NEWS
THE PARLIAMENT APPROVED AMENDMENTS TO THE PUBLIC PROCUREMENT LAW OF MONGOLIA

8/12/2022

The Parliament of Mongolia approved the amendment to the Public Procurement Law on June 10, 2022, with 79.6% of the votes of attended parliament members. 

OMPREHENSIVE MANUALS FOR THE DMFAS END-USERS HAVE BEEN DEVELOPED

8/9/2022

The DMFAS manuals give detailed instructions on how to manage different modes of operation in the area of system debt and financial tools such as foreign debt, on-lending, foreign bonds, internal bonds and registry, usage, return payment, and research and reports.

MONGOLIA RAISES RATING for FATF’s RECOMMENDATION 15

8/9/2022

The 25th annual meeting of the Asia-Pacific Anti-Money Laundering Group was held in Kuala Lumpur, Malaysia from July 24 to 28, 2022. The meeting was attended with financing from Strengthening Fiscal and Financial Stability Project, and led by Deputy Minister of Justice and Internal Affairs B. Solongoo, and participation from Chairman of the Financial Regulation Committee D. Bayarsaikhan, Head of the Financial Information Unit of Bank of Mongolia B. Batbaatar and representatives of the General Intelligence Department, Anti-Corruption Agency, General Police Department, and the Metropolitan Prosecutor's Office.

Heading to a data-driven decision-making process

8/3/2022

Under the framework of the project "Strengthening Fiscal and Financial Stability", experimental estimation on short-run changes in the people’s living conditions and main poverty indicators as well as the study to determine the characteristics of the poor were made, and related manual and initial policy recommendations were developed.

IMPLEMENTING COMMITMENT CONTROL TO STRENGTHEN EXPENDITURE CONTROL

6/29/2022

Under the SFFS project, a project jointly implemented by the Ministry of Finance of Mongolia and the World Bank, the Treasury Department is introducing a commitment control as part of the integrated treasury system to improve the completeness and transparency of the budget. Accounting for financial commitments (hereinafter referred to as commitment control) is the process of reserving funds from the approved budget, recording the reserve, and financing expenditures from allocated funds, which consists of two stages “commitment” and “obligation”. Within the framework of implementing commitment control, the project team has completed the following which includes:

MONGOLIA'S DELEGATION PARTICIPATES IN 36TH EAG PLENARY MEETING

6/24/2022

The meetings of the EAG Working Groups and the 36th Plenary Meeting of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) were held in Tashkent (Republic of Uzbekistan) from May 30 to June 2, 2022.

INFORMATION ON THE DEPOSIT INSURANCE CORPORATION OF MONGOLIA AND THE COMPENSATION SYSTEM DEVELOPMENT

6/15/2022

The Deposit Insurance Corporation of Mongolia is a non-profit legal entity which was established under “The Bank Deposit Insurance Law,” and one of its main functions is to provide compensation to insured depositors. With support from the Strengthening Fiscal and Financial Stability project, jointly funded by the World Bank and the Ministry of Finance, the development of the compensation system is in its preparatory stages. With the implementation of the system, it will become possible to access depositor information and make calculations based on the information. Also, it will be possible for the reimbursing bank to connect to the system and make compensations, exchange reports and information, and file complaints.

A GRAPHICAL USER INTERFACE VIEWS OF KEY PERFORMANCE INDICATORS OF THE GOVERNMENT OF MONGOLIA’S 10 TRILLION MNT COMPREHENSIVE PLAN

6/8/2022

Note: This picture depicts the main visualization and analytics view of the Government’s 10 trillion MNT Comprehensive Plan aimed at economic recovery and health protection 


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