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.
The World Bank, with funding of the “Strengthening Governance in Mongolia” project has undertaken the Public Expenditure and Financial Accountability (PEFA) Assessment – 2021 for Mongolia, which has previously undertaken in 2015. The assessment provided the Government of Mongolia with the ability to track progress over time of improvements in the development of the PFM system in Mongolia. As reflected in the final report of the PEFA Assessment 12 performance indicators showed improved scoring, 3 showed deterioration while 13 indicators remained unchanged.
Efforts made with support of the European Union, World Bank and other development partners in recent years, have resulted in major improvements in relation to access to public information, public investment management, budget preparation process, payroll controls, financial data integrity and external audit, all of which showed improved PEFA scorings. Even so, PEFA report has on the contrary found that further reforms are still needed in some areas to achieve international best practice and standards, among which are the application of international accounting standards, fiscal risk management, medium-term budgeting, and the use of performance evaluation to enhance public service delivery.
The Ministry of Finance is willing to progress further towards improving the management of country’s public finances through the application of medium-term budgeting, international accounting standards, and program evaluation. In this regard, the draft PFM Reform Action Plan for 2023-2026 has been prepared and aimed to be finalized within the first quarter of 2023.
In this context, a Working Group (WG) comprised of departments heads and senior experts of relevant MOF units responsible for implementing relevant pillars of the PFM Action Plan has been established by the State Secretary order. Two consecutive meetings of the Working Group has been organized with objectives to (i) review the current draft of the PFM Reform Strategy and the associated Action Plan; (ii) hold discussion on providing additional inputs to the draft; and (iii) hold discussion on the modality of further cooperation in successfully. In the immediate future, measures to formally finalize the document and will be taken.
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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. |
