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REVISED THE REGULATION ON THE UTILIZATION OF GOVERNMENT FOREIGN LOAN PROCEEDS AND IMPLEMENTATION OF PROJECTS FUNDED BY THESE PROCEEDS

6/30/2021

The Ministry of Finance of Mongolia is working to improve the legal environment for development financing with the support of the “Strengthening Fiscal and Financial Stability” project of the World Bank. Within the framework of this objective, the “Regulation on the utilization of Government foreign loan proceeds, implementation, administration, financing, monitoring and evaluation of projects funded by these proceeds” has been revised and approved by the Finance Minister’s order # 4 dated January 11, 2021.


The following requirements and provisions are the basis for revising the regulation:

  • Enhance the correlation of government loans from foreign countries, international banks and financial institutions with the development policies, strategies and priorities and align them with the cooperation policies of development partners;
  • Ensure the implementation of the Public Debt Management Policy and the Medium Term Debt Management Strategy;
  • Clarify the requirements for projects and activities that will be financed through external loans;
  • Provide opportunities for project planning, providing integrated management and organization, flexible and prompt financing, and efficient use of loan funds;
  • Improve project monitoring, budget planning, financial management and reporting;
  • Improve the role and responsibility of project implementation agencies and project implementation units, as well as improve the coordination of project activities;
  • Improve efficiency, effectiveness and transparency of foreign loans and introduce an electronic system (www.odamis.mof.gov.mn);
  • Implement the recommendations by the National Audit Office.

Regulation revision draft is based on the discussed issues, challenges faced and their solutions, during the two times of online discussions, which was organized with 126 representatives from the Ministry of Finance, project implementing agencies and project implementing units. The draft regulation was disclosed to the public on the Ministry of Finance website from October 20 to November 4, 2020. In addition, the draft regulation was sent to the Government's key development partners for comments and suggestions.

Improving the legal environment for government's foreign loan will provide unified management and organization of loans from foreign countries, international banks and financial institutions, improve the monitoring of the implementation of projects and activities, increase the responsibility of stakeholders, and ensure transparency, resulting in more efficient utilization of foreign loans. 

NEWS
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