REQUEST FOR EXPRESSION OF INTEREST. Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II) Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improving public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.
Mongolia’s total public debt (NPV) is projected to increase in the future and therefore, the Government of Mongolia has been taking actions to reduce it. The country’s external debt consists of borrowings from multilateral sources, bond issuance in the international capital markets, and government guarantees. In order to improve public debt management operations, the Mongolian Law on Debt Management has been approved and adopted by the Parliament on February 18, 2015. The Purpose of the Law is as follows: i) ensuring the appropriate level of public debt within the regulatory framework; ii) implementing the medium-term government debt management strategy; iii) regulating relations in connection with the central and local governments that arise from issuing loans, on-lending arrangements, guarantees, recording, reporting, and controlling all debt obligations.
The Public debt management strategy and management capabilities are crucial for consistent and successful sovereign bond issuances. Importantly the size, terms and conditions of external bond issues should be consistent with the government’s medium-term government debt management policy objectives and framework. Moreover, sovereign bond issuance in the international debt markets can strengthen macroeconomic discipline and transparency given the demands and required due diligence by international market participants.
In recent years the Government of Mongolia has successfully issued several bonds such as Chinggis Bonds, Dim Sum Bonds, Mazaalai Bonds, Khuraldai Bonds and Gerege Bonds at the International Markets and in the future the Government intends to have its active participation in the international markets. Thus, in order to succeed and to make sure a strong participation at the international markets in the future the country needs to have a comprehensive and proper regulation for the Government External Bond Issuance aligned with the Mongolian Law on Debt Management. The Ministry of Finance, therefore, is seeking to hire an International Individual Consultant to conduct a detailed analysis on the outstanding external bonds and draft the regulation (Government External Bond Issuance Regulation), which will be closely supervised by the Financial Policy Department of MOF throughout the period of the consultancy service.

SCOPE OF THE ASSIGNMENT
The main objective of the National Individual Consultant is to assist the Financial Market and Insurance Division (FMID) of Financial Policy Department of Ministry of Finance (MOF) for reviewing and providing assessment on the current external bond agreements and documents and drafting the Government External Bond Issuance Regulation in accordance with the Debt Management Law of Mongolia. In addition, he/she should prepare a comprehensive Government bond investor presentation template that will be used for future bond issuances and investor relations activities.

The consultant shall carry out the following tasks, but not limited to:
I. Analyzing current external bond agreements and drafting External Bond Regulation - The consultant should prepare a final draft of the External Bond Regulation based on a thorough assessment of the current agreements and contract of the external bonds:
   1. Conduct a thorough analysis of the outstanding Mongolian Government Bonds and contracts, including Chinggis Bonds, Dim Sum Bonds, Mazaalai Bonds, Khuraldai Bonds and Gerege Bonds.  
   2. Carry out a comparative research on the international best practices of external bond regulations and provide analytical report of it.
   3. Produce a final draft document of the Government External Bond Issuance Regulation in accordance with the Debt Management law of Mongolia.
II. Preparing Bond Investor Presentation Template:
   1. Create and design a comprehensive draft bond investor presentation template that will be used for future bond issuances and investor relations activities.
III. Recommendation on Institutional arrangement for FMID:
   1.To consult with the key stakeholders and organize the working group meetings.
   2.Undertake such other tasks as reasonably requested and/or assigned by the FMID, MOF.

SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:
Education: A suitable candidate should have a postgraduate degree from an accredited university (preferably from OECD countries) and in the fields of Finance, Economics, Public Finance, Management and Investment.
Experience:  
    a.Incumbent should have at least 5-10 years of relevant professional experience preferably in the Public sector with the skill of developing legislation, conducting financial and economic analysis.   
    b.International professional experience would be an asset.
    c.A good understanding of Mongolian financial systems, laws, and regulations.
Language skills: Fluent written and spoken skills in English and Mongolian.
Other skills:
    a.Excellent skills in research, facilitation 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.

CONTRACT DURATION:
The consultant is expected to commence working effective from June, 2018. The duration of the assignment is 6 months. The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

If you possess the above qualifications, please submit following documents in person:
    Cover letter indicating why she/he considers her/himself suitable for the position,
    Detailed CV highlighting relevant skills/experience,
    Copy of diplomas or certificates and,
    2 reference letters from previous last two employers no later than 11:00 P.M, May 30, 2018 in person.

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn Contact address: Attn: Ms.Khaliun, Procurement Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582