Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) Mongolia Multi-Sectoral Technical Assistance Project (P119825) EAST ASIA AND PACIFIC | Mongolia | Macro Economics & Fiscal Management Global Practice | IBRD/IDA | Technical Assistance Loan | FY 2010 | Seq No: 11 | ARCHIVED on 25-Jun-2017 | ISR28693 | Implementing Agencies: Ministry of Finance, Bank of Mongolia, Ministry of Finance, Financial Regulatory Commission, Ministry of Finance Key Dates Key Project Dates Bank Approval Date:28-Jun-2010 Effectiveness Date:17-Mar-2011 Planned Mid Term Review Date:31-Dec-2012 Actual Mid-Term Review Date:15-Jan-2013 Original Closing Date:31-Dec-2014 Revised Closing Date:30-Jun-2017 Project Development Objectives Project Development Objective (from Project Appraisal Document) To support the Recipient’s efforts to enhance its capacity for policy making, regulation, and implementation in the fiscal, social,and financial sectors. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Enhancing capacity for Fiscal Management:(Cost $3.16 M) Supporting Government efforts to better protect the poor:(Cost $3.16 M) Enhancing capacity for maintaining financial sector stability:(Cost $3.37 M) Project management:(Cost $0.81 M) Strengthening Capacity and Improving Transparency of the Government Procurement Agency:(Cost $0.30 M) Supporting Pensions Reform:(Cost $0.30 M) Improving Public Financial Management:(Cost $0.90 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Satisfactory  Moderately Satisfactory Overall Implementation Progress (IP)  Moderately Satisfactory  Moderately Satisfactory 6/25/2017 Page 1 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) Overall Risk Rating  Moderate  Moderate Implementation Status and Key Decisions Progress Towards PDOs. The PDO of the MSTAP is to support the Recipient’s efforts to enhance its capacity for policy making, regulation, and implementation in the fiscal, social, and financial sectors. There are four PDO indicators to measure the progress toward the PDO: (i) reduction of structural budget deficit according to the ceilings set forth by the Fiscal Stability Law; (ii) submission of the laws on accounting and auditing to the Parliament; (iii) preparation of a poor household database using the Proxy Means Tested Survey; and (iv) fully operational Mongolia Deposit Insurance Corporation. PDO indicators II, III and IV are fully or almost achieved while one PDO indicator—PDO indicator I on budget deficit—faces challenge and is considered partially achieved. Despite the successful progress in the three PDO indicators, the project rating is proposed to be moderately satisfactory in light of the significant fiscal challenges, albeit the strong fiscal consolidation under way in 2017. As the previous ISR noted, the fiscal PDO indicator faced significant challenges in 2016 due to a sharp increase in the budget deficit in the run-up to the election. The consolidated budget deficit increased to 17 percent of GDP due to a revenue drop amid the commodity market downswing and an unexpected increase in expenditures. However, fiscal performance for the first five months in 2017 indicates that fiscal consolidation is now back on track and the budget deficit is likely to be significantly reduced according to the revised FSL, due to swift and strong corrective actions taken by the government. The budget deficit over the first five months has been sharply reduced to 1.5 percent of GDP. The strong fiscal performance and signs of economic recovery signals a high likelihood of successfully achieving the annual structural budget deficit target of 9.5 percent of GDP in 2017. The Bank will actively support the fiscal consolidation efforts, through a three-year programmatic DPL operation (Economic Management Support Operation: EMSO). In addition, the Strengthening Fiscal and Financial Stability Project (SFFSP) has been approved, as the Second Phase MSTA project, by the Bank Executive Board on June 9. Key Achievements by Individual Components Component A1: Improving Fiscal Policy and Budget Preparation. This project component aims to strengthen fiscal policy, budget preparation and execution by supporting the effective implementation of the Fiscal Stability Law (FSL) and the Integrated Budget Law (IBL). Key achievements of the Component A1 include: (i) introduction of the Budget Preparation and Information System (BPIS) as the new web-based budget planning information system; (ii) establishment of legal framework for prudent natural resource management, by introducing new Future Heritage Fund as a long-term resource revenue savings fund; (iii) improvement of fiscal transfer formula in central government’s budget transfer to local governments in education, health and overall LDF fund to increase predictability of resources and to reduce horizontal inequities between local governments and facilities. Component A2: Improving Public Financial Management. The Component A2 has successfully achieved the following outcomes: (i) Laws on accounting and auditing has been approved by Parliament in November 2015 and became effective in 2016—the PDO indicator for Component A2; (ii) IFRS- complied accounting guidelines along with the revised chart of accounts were approved by the MoF in 2014, and the e-balance system for electronic submission of financial statements has been implemented; (iii) the MSTAP also supported capacity building activities