Урилгын дугаар: | 12/CS/006 |
Захиалагч: | Сангийн яам |
Зарын төрөл: | Зөвлөх үйлчилгээ |
Зарласан огноо: | 2020.08.11 |
Дуусах огноо: | 2020.08.25 17:00:00 |
A.BACKGROUND
The World Bank (WB) and the European Union (EU) agreed to implement a new hybrid Trust Fund aimed to support the efforts of the Government of Mongolia (GOM) to improve fiscal discipline, public financial management (PFM), and transparency and accountability processes for strengthened governance in Mongolia.
This new TF, through both Recipient Executed (RE) and Bank Executed (BE) interventions, will serve two main purposes: The first one will be to complement and expand the ongoing technical assistance the WB is providing through the Strengthening Fiscal and Financial Stability (SFFS) Project with a number of activities that are deemed critical to support Mongolia in achieving the objectives the country has agreed to in its Economic Recovery Plan (ERP) as well as the development partners’ support including the Economic Management Support Operation (EMSO) of the World Bank and the Extended Fund Facility of the IMF. The second purpose of this TF is to support the GOM in advancing the current efforts toward increasing transparency, participation and accountability in fiscal matters as well as in strengthening its capacity to deal with non-technical drivers of the reform process that prevent state agencies from implementing policies and regulations as intended.
Therefore, Component 1 of the TF will aim to complement interventions financed under the SFFS Project and will focus on supporting operation of the Fiscal Council and strengthening the capacity of the Ministry of Finance (MOF) in areas such as management of Future Heritage Fund (FHF), debt management and revenue forecasting, among others.
The GOM has undertaken reforms to gradually improve fiscal discipline and strengthen the PFM system and build a legal framework for Sovereign Wealth Fund in line with international best practices. Parliament adopted a Future Heritage Fund Law (FHF) in 2016 which replaced the Human Development Fund. FHF aims to create a long-term intergenerational savings sourced from mineral revenues to the budget. Also, its main purpose is providing intergenerational equity for the nation in terms of non-renewable natural resources.
In addition, according to the Law on Transition to follow Future Heritage Fund Law, the MOF is mandated to implement FHF’s investment management in cooperation with international financial institutions till the FHF investment management corporation has full investment management capacity and sustainable independent operational frameworks.
B. OBJECTIVES OF THE ASSIGNMENT
The main objective of the Local Individual Consultant is to provide professional consultancy to the Financial Asset Management Division (FAMD) of Financial Policy Department of MOF to formulate and implement initial investment program of Future Heritage Fund (FHF) which will be undertaken by the MOF until the FHF investment management corporation (FHFC) became fully operationalized and provide assistance on development of necessary plans and documents for the management of FHF assets during the transitional period and for the establishment of the FHFC.
C.SCOPE OF WORK
The consultant shall carry out the following tasks, but not limited to:
Task 1. Inception Stage
a) Conduct assessment on the current stage of FHF development and its institutional framework. Priority areas and mid and long-term measures to support FHF management (including development of necessary plans/documents, arrangement for interim investment management of the fund, implement FHF Corporation setup phase and shift to FHF Corporation-led operations) will be identified;
b) Conduct assessment for available resources and necessary inputs and elements for above activities;
c) Develop detailed consultancy work plan upon consultation with the FAMD/MOF and related experts and consultants working with/employed by FAMD/MOF engaged in related FHF development projects and activities (hereinafter collectively referred to as “the MOF Team”) based on findings from above studies and needs assessment,
Task 2. Development of Initial investment program and Implementation Roadmap
a) Develop comprehensive investment program/action plan for FHF investment management with a focus on interim investment management operations based on necessary available resources of MOF. More specifically,
i) Roles and responsibilities of agencies, internal units of MOF and stakeholders responsible for FHF investment operation, timeline and scheduling, budget and resources tied to overall implementation of the investment program;
ii) Organizational structure;
iii) Overview of supporting internal systems;
iv) Fund’s asset prospects and estimation of capital and operational costs;
v) Outline of MOF’s internal arrangements, estimation of operations and administrative costs as well as human resource needs for interim MOF/IFI joint management;
vi) Blueprint for recruitment and hiring of members of governing bodies and operational staff and related training and capacity building activities plan;
vii) Outline of internal and regulatory documents covering investment strategy related documents, charters, job descriptions, rules, operational guidelines, procedures, etc;
Task 3. Assistance in interim investment management operations of the FHF under MOF/IFIs joint management
a) Develop recommendations for:
i) Collaboration between MOF, designated IFI and related stakeholders, if any, to jointly implement FHF’s interim investment management operations including entering into arrangement with the designated IFI, addressing legal, financial and coordination issues as well as other matters related to investment management;
ii) MOF’s internal arrangements for FHF’s interim investment management operations including indicative scope of work and guidelines;
iii) Set of preparatory measures and/or a plan for transferring investment management operations to the FHF Corporation and phasing out MOF/IFI joint management operations;
b) Provide advice and support in knowledge, information and professional exchange with and in seeking professional expertise and technical assistance from designated or other IFIs, reputable/accredited professional institutions and experts, aimed at building internal MoF capacity in terms of understanding and necessary skills in different types and various aspects of investment management and oversight of FHF and FHF Corporation’s operations.
