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. 

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).

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.

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.

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.

12/14/2022

The Ministry of Finance, in collaboration with national consultants and lawyers, introduced and prepared a draft law on Public Private Partnership as part of the technical assistance provided by the EU-funded "Strengthening Governance in Mongolia" Project implemented by the World Bank. A concept of the draft law on Public Private Partnership was approved and the draft law was submitted to the State Great Hural. A working group to draft the proposed law on Public and Private Partnership held a series of successful discussions and the State Great Hural passed the law on Public Private Partnership at its plenary session held on December 9, 2022.  The Law on Public Private Partnership is to come into effect on July 1, 2023.

12/12/2022

Since moving to a new building in 2011, the Ministry of Finance has expanded its IT operations by placing servers, network and system equipment in a dedicated server room. The traditional layout of the server room, which fails to meet data center standards, has risks such as overheating, power failure, weak physical security protection, and the resulting loss of normal equipment operation. To eliminate and reduce these risks, a data center that meets the standards is essential, and the Ministry of Finance has launched a new data center that meets international standards with the support of the Asian Development Bank in 2022.

12/6/2022

After the Law on Valuation was first approved in 2010, the new revision of the Law on Valuation was approved by the Parliament of Mongolia in 2022 which was an important event in accelerating the development of the sector. In connection with the latest approval of the amendment of the Law on Valuation, as a next step towards addressing legal environment-related challenges, the Accounting Policy Department of the Ministry of Finance has been working on development and improvement of the relevant regulations and methodologies on the valuation, its organization, and quality control matters for the further development of the valuation service and ensuring the implementation of the law.