5/25/2021
The Strengthening Fiscal and Financial Stability project, a project jointly implemented by the Ministry of Finance of Mongolia and the World Bank, supports The Ministry of Finance's (MOF) efforts to digitalize and transform treasury payment settlement operations.
Within the B2 component of this project, the Treasury Department of the MOF has developed the Electronic Transaction Verification Directory (ETVD) www.finance.gov.mn, a secure system for enabling electronic verification and authorization of electronic transfers that will eliminate paper-based processes and launched the initial version of the system. The ETVD is an integral part of the treasury operation transformation initiative. When introduced, payments will be transferred from paper to electronic form, electronic transactions will be secured using a one-time password that ensures security and confidentiality, electronic monitoring of transactions will be improved, and remote transactions will be allowed. The system is developed by the Information Technology Center of Customs, Taxation and Finance, a state-owned enterprise under the MOF, and implemented by the MOF project team.
The initial version of the system was launched in December 2020 and created an integrated database of 8,305 authorized officials from 4,441 budget entities and 974 active users from all levels of the treasury. The system has interconnected with the Integrated Human Resource Management System (IHRMS) of Civil Service Council, the Integrated Taxation System (IHS) of the General Department of Taxation, and the core treasury system GFMIS. The database is automatically updated on a daily basis to ensure the validity of each data. In addition to providing daily support to system users, the project team has organized six online trainings for system users at the aimag, soum, district, and ministry level since the beginning of 2021.
Within the first half of 2021, as the next phase of the system launch, the ETVD will be connected to Integrated Payroll System (IPS), and developments are underway to verify the registration of authorized users, verify payroll transactions electronically, and view verification log reports. In the future, the ETVD will be used to establish a connection with the Multi-currency system, the Treasury portal system and the Unified Treasury Portal System, and to confirm the Treasury's electronic payment transactions through this system.
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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. |
