Strengthening Fiscal and Financial Stability Project

Abstract*

The development objective of Strengthening Fiscal and Financial Stability Project for Mongolia is to contribute to the government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure management. This project has five components. 1) The first component, Strengthening Macroeconomic and Fiscal Management, aims to strengthen fiscal responsibility and support the implementation of relevant policy measures... Show More

Development Objective

The Project Development Objective is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure management.

Key Details

Project Details

Project ID
P161048
Status
Closed
Team Leader
Badamchimeg Dondog
Borrower 2
Mongolia

Country
Mongolia
Disclosure Date
February 8, 2017
Approval Date
(as of board presentation)
June 9, 2017
Effective Date
September 11, 2017

Total Project Cost 1
US$ 12.00 million
Implementing Agency
Ministry of Finance
Region
East Asia and Pacific
Fiscal Year 3
2017

Commitment Amount
US$ 12.00 million
Environmental Category
C
Last Update Date
June 23, 2024
Closing Date
December 31, 2023

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Economic Policy

FY17 - Economic Growth and Planning28%
- FY17 - Macroeconomic & Structural Policy Modelling28%
FY17 - Fiscal Policy28%
- FY17 - Fiscal sustainability28%

FY17 - Finance

FY17 - Financial Stability28%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring28%

FY17 - Public Sector Management

FY17 - Public Administration37%
- FY17 - Public Assets and Investment Management37%
FY17 - Public Finance Management60%
- FY17 - Debt Management28%
- FY17 - Public Expenditure Management37%

