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IMPROVING THE DEBT MANAGEMENT AND FINANCIAL ANALYSIS SYSTEM

3/24/2021

Within the framework of sub-component A31 of the "Strengthening Fiscal and Financial Stability Project," jointly implemented by the Ministry of Finance of Mongolia and the World Bank, the Debt Management and Financial Analysis System (DMFAS) of the Debt Management Division (DMD) of the Financial Policy Department of the Ministry of Finance will be improved and automated, and the training program and system manual for end-users are being developed.

  

Among the major works implemented to improve and automate the operation of the DMFAS system are:

  • Up to 8 new DMFAS system versions, such as 6.1.1, 6.1.2, 6.1.3, 6.1.3.1, 6.1.3.2, 6.1.3.3, 6.1.4.1, 6.1.4.2, have been upgraded, and additional module functions have been added. Therefore, the errors in the modules were corrected, allowing more accurate recording of debt information and detailed analysis.
  • As part of DMFAS's efforts to support system security and information security, separate physical servers have been deployed to secure information security by deploying a particular physical server for the system database environment, application environment, and database backup environment. Besides, the database backup environment was automatically uploaded to the dual National Data Center every week.

                                                                     

DMFAS system end-user rights configuration was organized in 5 approaches: View, Run, Create, Edit, and Delete by per module of DMD's operational structure and other organizations' system usage and related authority arrangements. 

Prior to the implementation of the SFFS project, only 3-5 end-users were able to access the DMFAS system at once. Whereas now, with the introduction of the control access matrix, we have created 22 types of end-user groups in the system, enabling access for a total of 55 end-users from 4 departments of the Ministry of Finance, the Bank of Mongolia, the Ministry of Foreign Affairs, the National Statistics Office, and Special Funds use the DMFAS system

By Decree No.B193 of the State Secretary of the Ministry of Finance, the development of the Government Financial Management Information System to improve information coherence connecting the DMFAS system with other systems of the MOF was initiated.
As part of this work, the need for connecting the DMFAS system to the 6 systems of the MOF, including Glass Account, E-Balance, GFMIS, E-Report, Fiscal, and FISCUS, and the types of information categories were identified. FISCUS system of the Treasury department of MOF now automatically retrieves the principal and interest payment information of external and internal debt instruments from the DMFAS system and automates the payment notification process by connecting both systems by data flow API (Web service). Further development is underway to automatically return the information from the FISCUS system to the DMFAS system when the debt repayment information is confirmed by the Treasury Department.

Within the framework of automating the DMFAS system and the DMD, the following activities are being implemented:

- A console program that automatically registers the official exchange rate data of the Bank of Mongolia into the DMFAS system was developed and introduced. Automatic recording of exchange rate data eliminates the risk of data lag and inaccuracy.
- Automatic email notification program for sending reminders to the staff with an interval of 30 days, 7 days, and 3 days in advance through the SharePoint, Flow, and Planner software of Office 365 of the Ministry of Finance and a flow program to automatically create assignments on the Planner program for the person in charge were developed to notify the repayment of the foreign and domestic loan, on-lending loan, and external and domestic bond, and to publish on the mutual calendar. Further improvements are being made to fully automate this email notification program by linking them to the DMFAS system database, with the advantage of reducing the risk of loan defaults to some extent.
- Research is underway to automatically record credit rating information to the DMFAS system, which has the advantage of eliminating the risk of data lag and inaccuracy.

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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