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DIGITAL TRANSFORMATION OF TREASURY OPERATIONS THROUGH THE IMPLEMENTATION OF GFMIS WEB SERVICES

2/3/2021

“Increasing budget comprehensiveness and transparency through better control, reporting, and expansion of the Government Financial Management Information System (GFMIS) capabilities” is one of the main objectives of the Strengthening Fiscal and Financial Stability project framework jointly implemented by the Ministry of Finance and World Bank. In pursuit of the aim, the MOF has concluded a GFMIS extension contract to supply, enhance, and implement web services with GFMIS provider Free Balance, a Canadian software company.

The MOF has been continuously using the GFMIS since 2005 as the core Treasury system to support the budget execution functions and has upgraded it to the latest web-based version in 2018. The extension contract covers supply, enhancement, and implementation of web services (or Application Program Interface - API) for automatically importing Expense voucher, Revenue voucher, Journal voucher, Commitment, and Obligation data sets from other systems into the GFMIS. 

The joint working group from the MOF Treasury department and Free Balance completed the assignment 100% remotely due to the COVID-19 pandemic and produced the following result.  

  • Configured related system workflows, global controls, and business parameters after extensive system and process analysis; 
  • Produced necessary technical documentation such as Web Service System requirement specifications (SRS), Configuration Blueprints (CB) of customized web services;
  • Performed full functionality system and user acceptance testing;
  • Organized training for system power users of the Treasury Department; 
  • Completed necessary technical groundworks to prepare GFMIS environment for new revision deployment for smooth transition and application of the new extensions

The GFMIS new revision with customized web services will be operational from February 2021. As the core system of fiscal and financial management, implementing the customized web service in GFMIS is crucial for MOF’s Treasury department to automate the existing manual process and efficiently integrate with other MOF systems to accomplish the digital transformation of treasury operations. Additionally, it will create the following favorable conditions:  

  • Automate the flow of data to improve the performance and functionality of the GFMIS positively;
  • Assemble fast and reliable system integration with MOF systems such as the Integrated Payroll system, Smart payment system, Public Investment Management System, and other systems;
  • Provide an embedded audit trail, improve system integrity and transparency, and minimize human error and manual interventions. 

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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