A. BACKGROUND 

The World Bank (WB) and the European Union (EU) has been implementing hybrid Trust Fund-financed Strengthening Governance in Mongolia (SGM) Project 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 TF, through both Recipient Executed (RE) and Bank Executed (BE) interventions, serves two main purposes: The first one is 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 of the country. 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. 

Specifically, Component 1 of the TF aims to complement interventions financed under the SGM Project and focuses on supporting operation of the Fiscal Council and strengthening the capacity of MOF in areas such as management of Future Heritage Fund, debt management and revenue forecasting, among others.

The GOM has also undertaken reforms to gradually improve fiscal discipline and strengthen the PFM system and build legal and institutional framework for Sovereign Wealth Fund in line with international best practices. Accordingly, in 2010, the Parliament adopted a Fiscal Stability Law (FSL) to enforce budget discipline and delink fiscal policy from mineral revenue fluctuations. The FSL called for establishment of a Fiscal Stabilization Fund (FSF) for the purpose of ensuring medium and long-term fiscal stability. Further, in 2016, the Parliament adopted a Future Heritage Fund (FHF) which replaced the Human Development Fund. FHF aims to create long-term savings sourced from natural resource export revenues. The main purpose of the FHF is to provide intergenerational equity for the nation in terms of non-renewable natural resources. 

Against the background above, the MOF has requested the Bank’s support in developing the core documents of the Future Heritage Fund (FHF) as stipulated by its governing legislation.

B. OBJECTIVE OF THE ASSIGNMENT 

The main objective of this consultancy is to provide legal support in producing a set of core documents and guidelines for the FHF with focus on protocols and procedures under which the various bodies of the FHF operate.

C. SCOPE OF WORK 

Key responsibilities of the National Consultant will include the following:

1. Develop a detailed consultancy work plan upon consultation with the Client;
2. Conduct and provide relevant legal and regulatory analysis and inputs to development of core documents for the FHF as agreed with the Client;
3. Formulate protocols and/or rules of procedure, under which the FHF’s Advisory team and Supervisory board would operate;
4. Draft procedures for selection and appointment of members of the Board of the FHF Corporation as well as rules of procedure under which the Nomination Committee would operate;
5. Prepare justification notes, briefings and presentations regarding the draft core documents for the FHF;
6. Provide inputs to preparation of the FHF’s self-assessment of its compliance with Santiago Principles;
7. Perform diagnostic review of the current legal and regulatory framework of Fiscal Stabilization Fund; and
8. Undertake such other tasks as reasonably requested and/ or assigned by the Director-General of FPD, head of ALMD and Coordinating Consultant as it pertains to the assignment.

D. DELIVERABLES

The national consultant shall submit the following deliverables to the MOF:

1. Draft protocols under which the Advisory team and Supervisory board would operate respectively;
2. Draft procedures for selection and appointment of members of the Board of the FHF Corporation and rules of procedure under which the Nomination Committee would operate;
3. Draft order of the Minister of Finance approving the aforementioned documents along with the justifications and technical notes outlining duties and responsibilities of the relevant bodies;
4. Technical note on the diagnostic review of the Fiscal Stabilization Fund’s legal and regulatory framework with recommendations for improvement;
5. Inputs provided to the preparation of a self-assessment in accordance with the Santiago principles;
6. Any other reports, analysis, materials prepared under the assignment; and
7. Monthly concise reports to the Client on the progress made against the stated deliverables along with the relevant supporting documents.

E. CONSULTANT’S QUALIFICATIONS

To be considered eligible, candidates should meet all the eligibility criteria listed below:

Education: A suitable candidate should have a graduate/master’s degree in relevant field: finance, public finance, law, business administration or other related field;. 

Experience: Candidate should have at least 3 years of professional experience in finance, economics, institutional and governance arrangements, financial management and/or public finance or other related areas.. Working experience in formulating legal and/or regulatory documents  would be of critical advantage.

Language skills: Mongolian citizen with strong written and fluent spoken skills in both English and Mongolian languages. 

Other skills: Be proficient in PC-based applications such as Word, Excel, Power Point and have excellent web research and navigation skills; Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment; high integrity and accountability.

F. SUPERVISION AND REPORTING 

• For carrying out the assignment, the consultant will work closely with staff and consultants of the Financial Asset Management Division (FAMD), Financial Policy Department of MOF as a team under the guidance of the Head of the FAMD. 
• All information provided to the consultants will be regarded as confidential and information shall not be shared with any outside individuals or organizations. 

G. CONTRACT DURATION AND PAYMENT CONDITION

The consultant's work is expected to commence in July 2022. The contract will be for a period of 9 months on full time basis.

H. INSTITUTIONAL ARRANGEMENTS

The Ministry of Finance will provide an office space, a computer and a printer. The consultant will have access to the necessary data/information and may need to bring his/her own laptop, when necessary.  

I. INSTITUTIONAL ARRANGEMENTS

The Client will provide office space and will work with the Consultant on a day-to-day basis. The consultant shall be provided with all the necessary data and information to perform the tasks specified in Section C. All information provided to the Consultant will be regarded as confidential and information shall not be shared with any outside individuals or organizations without the Client’s prior consent.

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. Two (2) reference letters from the previous last two employers no later than 15:00 PM, July 28, 2022.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

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

Address for submission of Expression of Interest: Attention to Ms.Zolzaya.B, 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_sgm@sffs.mn 

70120582