FY17 - Social Development and Protection

FY17 - Social Protection22%
- FY17 - Social Insurance and Pensions5%
- FY17 - Social Safety Nets22%
- FY17 - Social protection delivery systems17%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	12.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	12.00
IBRD + IDA Commitment	12.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	12.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jan 15, 2021	IDA-60850	Int Charges	857.01
Jan 15, 2021	IDA-60840	Int Charges	7,824.44
Feb 22, 2021	IDA-60840	Loan Disb	312,319.62
Feb 22, 2021	IDA-60840	Loan Disb	139,669.94
Dec 2, 2020	IDA-60840	Loan Disb	197,425.40
Jul 27, 2021	IDA-60840	Loan Disb	495,917.84
Jul 19, 2021	IDA-60840	Int Charges	11,665.25
Jul 19, 2021	IDA-60840	Int Charges	11,665.25
Jul 19, 2021	IDA-60840	Int Charges	19,442.11
Jul 19, 2021	IDA-60840	Int Charges	755.98
May 13, 2021	IDA-60840	Loan Disb	389,797.50
Jul 19, 2021	IDA-60850	Int Charges	546.30
Jul 19, 2021	IDA-60850	Int Charges	14,916.41
Jul 19, 2021	IDA-60850	Int Charges	14,916.41
Jul 19, 2021	IDA-60850	Int Charges	22,474.06
Jan 15, 2020	IDA-60850	Int Charges	17,871.22
Dec 19, 2019	IDA-60850	Loan Disb	268,685.40
Apr 24, 2020	IDA-60840	Loan Disb	500,000.00
Sep 8, 2020	IDA-60840	Loan Disb	706,392.70
Nov 6, 2020	IDA-60840	Loan Disb	168,846.03
Jul 29, 2020	IDA-60840	Loan Disb	400,000.00
Aug 6, 2020	IDA-60840	Loan Disb	619,300.50
Jul 15, 2020	IDA-60850	Int Charges	522.00
Jul 15, 2020	IDA-60850	Int Charges	14,598.38
Jul 15, 2020	IDA-60850	Int Charges	14,598.38
Jul 15, 2020	IDA-60850	Int Charges	21,167.65
Jan 8, 2019	IDA-60850	Loan Disb	80,585.99
Mar 20, 2019	IDA-60850	Loan Disb	214,877.90
May 14, 2019	IDA-60850	Loan Disb	82,056.18
May 14, 2019	IDA-60850	Loan Disb	201,706.77
Feb 19, 2019	IDA-60850	Loan Disb	120,293.82
May 14, 2019	IDA-60850	Loan Disb	119,293.75
Jun 17, 2019	IDA-60850	Loan Disb	142,720.55
Jul 15, 2019	IDA-60850	Int Charges	8,506.65
Jul 15, 2019	IDA-60850	Int Charges	8,506.65
Jul 15, 2019	IDA-60850	Int Charges	12,570.25
Jul 15, 2019	IDA-60850	Int Charges	237.44
Aug 27, 2019	IDA-60850	Loan Disb	232,319.14
Nov 12, 2019	IDA-60850	Loan Disb	85,276.38
Aug 27, 2019	IDA-60850	Loan Disb	171,474.44
Jan 15, 2024	IDA-60850	Int Charges	13,333.51
Jan 15, 2024	IDA-60850	Int Charges	19,392.18
Jan 15, 2024	IDA-60840	Int Charges	28,112.82
Jan 15, 2024	IDA-60840	Int Charges	28,112.82
Jan 15, 2024	IDA-60840	Int Charges	45,016.65
Jan 15, 2024	IDA-60840	Int Charges	2,525.35
Jan 15, 2024	IDA-60840	Loan Repay	132,268.95
Jun 4, 2024	IDA-60840	Loan Cancel	11,219.22
Apr 30, 2024	IDA-60850	Loan Cancel	152.70
Jul 15, 2024	IDA-60850	Int Charges	19,329.63
Jul 15, 2024	IDA-60850	Loan Repay	61,319.41
Jul 15, 2024	IDA-60850	Int Charges	13,015.85
Jul 15, 2024	IDA-60850	Int Charges	13,015.85
Jul 15, 2024	IDA-60850	Int Charges	692.43
Jul 15, 2024	IDA-60840	Int Charges	45,880.06
Jun 4, 2024	IDA-60840	Loan Disb	-11,140.80
Jul 15, 2024	IDA-60840	Int Charges	1,825.90
Jan 15, 2023	IDA-60850	Loan Repay	1,557.45
Jan 15, 2023	IDA-60850	Loan Repay	60,739.09
Jan 15, 2023	IDA-60850	Int Charges	13,924.09
Jan 15, 2023	IDA-60850	Int Charges	13,924.09
Jan 26, 2023	IDA-60840	Loan Disb	387,852.84
Jan 15, 2023	IDA-60840	Loan Repay	131,092.81
Jan 15, 2023	IDA-60840	Int Charges	23,903.09
Jan 15, 2023	IDA-60840	Int Charges	23,903.09
Jan 15, 2023	IDA-60840	Loan Repay	2,399.77
Jan 15, 2023	IDA-60850	Int Charges	18,640.54
Jan 15, 2023	IDA-60840	Int Charges	33,912.52
Jun 14, 2023	IDA-60840	Loan Disb	400,000.00
Jul 15, 2023	IDA-60840	Int Charges	5,952.73
Jul 15, 2023	IDA-60840	Loan Repay	134,096.48