to properly enforce international financial reporting standards (IFRS). Component B: Supporting Government Efforts to Better Protect the Poor. Under the component, a household database was prepared, on the basis of the Proxy Means Test Survey—the PDO indicator, and the PMT HH database became fully functional from 2015. The MSTAP also supported the capacity building of the social welfare staff, including the training of 10,274 staff through 161 local trainings, overseas study tours, and workshops. In addition, capacity building training on ISDB and WAIS users as well as training for local staff of care service institutions were conducted. In total, 92.9% of social welfare sector staffs are trained. Component C: Enhancing Capacity for Maintaining the Stability in the Financial Sector. The objective of this project component is to strengthen the institutional capacity of MoF, BoM and FRC for maintaining the stability of Mongolia’s financial sector. Key achievements for the Component C include the following: (i) This component supported the establishment of the new Mongolia Deposit Insurance Company (DICOM) in 2013, and has been supporting the DICOM to improve its capacity and function as the one of the key pillars of the financial safety net; (ii) IFRS for banks has been introduced, starting from 2016; (iii) Regulations and manuals for risk based supervision of the BoM have been developed to improve the macro- 6/25/2017 Page 2 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) prudential regulation and supervision; (iv) Progress Report on State Bank Privatization was submitted by the MoF to the Parliament Economic Standing Committee in November, 2016, followed by a MOU between the BoM, MoF, and State bank on detailed actions to complete the privatization by 2019 Component E: Improving the capacity of the Government Procurement Agency. This component supported by the following activities to the GPA: (i) developing procurement guidelines and manuals, training materials and training for bidders, and a manual for handling complaints, (ii) establishing a procurement tracking system and preparation of guidelines for internal auditing and monitoring; (iii) preparation of training materials and training for local government procurement units. The MSTAP also supported the participation of 22 officials in 6 various procurement learning events in e-Governance, e-procurement, country procurement systems and project and procurement management. The component completed its activities and disbursement in 2015. Component F: Initiating and supporting pension reform agenda. The objective of this component is to support the government efforts in in developing pension reform policy options to establish a multi-pillar pension system that would provide adequate retirement benefits to the Mongolian elderly, with a focus on adopting the State Pension Reform Policy for 2015-2030. The Pension Reform Policy was approved by the Parliament in June 2015. Since then, the MSTAP has been supporting preparatory work to implementation of the pension reform envisioned by the Pension Reform Policy, including analytic support on long-term scenario analysis using the PROST model. Project Disbursement Project disbursement reached 97 percent on June 15, and is expected to reach 99 percent by the end of the project closing date. Notice was sent to the client on May 30, 2017, informing that the Bank will only continue to disburse/approve the use of loan proceeds for withdrawal applications received within a specified period of up to four months after the Closing Date for payments made or payments due for eligible expenditures incurred prior to the Closing Date. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  High  High Macroeconomic  --  High  High Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Low  Low Fiduciary  --  Low  Low Environment and Social  --  Low  Low Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  Moderate  Moderate Results 6/25/2017 Page 3 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) Project Development Objective Indicators PHINDPDOTBL  By the Closing Date, the Recipient shall have reduced its structural deficit according to the deficit ceilings set forth in the Fiscal Stability Law. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target This PDO indicator faces significant challenges due to the rapidly deteriorating fiscal condition in 2016. . In 2015, the structural This PDO indicator is budget deficit was considered partially reduced to 5 percent of achieved. As the GDP, the deficit ceiling previous ISR noted, the of the FSL, despite a fiscal PDO indicator significant revenue faced significant drop due to sharp challenges in 2016 due declines in key to a sharp increase in commodity prices. In the budget deficit in the 2016, however, the run-up to the election. budget deficit is The consolidated budget expected to sharply deficit increased to 17 increase to over 18 percent of GDP due to a percent of GDP due to revenue drop amid the a revenue decline amid commodity market a commodity price drop downswing and an and an unexpected unexpected increase in increase in expenditures. However, expenditures in the fiscal performance for The structural In 2014, the general face of the June the first five months in deficit is government budget General Election, 2017 indicates that fiscal reduced recorded a deficit which included