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. 

 

The Ministry of Trade and Industry of Singapore and the Ministry of Foreign Affairs established the Singapore Cooperation Agency in 2006 to effectively respond to foreign countries interested in Singapore's development experience.

SCE has been providing professional support and advice to Mongolia's Ministry of Labor and Protection for the joint development of the Central Provident Fund system to improve pension fund management and coordinate social insurance and welfare services.

SCE led a trip with a team of Central Provident Fund consultants from Singapore and visited Mongolia from 10-17 August 2022 as part of the first phase of consultancy services for MLSP to help them better understand the CPF system. The trip was the framework of the following objectives:

  • Sharing of Singapore's CPF experience;
  • Address questions on how the Singapore CPF system has evolved and developed as well as the context of the various CPF policies and challenges faced;
  • Highlight the success factors behind the Singapore CPF system;
  • Identify what prerequisites will be needed for such success to happen in Mongolia; 
  • Identify gaps between the current Mongolian environment and what will be required before introducing a CPF-style system.

On August 11, 2022, the representatives of the SCE organized a seminar, presentation, and experience sharing on Singapore's Central Provident Fund system with the participation of more than 50 people from relevant ministries, organization employees, employers, trade unions, and researchers.

During the meeting seminar, Singapore's Central Provident Fund system, organization management, financing, service conditions, pension, and benefit amounts, system advantages and disadvantages were discussed. In addition, Singapore's experience was compared to Mongolia's, questions were answered, and information was exchanged.


NEWS
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.

The State Great Hural has passed a law on Public Private Partnership at its plenary session

12/14/2022

The Ministry of Finance, in collaboration with national consultants and lawyers, introduced and prepared a draft law on Public Private Partnership as part of the technical assistance provided by the EU-funded "Strengthening Governance in Mongolia" Project implemented by the World Bank. A concept of the draft law on Public Private Partnership was approved and the draft law was submitted to the State Great Hural. A working group to draft the proposed law on Public and Private Partnership held a series of successful discussions and the State Great Hural passed the law on Public Private Partnership at its plenary session held on December 9, 2022.  The Law on Public Private Partnership is to come into effect on July 1, 2023.

The network infrastructure, equipment and systems of the Ministry of Finance have been located to a new data center

12/12/2022

Since moving to a new building in 2011, the Ministry of Finance has expanded its IT operations by placing servers, network and system equipment in a dedicated server room. The traditional layout of the server room, which fails to meet data center standards, has risks such as overheating, power failure, weak physical security protection, and the resulting loss of normal equipment operation. To eliminate and reduce these risks, a data center that meets the standards is essential, and the Ministry of Finance has launched a new data center that meets international standards with the support of the Asian Development Bank in 2022.

RELEVANT REGULATIONS AND METHODOLOGIES ON THE VALUATION ARE BEING DEVELOPED IN CONNECTION WITH THE LATEST APPROVAL OF THE AMENDMENT OF THE LAW ON VALUATION

12/6/2022

After the Law on Valuation was first approved in 2010, the new revision of the Law on Valuation was approved by the Parliament of Mongolia in 2022 which was an important event in accelerating the development of the sector. In connection with the latest approval of the amendment of the Law on Valuation, as a next step towards addressing legal environment-related challenges, the Accounting Policy Department of the Ministry of Finance has been working on development and improvement of the relevant regulations and methodologies on the valuation, its organization, and quality control matters for the further development of the valuation service and ensuring the implementation of the law.

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. 

Other news »