To strengthen the economic sovereignty, reduce the economic vulnerability, and alleviate the negative effect of the pandemic, the Government of Mongolia started to implement the 10-year "New Revival Policy". The aim of the 10-year "New Revival Policy" is to build the fundamentals for the effective implementation of the long-term development policy of Mongolia "Vision-2050".
The framework of the "New Revival Policy" consists of 6 main policy areas and includes an overall of 100 projects. These developmental projects will be implemented based on public-private partnerships with funding from the state budget, and other foreign sources. During the project developmental period, foreign currency outflow is expected to grow due to an increase in imports by bulk investment, however, when the projects are put into operation, they will replace imports and size the exports, consequently, the state of the balance of payments will be improved. The Social-economic impact evaluation of projects will enable us to prevent macroeconomic fluctuation that might happen related to mega projects.
At the international level, several methodologies for the evaluation of mega-projects impact on the economy are commonly used. In the context of fiscal analysis, we are using the FARI (The Fiscal Analysis of Resource Industries) method that developed by the IMF. The model has advantageous in terms of making estimations considering different project implementation stages. Currently, natural resources are abundant 29 countries are using the model with the technical assistance of IMF. We have included data on projects of raw materials such as gold, iron ore, and coal, as well as other relevant economic and financial projected data, making it possible to estimate the revenue from these projects and allow further budget analysis.
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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. |
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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. |
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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). |
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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. |
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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. |
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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. |
