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.

For example, the need to connect the DMFAS system to the 6 systems of the Ministry of Finance, such as FISCUS, ODAMIS, TAS (Glass account system), E-Balance, E-Report, and Fiscal, and types and categories of data information were identified and approved.

Currently, connection and development process of the following systems are under implementation:

FISCUS - Treasury Accounting System

  • The development of automatic information downloading of the Government’s external loans repayment principal and interest payment from the DMFAS system has been completed.
  • The development of automatic withdrawal of Government’s external loans principal and interest paid payments from the FISCUS system to the DMFAS system has been completed.
  • The DMFAS system is being developed to automatically download information on principal and interest liabilities of the government's external loans transfer to domestic loans.
  • Developments are underway to automatically transfer principal and interest-bearing liabilities from the FISCUS system to the DMFAS system for domestic government on-lent loans.

ODAMIS – Official Development Assistance Management Information System

  • The development of automatically sending external loan application information to the DMFAS system when the financing request is confirmed has been completed.
  • The ODAMIS system is being developed to automatically send new registered external loan information to the DMFAS system.

TAS – Glass account system

  • Development is underway to automatically display government debt service information to the TAS system in real time.

Within the framework of automating the activities of the Debt Management Division, the following activities are being implemented:

  • Developed and launched console API application to automatically register the official exchange rate data of the Bank of Mongolia in the DMFAS system. Automatic entry of exchange rate information eliminated the risk of data lag and accuracy.
  • The development of automatic recording of credit rating data from the FRED ECONOMIC DATA database website to the DMFAS system has been completed. Automatic entry of credit rating information has the advantage of eliminating the risk of data delays and inaccuracies.
  • For DMD's operations, the Ministry of Finance's Office 365 platform directly linked SharePoint, Flow, and Planner software to External Domestic Loans, Sub-Loans, and External Domestic Bond Repayment information within the DMFAS system. 

As a result, the following development work was done on Flow program of Office 365:

  • Automatically notify DMD division staff of repayment email notifications 30 days, 7 days and 3 days in advance.
  • Automatically post on the internal-division calendar of the DMD.
  • Automatically create work assignments on the Planner program for responsible officer for loan repayment.

The completion of development for notification information has the advantage of reducing the risk of loan arrear payments.

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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