MINISTRY'S WEBSITE UPDATE, E-ARCHIVE SYSTEM DEVELOPMENT, AND OTHER SYSTEM'S DEVELOPMENTS
Ministry of Finance of Mongolia took the following measures to improve the Ministry's local systems by cooperating with the Strengthening Fiscal and Financial Stability Project. These include:
MINISTRY OF FINANCE HAS DEVELOPED, APPROVED, AND IMPLEMENTED HUMAN RESOURCE SUB-PROGRAMS
The Ministry of Finance is committed to providing leadership in public administration and strengthening the human resource capacity by introducing effective management practices, developing planning, reporting, and duty monitoring methods.
“THE CAPACITY DEVELOPMENT RESULTS FRAMEWORK” WAS TRANSLATED AND PRESENTED TO THE PROJECT IMPLEMENTING ORGANIZATIONS
The Project implementing unit translated The Capacity Development Results Framework to strengthen the capacity of target beneficiaries of the Strengthening Fiscal and Financial Stability project and presented it to the implementing organizations, Ministry of Finance, Ministry of Labour and Social Protection of Mongolia, Bank of Mongolia, Financial Regulatory Commission, their relevant departments. The framework, which the World Bank developed in 2009, is a thorough recommendation based on result-based strategy and development maps to enhance local ownership to advance particular developmental goals.
THE BENEFICIARY PREPARES AND DELIVERS A QUARTERLY MACROECONOMIC DIAGNOSTICS REPORT FOR THE BUDGET POLICY MAKERS
The Strengthening Fiscal and Financial Stability Project is being successfully implemented at the Macroeconomic Policy Division (the Macroeconomic Policy Department; the Ministry of Finance, Mongolia) to improve macroeconomic policy tools and enhance research capacity. One of the key areas of the project’s support to the beneficiary is to support the utilization of most recent knowledge and innovations in macroeconomic modeling and macroeconomic analysis tools & techniques, which have been in practical and effective use at the international and domestic research institutes.
COMPILATION OF REGULATORY LEGISLATION PUBLISHED
The Financial Regulatory Commission of Mongolia (FRC) is working to strengthen its institutional capacity under the Strengthening Fiscal and Financial Stability project.
LEGAL FRAMEWORK ON VIRTUAL ASSETS SERVICE OF MONGOLIA IS IN THE MAKING
Rapidly evolving technological advancements have drastically shifted the notion of financial services and financial markets. As a result, newly emerged financial products and related services such as blockchain, bitcoin, cryptocurrency, and virtual assets enable a global transfer of value using innovation and technology.
IMPROVING THE LEGAL ENVIRONMENT OF GLASS ACCOUNT AND REDEVELOPMENT OF GLASS ACCOUNT PORTAL
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 of Mongolia, the European Union, and the World Bank, is to support the effective implementation of the Glass Account Law by improving the legal environment and revamping the Glass account portal.
THE MOF PLANS TO PRESENT THE DRAFT AMENDMENT TO THE LAW ON DEBT MANAGEMENT TO THE PARLIAMENT FOR RATIFICATION
One of the key objectives of the "Fiscal and Financial Stability Strengthening Project" jointly implemented by the Ministry of Finance of Mongolia and the World Bank, is to improve the legal environment for debt management, medium-term debt management strategy, and create a reporting system for contingent liabilities.