the consolidation is now according to Value equivalent to 4% of GDP, clearance of payment back on track and the the deficit above the FSL's deficit arrears, new off-budget budget deficit is likely to ceiling of the ceiling of 2% of GDP. policy lending be significantly reduced Fiscal Stability programs, and according to the revised Law. unexpected payments FSL, due to swift and for a settlement strong corrective actions dispute. taken by the government. The budget However, swift deficit over the first five corrective actions have months has been been taken by the new sharply reduced to 1.5 government percent of GDP. The immediately after the strong fiscal election. The new performance and signs government terminated of economic recovery new policy lending signals a high likelihood programs immediately of successfully achieving and adopted a the annual structural supplementary budget budget deficit target of to properly consolidate 9.5 percent of GDP in off-budget spending 2017. programs into the budget. The structural deficit ceiling of the Fiscal Stability Law was amended on September 9, 2016, 6/25/2017 Page 4 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) reflecting the increased budget deficit, setting the deficit ceiling at 18.5 percent in 2016, 9.9 percent in 2017, 7.5 percent in 2018, and 5.5 percent in 2019. The 2017 budget was approved in November, aiming to reduce the budget deficit to 9.1 percent of GDP from 18 percent of GDP in 2016 by reducing capital expenditures and unnecessary spending programs. Technical support of the MSTAP through the Component A1 (Improving Fiscal Policy and Budget Planning) and the new MSTAP II would remain an important tool to ramp up the urgent fiscal consolidation effort in 2017-18 Date 31-Dec-2014 09-Dec-2016 20-Jun-2017 30-Jun-2017 PHINDPDOTBL  The Government shall have submitted to the Parliament for passing the draft laws on accounting and auditing that would create the legal environment for ensuring that Mongolia's accounting and auditing (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Achieved. Draft laws Achieved. Draft laws submitted to the submitted to the Parliament and Parliament and approved by approved by Parliament Draft laws Adherence to international Parliament in its Value in its plenary session submitted to standards uneven plenary session held held on June 18, 2015. the Parliament. on June 18, 2015. The revised laws Therevised laws become effective become effective January 1, 2016. January 1, 2016. Date 01-Jan-2011 27-Nov-2015 20-Jun-2017 30-Jun-2017 PHINDPDOTBL  MPDSP has prepared a poor households database, on the basis of the Proxy Means Test survey. (Text, Custom) 6/25/2017 Page 5 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) Baseline Actual (Previous) Actual (Current) End Target Achieved. The second round of PMT survey data collection was Achieved. The second completed in Dec round of PMT survey 2013, and the data collection was database became completed in Dec 2013, available in and the database Apr2014.Furthermore, became available in as of Dec 2014 the Apr2014.Furthermore, database was as of Dec 2014 the endorsed by the database was endorsed government to be used by the government to be Database Value No database across government used across government completed programs in programs in various varioussectors. Use of sectors. Use of the the database is on database is on slowly slowly expanding within expanding within the the welfare sector but welfare sector but also also for targeting of for targeting of other othergovernment government programs programs and and subsidies for the subsidies for the poor. poor. The next round of PMT survey is planned for early 2017. Date 01-Jan-2011 12-Dec-2016 20-Jun-2017 30-Jun-2017 PHINDPDOTBL  New deposit insurance agency is fully operational. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Limited Bank Deposit Almost achieved and on Insurance Law was track to full enacted in 2013 and achievements. The The new DICOM has been Mongolia Deposit Deposit established according Insurance Corporation Insurance to the law. The support (DICOM) was Corporation is a for the development of established in 2013 and full-fledged an IT infrastructure, has received MNT 250 pillar of the including a new billion of capital financial sector New Law on Deposit software for efficient injection. The Bank team safety net, with Insurance Corporation data collection, completed a Core proper Value enacted and is about to analysis, and reporting Principles Assessment institutional have its implementation procedure needed for of the DICOM in structure and started the limited deposit December 2016, using financial insurance scheme, is the standard developed capacity, ongoing. Also, the by the International deposit payout assessment of the Association of Deposit capabilities, implementation Insurers (IADI). Areas of and clear progress of the Bank improvements were mandates and Deposit Insurance acts identified. Following the responsibilities. is ongoing and the assessment, Action Plan further planned will be developed to activities include enhance DICOM’s 6/25/2017 Page 6 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) assessment of the operational DICOMs capacity to effectiveness. With the evaluate banks’ deposit support of the Bank, the insurance risk; its legal DICOM law is expected framework and internal to be