11/10/2021

The Internal Audit Department of the Bank of Mongolia (BoM), in accordance with the recommendation from the International Monetary Fund to “Compare the activities of BoM with other similar divisions of central banks that operate in compliance with international standards”, received International consulting services within the framework of Strengthening Fiscal and Financial Stability Project. 

11/3/2021

One of the main objectives of the Strengthening Fiscal and Financial Stability project and the Strengthening Governance in Mongolia project, jointly implemented by the Ministry of Finance (MoF) of Mongolia, the European Union, and the World Bank, is to improve budget reporting and transparency by increasing the comprehensiveness of fiscal and financial information and reporting.

10/27/2021

Within the framework of the “Strengthening Fiscal and Financial Stability Project” jointly implemented by the World Bank and the Ministry of Finance,  the web-based Public Investment Management system www.publicinvestment.gov.mn or PIMS  and mobile application were further developed and introduced in 2018 to improve efficiency, transparency, and prompt financing, accountability of public investment participants.

10/20/2021

One of the objectives of the “Strengthening Governance in Mongolia Project” is to support the Ministry of Finance in introducing Gender Responsive Budgeting (GRB) in the budgeting process of Mongolia by integrating it into the Public Financial Management reform.

10/13/2021

Strengthening Fiscal and Financial Stability Project aims to improve the financial stability of Mongolia by enhancing the capacity of the Bank of Mongolia with technical assistance and a cascade of planned measures to achieve this. Within the framework of the project, the Monetary Policy Department of the Bank of Mongolia, in cooperation with OGResearch from the Czech Republic, is in the final stage of successfully implementing a project called “Developing  models with financial sector and elements of macroprudential policy

10/6/2021

The Strengthening Fiscal and Financial Stability project - implemented in collaboration with the World Bank – contributes to Mongolia's financial stability. Within the framework of the project, technical assistance activities are undertaken, improving the institutional capacity of the Financial Regulatory Commission (FRC). To empower FRC’s Insurance Market Department, officials responsible for developing regulatory policies of the insurance market are involved in advanced training presented by the internationally recognized Chartered Insurance Institute (CII) of the UK. The training targets to specialize officers in the field of finance at advanced levels. 

9/29/2021

The Strengthening Fiscal and Financial Stability Project is successfully implemented by the Financial Markets and Insurance Division of the Financial Policy Department of the Ministry of Finance with the purpose of developing financial sector policies. One of the main areas of project support for the Financial Policy Department is to improve the insurance sector's legal environment and introduce international good practices of insurance sector policy per local specifics. In this context, the Ministry of Finance and the Financial Regulatory Commission are jointly drafting revised Law of the Insurance, Law on Insurance Brokerage, an amendment to the Law on Driver's Insurance as part of a policy to improve the legal environment.

9/24/2021

On September 24, 2021, the Project Implementation Unit initiated and conducted a “Project implementation process” meeting and discussion for Coordinating Consultants. The focal point of the intervention was to discuss the project implementation process in detail with sub-components to exchange views on issues to accelerate the implementation process.