Task 4. Resource mobilization and collaboration with potential partners
a) Assist the MoF team in resource mobilization, networking and fund raising with government’s development partners, international financial institutions such as International Forum on Sovereign Wealth Funds and other institutions in the context of potential collaboration (including seeking assistance in areas of policy/strategy, operation-related documents, guidelines/procedures, job descriptions/terms; recruitment/personnel capacity building; supporting the interim management phase, and other matters related to institutional and capacity building).
b) Prepare indicative resource mobilization plan and/or strategy for development assistance in FHF Corporation setup and interim investment management operation;
c) Propose and identify experts, managers and potential sponsor institutions to provide support in hiring FHF Corporation management and operational staff and outsourcing fund managers and service providers.
Task 5. Assistance in development of internal procedures and HR management documents.
a) Draw FHF Corporation’s internal and external processes mapping/framework and workflow including Fund’s operations,
b) Prepare a checklist and an outline for relevant procedures, codes, guidelines as well as necessary documents for the FHF Corporation Board (Board document “suite”);
c) Prepare outline for job descriptions and terms of employment, and estimate for compensation for Board members of the FHF Corporation, Advisory Team, Supervisory Board, as well as FHF Corporation management team, operational staff and outsourced service providers;
d) Prepare recommendations for hiring FHF Corporation management and operational staff and outsourcing fund managers and service providers,
e) Where appropriate and practicable, collaborate with the Team on and provide input to the development of the following documents:
i) Charter of the Board,
ii) Job description and terms of employment and estimate for compensation for Board members of the FHF Corporation, Advisory Team, Supervisory Board, FHF Corporation management team, operational staff and outsourced service providers,
iii) FHF Corporation’s relevant procedures, codes, guidelines.
Task 6. Other advisory support
a) Provide advisory, where necessary, for different initiatives, activities and projects to further SWF institutional building and strengthening process in line with set policies and plans; strengthen regulatory environment for Fund’s investment management operations; and increase public awareness regarding its FHF and its operations, etc;
D.DELIVERABLES
Based on the contracted assignments and detailed contract implementation plan approved by the client, the National Individual Consultant’s deliverables will include:
i. Consultant’s comprehensive work plan and a summary report on the assessment of development stage of Mongolia’s sovereign wealth fund framework and necessary steps (measures, necessary inputs) for further development of FHF;
ii. Draft comprehensive Initial investment program and its Implementation Roadmap ;
iii. Internal and external operational framework and workflow chart for the interim management of FHF in MOF, and the same chart for permanent management of FHF in the FHF corporation;
iv. Outline for FHF internal procedures, codes, guidelines, etc;
v. Outline for job descriptions and terms of employment for Board members of the FHF Corporation, Advisory Team, Supervisory Board, as well as FHF Corporation management team, operational staff and outsourced service providers;
vi. Recommendations for hiring FHF Corporation management and operational staff and outsourcing fund managers and service providers;
vii. Interim report(s) and recommendations for arrangements for MOF and IFI-joint interim investment management operations addressing organizational, coordination and professional assistance matters and other aspects of investment management;
viii. Interim report(s) and recommendations for a) resource mobilization, networking and fund raising for development of detailed investment policy and operation related documents, guidelines and procedures, job descriptions and terms; recruitment and personnel capacity building; other matters related to institutional and capacity building and also interim investment management operations, and b) potential projects and initiatives to further SWF institutional building and strengthening process; strengthen regulatory environment; increase public awareness, build necessary capacity and capabilities of the FHF Corporation and within MOF.
E.CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA
Education: At least a master’s degree in the relevant fields: business administration, public administration, financial management;
Experience: Minimum of 10 years of experience in project management, public sector capacity building and implementation of technical assistance projects; extended experience of working with international financial institutions and development agencies in fund raising, resource mobilization, developing and implementing projects and initiatives; experience in relevant research and drafting of rules, regulations and legal acts; knowledge of funds management and institutional investors and sovereign wealth funds organization and operations. Previous experience working in the field of institutional development/institutional capacity building in public financial management would be an advantage;
Language skills: Fluent written and spoken skills in English and Mongolian.
Other skills:
a. Excellent skills in research, organization of workshops, and consultations.
b. With excellent skills and abilities to function effectively and collaboratively in a team environment.
c. Be proficient in PC based applications such as Word, Excel and data management, and have excellent web research and navigation skills.
F.SUPERVISION AND REPORTING
The consultant will report directly to the Director General, FPD of MOF. The Director of FAMD and relevant counter specialist of the FAMD will provide input to the evaluation of the consultant’s performance.
G.CONTRACT DURATION
The consultant is expected to commence working effective from August 2020. The duration of the assignment is 8 months.
H.INSTITUTIONAL ARRANGEMENTS
The relevant counter specialist of FAMD and members of MOF Team shall provide necessary data and information to the consultant for performing the assignment, and collaborate on development of relevant documents, plans and studies, and FAMD shall facilitate communication, collaboration and coordination with MoF’s management, internal departments and units, international financial organizations, development partners and other relevant external and domestic stakeholders; organize public relations activities and networking. The consultant is expected to arrange for his/her working space, equipment and other supplies, and MoF shall provide, where necessary and possible, with meeting and event venues, consultation and group work facilities, facilitation of event organization, printing and publications as well as access to publicly available information sources including academic research and information/statistics database, professional and subject matter literature and publications, periodicals, business services e.g. recruitment, research and data services, etc.
If you possess the above qualifications, please submit following documents via email to procurement_sgm@sffs.mn:
1. Cover letter indicating why she/he considers her/himself suitable for the position.
2. Detailed CV highlighting relevant skills/experience.
3. Copy of diplomas or certificates; and,
4. 2 reference letters from previous last two employers no later than 17:00, August 25, 2020.
The submitted documents will not be returned to the applicants. Please note that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Contact address: Attn: Oyunyam Munkhbayar, Procurement specialist, Strengthening Governance in Mongolia Project.
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