Урилгын дугаар: | C11/CS/024 |
Захиалагч: | Сангийн яам |
Зарын төрөл: | Зөвлөх үйлчилгээ |
Зарласан огноо: | 2021.11.02 |
Дуусах огноо: | 2021.11.12 15:00:00 |
A. BACKGROUND
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.
The Ministry of Finance (MOF), the Financial Regulatory Commission (FRC) and the Bank of Mongolia (BOM) had jointly developed “Financial sector development plan 2025” which was approved by the Government resolution #299, 2017. The main purpose of the development plan is to improve Mongolian financial sector framework, structure and infrastructure in the midterm, define the strategic goals and implement it to build more balanced and diversified financial sector instead of bank dominant financial sector, and put into action the prudential method to regulate the sector and prevent the systemic risk.
The Government of Mongolia has acknowledged the importance of insurance market development and its role in economic growth and financial sector stability. Insurance market’s share is less than one percent of the total financial sector of Mongolia, while there has been a dramatic growth in the financial sector as a whole. The banking sector remains dominant at 95.5%. The state insurance company, Mongol Insurance, which remains the largest insurer, was privatized in 1997. After passing a new law on insurance in 2004, there were 17 insurers by the end of 2020.
Development of insurance market in Mongolia is still in its earlier stage and development indicators are relatively low compared to other countries. In 2020, insurance penetration of Mongolia was 0.55% and insurance density was 60 thousand MNT, which is 21 USD. However, there is a great potential to expand and grow insurance sector as the Government of Mongolia is taking measures to improve legal environment according to “Financial sector development plan 2025” and insurers are continuously making efforts to change reserved attitudes of general public on insurance.
In terms of progress requirements to implement “Financial sector development plan 2025”, the MOF is seeking to hire a national consultant to conduct research on attracting investments in insurance industry and determine its related policies.
B. OBJECTIVE OF THE ASSIGNMENT
The objective of the National Individual Consultant is to assist implementing “Financial sector development plan 2025”, and to provide professional advice and assistance to the Financial Markets and Insurance Division (“FMID”) of MOF on conducting research on attracting investments in insurance industry and determine its related policies.
C. SCOPE OF THE WORK
The following assignments will be conducted by the National Consultant, but not limited to:
I. Perform an analysis on current state of insurers:
II. Analytical study on potential investors to insurance industry in Mongolia
III. Recommendations on policy measures for FMID:
D. DELIVERABLES
Based on the contracted assignments and detailed contract implementation plan approved by the client, the National Individual Consultant’s deliverables will include:
E. CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA
Education: A suitable candidate should have a bachelor’s degree or higher from an accredited university in the fields of Finance, Economics, and Accounting.
Experience: Incumbent should have at least 5 years of relevant professional experience in the relevant fields, conducting financial and economic analysis. Proven advanced research skill is required; and a good understanding of Mongolian financial systems, laws, and regulations.
Language skills: Academic/Fluent written and spoken skills in English and Mongolian.
Other skills:
F. SUPERVISION AND REPORTING
Consultant will report directly to the Head of FMID of MOF. The senior specialist on financial market tasks in collaboration with the Head of the FMID will provide input to the evaluation of the consultant’s performance.
G. CONTRACT DURATION
The consultant is expected to commence working effective from November 2021. The duration of the assignment is 3 months.
H. INSTITUTIONAL ARRANGEMENTS
The relevant counter specialist of FMID shall provide necessary data and information to the consultant for performing the assignment. The MOF will provide office space with furniture, internet access, computer and printers. The consultant will be required to work on a day-to-day basis at the MOF.
If you possess the above qualifications, please submit the following documents via email to procurement@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 the previous last two employers no later than 15:00 PM, November 12, 2021.
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
70120582