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REGULATION ON ASSESSING, PRIORITIZING AND SELECTING THE PROJECTS AND ACTIVITIES TO BE FINANCED BY THE STATE BUDGET INVESTMENT AND ITS IMPLEMENTATION

1/27/2021

Within the framework of the “Strengthening Fiscal and Financial Stability” project jointly implemented by the World Bank and Ministry of Finance of Mongolia, the MoF’s Public Investment Department meeting its objective of improving the efficiency of public investment has developed and arranged approval, pursuant to clauses 11.1.2 and 28.11 of the Budget Law, of the methodology and regulation governing the procedures of estimating economic efficiency and social significance of public investment projects, identifying their needs and priorities and estimating a total cost of implementing such public investment projects. 

Lack of proper guidance in selection and evaluation of projects to be implemented with public investment following a need for such project and its social significance causes delays in implementation of some public projects and actions, and reduces the efficiency of public financing. The methodology has been developed by the Public Investment Department with the consultants of the SFFS project.The regulation and methodology are approved by the decree 295 of Finance minister in 25th of December 2018 and comprises of the following:

The methodology is fully aligned with the current legal environment governing the public finance management, and will be used under the budget planning cycle. It offers an advantage of annual investment planning in line with the medium and long-term development policies and improving the overall investment planning capacity. The regulation is significant in its increased participation of professional bodes in calculating and planning full cost of public projects.
Furthermore, the web portal www.publicinvestment.gov.mn is developed based on the approved methodology, which improves the efficiency of the public investment, makes the financing procedure transparent and prompt, makes participants in the investment better accountable, and informs about the public investment activities. A mobile “public investment” application has been developed for cell phone access, which already has 1,937 registered users.
Within the framework of this methodology and the online application system, a training on “public investment methodology and use of the application system” was organized nationwide in 2019 and 2020. The training topics included budget investment planning, managing, financing and planning  by ministries and other government bodies and at the provincial and capital city level whereas officers in charge for these matters attended the training.
The move to online application and financing system has been a major step in preventing subjective influences, speeding up delivery of public services, ensuring transparent public participation, making financing more accountable, and improving the efficiency of public investment.

NEWS
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.

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