amended by end- procedures for risk November 2017 to pay-out compensation ensure that it is in line in line with the with IADI Core international best Principles for Effective practices. Deposit Insurance Systems. Date 30-Apr-2013 25-May-2016 20-Jun-2017 30-Jun-2017 Overall Comments Intermediate Results Indicators PHINDIRITBL  Strengthened fiscal planning and management capacity through improving budget planning mechanism (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Partially achieved and on track. The system is in use for 2017 local budget revision, control, No on-line web-based approval, monthly The BPIS Budget Planning allocation and other becomes Information System existed local budget planning functional and for budget preparation and processes. BPIS end- is used for different char of accounts user manuals have been budget Value -- are used for budget continuously updated planning both planning (Fiscal, budget according to the needs at the central planning system) and of end-users. Interfacing and local execution (GFMIS) of BPIS with GFMIS government systems (treasury system) and level. Fiscal (currently used budget preparation system) is under process. Date 01-Jan-2012 12-Dec-2014 20-Jun-2017 30-Jun-2017 6/25/2017 Page 7 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) PHINDIRITBL  Strengthened legal framework for prudent natural resource revenue management. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Achieved. The new law Achieved. The new law on Mongolia's natural on Mongolia's natural resource fund (Future resource fund (Future Heritage Fund Law) Heritage Fund Law) was was adopted in Dec adopted in Dec 2015, New legal 2015, ready for ready for framework for implementation. The implementation. The prudent natural No legal framework for MOF initiated work to MOF initiated work to resource prudent natural resource Value set up a road map set up a road map revenue revenue management comprising preparatory comprising preparatory management is exited. work necessary to set work necessary to set adopted and up a well-functioning up a well-functioning ready for long-term savings fund long-term savings fund implementation. which is expected to which is expected to begin accumulation of begin accumulation of mineral revenues in 3-4 mineral revenues in 3-4 years. years. Date 01-Jun-2011 30-Jun-2016 20-Jun-2017 30-Jun-2017 PHINDIRITBL  Fiscal transfer formula for local government financing improved to increase predictability of resources and to reduce horizontal inequities between local governments and facilities (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target On track. Achieved. The Methodology for The methodology for Transferring Revenue Transferring Revenue from the General Local from the General Local Development Fund to Development Fund to the Local Development the Local Development Fund approved by fund approved by Government resolution Government resolution #30. The revised version No. 30 of 2012 is being of financing followed. methodology for primary Government health care services regulations are The revised version of provided by soums and adopted and financing methodology villages was approved implemented to Value No fiscal transfer formula for primary health care by joint order #498/345 improve the services provided by in December 2015 of the financing soums and villages Minister of Finance and mechanisms to was approved by joint Ministry of Health and local order #498/345 in Sport. Variable cost governments. December 2015 by the standard normative on MoF and Minister of preschool and Health. The draft secondary education methodology was was approved by applied to the 2016 Government resolution budget planning #242 in 2016, which process. included average variable cost normative Work on improving per student at various education financing levels of education. 6/25/2017 Page 8 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) mechanism are under way. Amendment was made to the Law on Basic and Secondary Education on the joint approval by the Minister of Education and the Minister of Finance of a procedure on general education personnel normative. A joint order by the Minister of Finance and Minister of Education was issued on personnel staffing normative for secondary schools. A review of variable cost standard normative on preschool and secondary education was conducted and approved by Government resolution #242/June 2016, which found that the normative for local school dormitory variable cost standards need to be revised. Date 01-Jan-2011 08-Dec-2016 20-Jun-2017 30-Jun-2017 PHINDIRITBL  Improve the templates used for financial reporting in accordance with IFRS and create a consolidated database system for allowing electronic filing of financial statements by firms (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Achieved. IFRS- Achieved. IFRS- complied accounting complied accounting guidelines for entities guidelines for entities along with the revised along with the revised chart of accounts chart of accounts obtained approval by obtained approval by the theMinister of Finance Minister of Finance on Existing template on December 23, 2014 December 23, 2014 Regular ineffective due to (order #249). The e- (order #249). The e- financial modifications to IFRS. balance system for balance system for statement e- Value Lack of capacity and electronic submission electronic submission of filing to MOF inefficiency of the current of financial statements financial statements was through e- software - eBalance wasupgraded and upgraded and balance system implemented 2013 Q1. implemented 2013 Q1. Data conversion for Data conversion for years 2002-2012 was years 2002-2012 was done in December done in December 2014. 