3/6/2018
The Government of Mongolia has received a Credit from the World bank group for a “Strengthening Fiscal and Financial Stability Project”. The project introductory launch was held successfully by the Ministry of Finance and the World Bank.
In the event, Ms. Kh.Bolortuya Vice Minister of Finance, Mr. James Anderson World bank’s Country Manager, and delegates from the implementing agencies i.e. Ministry of Finance, Ministry of Labor and Social Protection, Bank of Mongolia, Financial Regulatory Commission have been participated.
The event was organized in two stages, the opening ceremony was held in the morning, and a technical meeting was held in the afternoon. Strengthening Fiscal and Financial Stability Project is a second stage of the World Bank's Multi-Sectoral Technical Assistance Project, which was successfully implemented from 2011 to 2017. The representatives successfully completed the previous project, shared their experience, achievement and lesson learnt.
The project development objective is to contribute to the Government of Mongolia to the Recipient’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure management and consists of 5 Components.
Component A. Strengthening Macroeconomic and Fiscal Management
Component B. Improving the Efficiency of Public Financial Management
Component C. Enhancing Financial Sector Stability
Component D. Strengthening of The Social Protection System
Component E. Project Management and Monitoring
The project will be implemented in the framework of macro-fiscal management, financial sector, and social protection and is designed to support activities aimed at improving public sector capacities to deliver sound policies and analysis. Improved capacities and tools for financial and investment management and for better targeting of social programs will improve expenditure allocative efficiency and potentially expenditure productivity efficiency. The delegates believe that all these will then translate into strong improvements in service delivery, expenditure efficiency, and risks control, thus ultimately benefiting the people of Mongolia, particularly the poor.
The introductory launch was successfully organized and attended over 80 representatives from the World bank, Ministry of Finance, Ministry of Labor and Social Protection, Bank of Mongolia, Financial Regulatory Commission.
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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. |
