Дотоодын анхдагч зах зээлийг судлан сайжруулах дотоодын зөвлөх сонгон шалгаруулна
Урилгын дугаар: A31/CS/017
Захиалагч: Сангийн яам
Зарын төрөл: Зөвлөх үйлчилгээ
Зарласан огноо: 2021.09.24
Дуусах огноо: 2021.10.01 15:00:00  

Зарын урилга

A. BACKGROUND 

Mongolia received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability (SFFS) Project. 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; and (v) Project Management and Monitoring. The objectives are to strengthen fiscal responsibility and implement relevant policy measures, improve fiscal discipline, strengthen the resiliency of the banking system, improve public expenditure quality in social protection, provide 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.

The main objective of subcomponent A.3.1 is to strengthen capacity for debt management and external development financing operations of the MOF and the government of Mongolia with a view to, among others, achieving the intermediate result indicator of the SFFS Project on preparing for the Parliament’s approval of the  Government Medium-Term Debt Management Strategy 2019-2022.

Public debt management was sparsely coordinated where its fragments were reflected in various laws in regulations until Feb 2015 when the first Public Debt Management Law was approved building the foundation of the integrated debt management coordination and policy. Nevertheless, there are many areas that needs to be improved where performance indicator criteria are to be met and sustained thoroughly. It is essential to regularly maintain debt management activities and make its operations as a routine that will assist the Debt Management Office (DMO) in transitioning from goal-oriented operations to functional routines. Developing documented procedure manuals and regulations for various debt management operations will also facilitate implementation of the Debt Management Reform Plan.  

In particular, primary and secondary domestic market development has been stagnated and since 2017 Government has not issue any securities domestically. With rapidly developing market changes and necessity to modernize the outdated practices, GoM is working to introduce electronic model of security transactions and develop the domestic primary and secondary market through presenting access to the market for individuals with equal and market-based competence. The need to develop the domestic capital market and broaden the investor base in government securities shall reduce the dependency on external debt to meet the Government’s financing requirements.

B. OBJECTIVE OF THE ASSIGNMENT 

The main objectives of this assignment is to support the MOF in developing the primary securities market with specific activities including: i) to examine in detail the current demand for government securities, market intermediation, and market structure, and formulate a proposal for a staged approach to reform the domestic capital market, ii) to support the DMD in promoting enhanced debt issuance and restructuring, iii) to contribute to developing and implementing an investor relations program to build an understanding of investor preferences including the demand for government securities and market structures required for efficient intermediation of government securities.

C. SCOPE OF THE WORK 

The Consultant will undertake the tasks including, but not limited to, the following: 

Task # 1: Examine in detail the current demand for government securities, market intermediation, and market structure, and then to formulate a proposal for a staged approach to reform the domestic market:

  • Identify the key factors that are driving the need for the Government to develop the domestic capital market to meet the fiscal policy, monetary policy and financial market policy development objectives of the Government.
  • Review the instruments the Government uses in the domestic market together with current market intermediation and structure, with a focus on what instruments and market structure are required to develop the domestic market for government securities and to address market intermediation requirements and market demand.
  • Assess (i) how effective the Government’s policies, procedures and systems are for issuing, recording, servicing and accounting for domestic government securities; (ii) the quality of the registry and settlement systems market trading of government securities; and (iii) whether there are market inefficiencies through the lack of the necessary infrastructure such as a dealer system, tax treatment for government securities, and/or other factors.
  • Provide concrete and detailed recommendations to develop the domestic market for government securities.

Task # 2: Support the DMD in promoting enhanced debt issuance and restructuring:

  • Support to developing/re-adjusting the policies, procedures and capacity in DMD to issue domestic securities. 
  • Develop the policies, procedures and capacity in DMD to undertake debt buybacks and debt switches in order to restructure domestic debt to meet the cost-risk objectives set out in the debt management strategy.
  • Consult with financial institutions and market players as to the need for interest rate swap and repurchase agreement markets in Mongolia and support the DMD with formulating a roadmap and timeline to develop these markets. 
  • Provide inputs to structure debt instruments and issuance processes to meet the Government’s fiscal policy objectives, enable effective cash management across the Government.
  • Determine Government’s financing requirements taking into account investor preferences.
  • Facilitate and coordinate new debt instruments issuance on the domestic market with the DMD and relevant stakeholders.