Jul 15, 2023	IDA-60840	Int Charges	27,499.97
Jul 15, 2023	IDA-60840	Int Charges	27,499.97
Jul 15, 2023	IDA-60840	Int Charges	43,273.03
Jul 15, 2023	IDA-60850	Int Charges	2,349.00
Jul 15, 2023	IDA-60850	Loan Repay	62,578.36
Jul 15, 2023	IDA-60850	Int Charges	13,752.42
Jul 15, 2023	IDA-60850	Int Charges	13,752.42
Jul 15, 2023	IDA-60850	Int Charges	19,850.75
Nov 12, 2019	IDA-60850	Loan Disb	160,206.23
Nov 12, 2019	IDA-60850	Loan Disb	194,853.44
Jan 15, 2020	IDA-60850	Int Charges	245.83
Jan 15, 2020	IDA-60850	Int Charges	12,205.68
Jan 15, 2020	IDA-60850	Int Charges	12,205.68
Oct 20, 2017	IDA-60850	Loan Disb	400,000.00
Jan 15, 2018	IDA-60850	Int Charges	719.31
Jan 15, 2018	IDA-60850	Int Charges	719.31
Jan 15, 2018	IDA-60850	Int Charges	1,058.61
Apr 30, 2018	IDA-60850	Loan Disb	800,000.00
Apr 3, 2018	IDA-60850	Loan Disb	18,599.46
Aug 21, 2018	IDA-60850	Loan Disb	99,019.75
Jun 27, 2018	IDA-60850	Loan Disb	71,796.45
Aug 21, 2018	IDA-60850	Loan Disb	136,311.62
Jul 15, 2018	IDA-60850	Int Charges	24.63
Jul 15, 2018	IDA-60850	Int Charges	2,773.95
Jul 15, 2018	IDA-60850	Int Charges	2,773.95
Jul 15, 2018	IDA-60850	Int Charges	4,179.44
Jan 15, 2019	IDA-60850	Int Charges	62.09
Jan 15, 2019	IDA-60850	Int Charges	62.09
Nov 13, 2018	IDA-60850	Loan Disb	112,489.20
Jan 15, 2019	IDA-60850	Int Charges	5,559.65
Jan 15, 2019	IDA-60850	Int Charges	5,559.65
Jan 15, 2019	IDA-60850	Int Charges	8,230.84
Jan 8, 2019	IDA-60850	Loan Disb	199,229.83
Jan 15, 2022	IDA-60840	Int Charges	404.38
Jan 15, 2022	IDA-60840	Int Charges	404.38
Jan 15, 2022	IDA-60840	Int Charges	15,453.97
Jan 15, 2022	IDA-60840	Int Charges	15,453.97
Jan 15, 2022	IDA-60840	Int Charges	26,341.33
Jan 15, 2022	IDA-60850	Int Charges	481.47
Jan 15, 2022	IDA-60850	Int Charges	481.47
Jan 15, 2022	IDA-60850	Int Charges	22,193.88
Aug 29, 2022	IDA-60840	Loan Disb	409,010.16
Dec 19, 2022	IDA-60840	Loan Disb	181,564.97
Nov 23, 2022	IDA-60840	Loan Disb	183,561.40
Sep 16, 2022	IDA-60840	Loan Disb	131,571.16
Dec 6, 2022	IDA-60840	Loan Disb	180,491.10
Feb 17, 2023	IDA-60840	Loan Disb	49,400.18
Sep 15, 2021	IDA-60840	Loan Disb	412,621.72
Oct 28, 2021	IDA-60840	Loan Disb	175,477.06
Jun 16, 2022	IDA-60840	Loan Disb	343,320.75
May 5, 2022	IDA-60840	Loan Disb	634,840.10
Jul 15, 2022	IDA-60850	Int Charges	20,712.42
Jul 15, 2022	IDA-60840	Int Charges	82.97
Jul 15, 2022	IDA-60840	Int Charges	31,557.09
Jul 15, 2022	IDA-60840	Loan Repay	129,621.69
Jul 15, 2022	IDA-60840	Int Charges	18,934.27
Jul 15, 2022	IDA-60840	Int Charges	18,934.27
Jul 15, 2022	IDA-60850	Int Charges	72.69
Jul 15, 2022	IDA-60850	Loan Repay	60,490.12
Jul 15, 2022	IDA-60850	Int Charges	13,747.18
Jul 15, 2022	IDA-60850	Int Charges	13,747.18
Feb 10, 2022	IDA-60840	Loan Disb	712,045.56
Jan 15, 2022	IDA-60850	Int Charges	14,300.86
Jan 15, 2022	IDA-60850	Int Charges	14,300.86
Jul 15, 2020	IDA-60840	Int Charges	862.79
Jul 15, 2020	IDA-60840	Int Charges	862.79
Jul 15, 2020	IDA-60840	Int Charges	1,386.70
Jan 15, 2021	IDA-60840	Int Charges	7,824.44
Jan 15, 2021	IDA-60840	Int Charges	12,274.25
Jan 15, 2021	IDA-60850	Int Charges	15,123.57
Jan 15, 2021	IDA-60850	Int Charges	15,123.57
Jan 15, 2021	IDA-60850	Int Charges	22,232.29
Jan 15, 2021	IDA-60840	Int Charges	53.14
Jul 15, 2024	IDA-60840	Loan Repay	131,398.73
Jul 15, 2024	IDA-60840	Int Charges	27,882.52
Jul 15, 2024	IDA-60840	Int Charges	27,882.52
Jun 9, 2017	IDA-60840	Loan Commitment	8,200,000.00
Jun 9, 2017	IDA-60850	Loan Commitment	3,800,000.00
Dec 8, 2023	IDA-60840	Loan Disb	153,636.66
Jan 15, 2024	IDA-60850	Int Charges	857.74
Jan 15, 2024	IDA-60850	Loan Repay	61,725.51
Jan 15, 2024	IDA-60850	Int Charges	13,333.51

