Дотоодын үнэт цаасны хоёрдогч зах зээлийг хөгжүүлэх төлөвлөгөө боловсруулах, ЗГҮЦ-ны бүхий л төлбөр тооцоо гүйцэтгэх бүтцийг тодохойлох дотоодын зөвлөх сонгон шалгаруулна
Урилгын дугаар: A31/CS/018
Захиалагч: Сангийн яам
Зарын төрөл: Зөвлөх үйлчилгээ
Зарласан огноо: 2021-09-23
Дуусах огноо: 2021-10-07 15:00:00  

Зарын урилга

A. BACKGROUND OF THE PROJECT AND THE ASSIGNMENT

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 secondary securities market with specific activities including: i) to review the legal and regulatory framework  for the financial instruments being traded on the domestic secondary debt market and recommend possible changes and amendments,  ii)  to undertake a quantitative study of the current interest rate regime and the economic variables determining its dynamics, including Government fiscal and monetary policies and propose benchmark index for pricing that is attractive to market participants and will ensure market stimulation

C. SCOPE OF THE WORK 

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

Task #1: Review the legal and regulatory frameworks for secondary market operations and recommend changes and amendments respectively:

• Review the legal and regulatory framework of trading and investing in securities and identify legal, regulatory, accounting, and tax constraints impeding efficient operation.

• Identify legal and regulatory constraints pertaining to all market transactions on the secondary debt market. Resolve other pending barriers hindering efficient and transparent trading activities in the domestic debt market, including institutional capacities of financial market intermediaries, issuers, and investors.

• Study accounting and tax-related issues for the development of the secondary debt market. The study will review disclosure standards for bond issues, including private placements and tax on securities transactions.

• Recommend clear and comprehensive legal, regulatory, accounting, and tax frameworks that will promote a fair, equitable, efficient, and transparent domestic debt market.

Task #2: Undertake a quantitative study of the current interest rate regime and the economic variables determining its dynamics, including Government fiscal and monetary policies and propose benchmark index for pricing that is attractive to market participants and will ensure market stimulation. All modifications needed to the current system to establish such frameworks should be clearly identified with a strategic sequence of reform measures to be taken.

• Assist the DMD in defining the current interest rate regime and analyzing the economic variables determining its dynamics, including the fiscal and monetary policies of the Government.

• Quantitatively assess the current level of market liquidity, volatility and market conditions in the secondary domestic debt market; and forecast the level of market liquidity and volatility.

• Propose a benchmark index to facilitate pricing and performance measurement.

• Propose an incentive structure for financial intermediaries, issuers, and investors to support sustainable operation of the secondary market that will include review of the clearing & settlement structure with the aim of identifying a set-up that handles all government securities.

• Develop mechanisms for improving the attractiveness of financial instruments on the secondary debt market for trading.

Task #3: 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

• Deliverables 1: Report on recommendations and suggestions for legal and regulatory framework for secondary market operations and draft changes and amendments respectively.

• Deliverables 2: Report on quantitative study of the current interest rate regime and the economic variables determining its dynamics, including Government fiscal and monetary policies.

• Deliverables 3: Benchmark index developed for pricing reflecting incentive structure for financial intermediaries, issuers, and investors to support sustainable operation of the secondary market.  

E. CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA

• Education: A suitable candidate should have a graduate degree in relevant field: finance, banking or economics; corporate management; project management. A degree in law is preferable;

• 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: 

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

  b. 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 AND PAYMENT

The consultant assignment is expected to commence from October 2021 with the expected duration of 4 months.

Payments will be released upon satisfactory completion of all deliverables according to the following schedule:

- Deliverables 1: 30% of total contract amount;

- Deliverables 2: 30% of total contract amount; and 

- Deliverables 3: 40% of total contract amount.

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 07, 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

Хавсралт

СҮҮЛД ЗАРЛАСАН ЗАР
A31/CS/018 Дотоодын үнэт цаасны хоёрдогч зах зээлийг хөгжүүлэх төлөвлөгөө боловсруулах, ЗГҮЦ-ны бүхий л төлбөр тооцоо гүйцэтгэх бүтцийг тодохойлох дотоодын зөвлөх сонгон шалгаруулна

Дуусах огноо: 2021-10-07 15:00:00   Зарласан огноо: 2021-09-23

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Төрөл: Зөвлөх үйлчилгээ


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Төрөл: Зөвлөх үйлчилгээ


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