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TO COMFORM THE INTERNAL CONTROL SYSTEM OF THE TREASURY WITH THE INTERNATIONAL PRACTICE

3/31/2021

One of the main objectives of the “Strengthening Fiscal and Financial Stability Project”, jointly implemented by the Ministry of Finance of Mongolia and the World Bank, is to increase budget comprehensiveness and transparency by improving fiscal control and Government Financial Management Information Systems. Within this objective, the State Treasury's current practice of internal control was reviewed and assessed under the COSO Internal Control-Integrated Framework principles. 

COSO Internal Control-Integrated Framework Model


As a result of assessing the internal control systems of the Treasury, the following actions have been taken regarding the least complied components “Control Environment” and “Risk Assessment”. 

  1. The draft of ”Risk-based Internal Control Regulation on Affiliated Treasury Units from the Central, Ulaanbaatar city, and Provincial Treasuries” has been newly developed. 
  2. The “Guide for implementing internal control on affiliated treasury units in compliance with COSO's internal control principles”  to be used along with the above regulation, has been developed. 
  3. The “Operational guide for staffs” for the treasury specialists of the Ulaanbaatar city, Provincial, County, and District treasuries have been newly developed. 

The online meetings and workshops were organized to introduce and receive feedback on these regulations and guides for the internal control specialists of the Central, Ulaanbaatar city, and provincial treasuries. 


A brief overview of the regulation and guidelines to improve internal control environment and risk management of the Treasury:

By implementing the COSO's internal control framework and principles in the internal control system of the Treasury, the governmental controls on fiscal performance will become “intelligent and systematic”, the Treasury Department staff will be able to prevent any potential risks and conflicts in connection with the treasury activities, and also the risk-based internal controls will be carried out effectively and appropriately. 

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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