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Satisfactory	2023-05-02
Financial Management	Satisfactory	2023-05-02
Monitoring and Evaluation	Satisfactory	2023-05-02
Project Management	Satisfactory	2023-05-02
Progress towards achievement of PDO	Moderately Satisfactory	2023-05-02
Procurement	Moderately Satisfactory	2023-05-02

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-21-2024
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 11-18-2024	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Regulatory framework for the financial sector improved as measured by the number of new or revised legal acts submitted to the Parliament	Value	0.00	10.00	0.00
	Date	September 30, 2021	December 31, 2023
	Comment

Aggregate deviation of expenditures is reduced to 15% or less and commitment controls are in place.	Value	Aggregate deviation is >15% and no commitment cont	Average aggregate deviation was 1.8% in the three
	Date	October 13, 2017	December 31, 2023
	Comment

Aggregate poverty-targeted social welfare support going to the poorest 20% is increased Value 17.00 47.00
Date October 13, 2017 December 31, 2023
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Component A1: Fully operational comprehensive revenue forecasting model and financial model for mega-projects. Value No Yes
Date October 13, 2017 December 31, 2023
Comment

Component B1: The upgraded GFMIS version 7 is operational and customized web services are developed to improve performance, functionality, and integration of the system.	Value	Current version of the GFMIS does not have web ser	The GFMIS version 7 is operational and configurati
	Date	October 13, 2017	December 31, 2023
	Comment

Component C1: Financial Sector Medium-term Development Strategy: 2017-2025 is prepared and submitted to Parliament. Value No Yes
Date October 13, 2017 December 31, 2023
Comment

Component D1: Amendments for social insurance legislation in line with the State Policy on Pension Reform (2015-2030) are submittedto the Parliament.	Value	No	Yes
	Date	October 13, 2017	December 31, 2023
	Comment

Component A2: Government Debt management strategy and action plan are updated and approved by MoF. Value No Yes
Date October 13, 2017 December 31, 2023
Comment
Component B2: Policy document on budget control and risk management is drafted and approved by MoF. Value No Yes
Date October 13, 2017 December 31, 2023
Comment

Component D2: Revised Social Welfare Law draft, which mandates consolidation of the existing social welfare programs, has been submitted to the Parliament for approval	Value	No	No
	Date	September 30, 2021	December 31, 2023
	Comment

Component B3: Public outreach activities on proposed changes to legislation conducted. Value 0 3
Date October 13, 2017 December 31, 2023
Comment

Component B4:The PIM Guideline for regulating the procedures and responsibilities of PIM project strategy/planning, appraisal, selection/prioritization and budgeting developed. and endorsed by MoF.	Value	Yes	Yes
	Date	January 31, 2020	December 31, 2023
	Comment

Component B1. An Integrated Payroll System (IPS) is developed, tested, and rolled out to strengthen budget control, accountability,and discipline.	Value	Partially developed and rolled out.	IPS is developed, fully tested and rolled-out.
	Date	September 30, 2021	December 31, 2023
	Comment

Component C5 Operational macro-prudential framework designed and web-based database system operationalized. Value No Yes
Date October 13, 2017 December 31, 2023
Comment
Component C3. Digital payout system to deal with different sized banks designed, acquired, and implemented to enhance DICOM effectiveness Value No Yes
Date October 25, 2021 April 30, 2023
Comment

Aggregate poverty-targeted social welfare support going to the poorest 20% is increased	Value	17.00	47.00
	Date	October 13, 2017	December 31, 2023
	Comment

Component C3. Digital payout system to deal with different sized banks designed, acquired, and implemented to enhance DICOM effectiveness	Value	No	Yes
	Date	October 25, 2021	April 30, 2023
	Comment