A PROJECT IS UNDERWAY TO STRENGHTEN FISCAL TRANSPARENCY

2021-11-03

One of the main objectives of the Strengthening Fiscal and Financial Stability project and the Strengthening Governance in Mongolia project, jointly implemented by the Ministry of Finance (MoF) of Mongolia, the European Union, and the World Bank, is to improve budget reporting and transparency by increasing the comprehensiveness of fiscal and financial information and reporting.

The Ministry of Finance is continuously making an effort to enhance transparency, public participation by increasing the comprehensiveness of fiscal and financial information, which is enshrined as one of the priority goals in a Mongolia Vision 2050 and Government action plan. As a result of the Government of Mongolia's active efforts to strengthen transparency, Mongolia's fiscal transparency has been improving year by year, according to the International Budget Partnership's Open Budget Index.

Further enhancing this initiative, the Ministry of Finance has begun to develop a MID-YEAR ECONOMIC AND BUDGET REVIEW in order to expand budget information for the public. The mid-year review provides information on economic and fiscal performance in the first half of the year and expected performance at the end of the year based on it.

 

In addition, the Citizens’ Budget booklet is developed annually explaining the budget information in a citizen-friendly and easy-to-understand format using the form of dialogues among family members and representatives of the functional sectors, such as health, education, and environmental protection. This time, we are developing and presenting the "Citizens' Budget-2022 Consolidated Budget of Mongolia". The booklet is important for citizens to increase their knowledge of budget and to achieve the outcome of greater fiscal transparency and public engagement.

Citizens’ Budget-2022 booklet provides information about the budget policy to support “LABOR, PRODUCTIVITY and GROWTH” and a package of reform strategies which is developed to achieve the goal of intensive economic recovery after the pandemic in 2022.

МЭДЭЭ, МЭДЭЭЛЭЛ
PREPARATION FOR TRANSITION TO MEDIUM TERM RESULT-BASED BUDGETING

2021-12-01

As defined in the PFM Reform Action Plan for the 2018-2022 transition from the MTFF to MTBF is one of the agenda of budget reform policy of Mongolia.

THE DEVELOPMENT OF THE BUDGET FINANCIAL INTERMEDIATION WEB SERVICE PLATFORM SYSTEM IS UNDERWAY

2021-11-24

The Ministry of Finance of Mongolia, with the technical assistance of the Strengthening Fiscal, and Financial Stability Project, has developed an Budget Financial Intermediation Web Service Platform system and started to improve the coherence of information to connect the DMFAS system to other systems of the Ministry of Finance.

THE PUBLIC PROCUREMENT LAW IS BEING REVISED

2021-11-17

Since 2000, Mongolia has started to regulate tenders for public procurement by an independent law. The revised draft law to Public Procurement Law was developed in compliance with the following goals: 

BANK OF MONGOLIA IS WORKING TO BRING ITS AUDIT APPROACH TO THE INTERNATIONAL LEVEL

2021-11-10

The Internal Audit Department of the Bank of Mongolia (BoM), in accordance with the recommendation from the International Monetary Fund to “Compare the activities of BoM with other similar divisions of central banks that operate in compliance with international standards”, received International consulting services within the framework of Strengthening Fiscal and Financial Stability Project. 

A PROJECT IS UNDERWAY TO STRENGHTEN FISCAL TRANSPARENCY

2021-11-03

One of the main objectives of the Strengthening Fiscal and Financial Stability project and the Strengthening Governance in Mongolia project, jointly implemented by the Ministry of Finance (MoF) of Mongolia, the European Union, and the World Bank, is to improve budget reporting and transparency by increasing the comprehensiveness of fiscal and financial information and reporting.

THE PUBLIC INVESTMENT MANAGEMENT SYSTEM

2021-10-27

Within the framework of the “Strengthening Fiscal and Financial Stability Project” jointly implemented by the World Bank and the Ministry of Finance,  the web-based Public Investment Management system www.publicinvestment.gov.mn or PIMS  and mobile application were further developed and introduced in 2018 to improve efficiency, transparency, and prompt financing, accountability of public investment participants.

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