Task # 3: Contribute to developing Investor relations, market demand and market intermediation:

  • Assist the DMD in developing an investor relations program and market development strategy to be incorporated in the Government’s debt management strategy. 
  • Support the DMD to undertake market consultations with investors, intermediaries and other market players. 
  • Assist the DMD in preparing information memorandum and/or operating guidelines for each government debt instrument issued in the domestic market. 
  • Assist the DMD in preparing information for regular dissemination to the market. 

Task # 4: The Consultant will support the DMD of MOF with the implementation of the following activities as they pertain to the assignment:

  • Report to the DMD management and the PIU on a monthly basis on the progress on the assignment.
  • Provide written and oral translations as necessary and as requested by the Client as it pertains to the assignment.
  • Undertake such other tasks as reasonably requested and/ or assigned by the Director of FPD and head of DMD as it pertains to the assignment.

D. DELIVERABLES

  • Report on the analysis of current debt instruments (government securities) on the domestic market and its structure, assessment on the effectiveness of the Government’s policies, procedures and systems, concrete and detailed recommendations on procedures and regulations to develop the domestic market for government securities;
  • Report on new debt instruments’ issuance reflecting test results;
  • Draft domestic market development strategy document developed and drafted describing operating guidelines for each government debt instrument, investor relations program, market intermediation etc.
  • Monthly progress reports including details on the advances made on the above deliverables with the necessary supporting documents enclosed. 

E. CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA

Education:  A suitable candidate should have an undergraduate degree in relevant field: finance, banking or economics; corporate management; project management

Experience:  Incumbent should have at least 5 years relevant professional experience in debt management, finance or in other relevant field. Specific experience of working in financial institutions and central government agencies would be an advantage;

Language skills:  Fluent written and spoken skills in English and Mongolian;

Other skills: 

  • Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment;
  • 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 

Consultant will report directly to the Head of the DMD while simultaneously reporting to the PIU Coordinator. The consultant will work on full-time basis during the period of the contract.

The DMD and PIU (SFFS) shall evaluate the consultants’ performance on an output basis and approve of invoices for delivered outputs. 

The Consultant must prepare and submit monthly and quarterly reports detailing achievements and when appropriate also include details of the impediments in the execution of the entire assignment as requested and on time. 

All reports shall be prepared in both English and Mongolian, in electronic and hard format, which shall be submitted to the DMD and the PIU (SFFS).

G. CONTRACT DURATION 

The consultancy assignment is expected to commence on October 2021 with the expected duration of 4 months.  

H. INSTITUTIONAL ARRANGEMENTS

The Ministry of Finance (DMD) will provide office space and will work with the DMD staff on a day-to-day basis. The consultant shall be provided with all necessary data and information to perform the many tasks detailed in these TORs. The consultant is expected to communicate and coordinate his/her work with international consultants who might be supporting the implementation of key activities under the sub-component. 

If you possess the above qualifications, please submit the following documents via email to procurement@sffs.mn no later than 15:00 PM, October 01, 2021:

    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 the previous last two employers.

The consultant will be selected in accordance with the Selection of Individual Consultants (INDV) method of the World Bank’s Procurement Regulations for IPF Borrowers.  https://thedocs.worldbank.org/en/doc/178331533065871195-0290022020/original/ProcurementRegulations.pdf. 

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidate will be contacted.

Address for submission of Expression of Interest: Attention to Ms.Ariunaa.G, Procurement Specialist, Strengthening Fiscal and Financial Stability Project, Address: Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia. Tel: 70120582 or via email to: procurement@sffs.mn

Холбоо барих

70120582

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