6/2/2021
The Financial Regulatory Commission of Mongolia (FRC) is working to improve the legal environment of the sector it regulates (non-bank financial markets) and is strengthening its institutional capacity under the “Strengthening Fiscal and Financial Stability” project of the World Bank.
Within the framework of improving the legal environment, several activities have been implemented to improve the regulatory environment of the financial sector in line with international standards and development trends of the global market. For instance, a revised version of the Law on the Legal Status of the FRC has been drafted, with inputs from professional associations and the public. In addition, draft laws on the activities of non-bank financial institutions and savings and credit cooperatives have been prepared, and the final version of the draft law on non-bank economic activities has been submitted to a member of Parliament to be introduced to the State Great Khural.
The revised Law on the Legal Status of the FRC identifies the regulatory environment, defines the independence of the Commission's structure and supervisory immunities, and reflects the newly regulated real estate brokerage and precious metals and stones markets.
The Regulation on Sandbox Environment and the Regulation on Determination of Fit and Proper Requirements for Licensing of Non-Bank Financial and Non-Financial Businesses and Professional Activities have been approved, and subsequent enforcement actions are being implemented. As a result, the environment is now established where financial institutions and start-up enterprises could develop new fintech (technology-based) products and test them in a real market under the strict monitoring of the regulator.
Finally, applications for accession to MoUs with the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) have been developed and submitted. Acquisition to the MoUs will support the development of financial markets with fair competition and equal opportunities, the introduction of core principles of transparency, and the integration of regional and international financial markets.
|
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. |