2014. The upgraded e- The upgraded e-balance balance system isnow system is now fully fully operational with operational with access 6/25/2017 Page 9 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) access to past years to past years data to data to perform perform analytics. analytics. Date 01-Jan-2011 27-Nov-2015 20-Jun-2017 30-Jun-2017 PHINDIRITBL  Capacity enhancement for setting and enforcing international financial reporting standards (IFRS) (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target On track and mostly achieved. Efforts to build capacity of the financial statement Mostly achieved and on preparers, Accounting track. Efforts to build and Auditing Standards capacity of the financial Committee members statement preparers, and other regulators Accounting and Auditing continue under the Standards Committee project through members and other provision of IFRS and regulators continue IFRS for SME training. Enhanced under the project So far approximately capacity of through provision of 2750 accounting preparers and Lack of capacity for both IFRS and IFRS for SME professionals regulators of regulators and preparers of training. So far Value nationwide have been financial financial statements with approximately 2750 trained/re-trained reporting e.g. regards to IFRS. accounting professionals during 100+ training the Accounting nationwide have been events organized in Standards trained during 100+ 2012-2016. Committee training events Preparation of organized in 2012-2016. methodological Preparation of guidance guidance notes and notes and regulations as regulations as well as well as the improved e- development and balance system have operationalization of been also contributing to the improved e-balance enhanced capacity. system under the project also have been contributing to enhancing capacity. Date 01-Jan-2011 30-Nov-2015 20-Jun-2017 30-Jun-2017 6/25/2017 Page 10 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) PHINDIRITBL  MoPDSP and GOSWS have created an adequate IT infrastructure for designated users on the basis of the PMT database for poor households and citizens or targeting purposes for social programs, assist (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Achieved. Multi –sector Development of database is Welfare Administration operational, and Information sharing and Achieved. The System (WAIS) has retrieval of data regulation for ISDB been completed with enabled for all authorized users/ usage specific modules on users including and maintenance of registration, reporting, a number of No web based software integrated household Value administration and Ministries and available information database is accounting. Some departments developed and approved modules of the system using ISDB to by Government Decree have been rolled out determine # 404 dated 30 Dec, from April 2016. Yet, eligibility of 2014. reporting practice social based on the WAIS programs, modules has not been services and reinforced. benefits. Date 01-Jan-2011 12-Dec-2016 20-Jun-2017 30-Jun-2017 PHINDIRITBL  Percentage of staff trained in the Ministry of Population Development and Social Protection, General Office for Social Welfare Service and local governments (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target The target had been Achieved. Capacity achieved, with a good building of the social progress. A series of welfare staff supported capacity building by the MSTAP included training events were Training the training of 10,274 organized including two delivered to a staff through 161 local series of trainings on significant trainings, overseas social work services portion of social study tours, and and WAIS/ISDB workers and unknown due to govt workshops. In addition, Value implementation GOSWS staff, restructuring in 2012 capacity building training nationwide. 92% of the and long term on ISDB and WAIS field staff had been institutional users as well as training trained as of 2015. training for local staff of care However, after the capacity service institutions were June 2016 elections, building. conducted. In total, there have been 92.9% of social welfare significant changes ion sector staffs have been the personnel working trained. in the sector. Date 01-Jul-2012 12-Dec-2016 20-Jun-2017 30-Jun-2017 6/25/2017 Page 11 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) PHINDIRITBL  Accounting standards introduced (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Achieved. IFRS for IFRS for banks has banks has been IFRS for banks been introduced and introduced and the introduced and No IFRS in place for the banks requested to Value banks requested to applied to financial sector comply with the new comply with the new Mongolian accounting standards accounting standards banks starting January 2016. starting January 2016. Date 09-Jul-2013 25-May-2016 20-Jun-2017 30-Jun-2017 PHINDIRITBL  Bespoke Macro-prudential policy framework developed (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Partially Achieved. Draft regulation and manual of risk based supervision have been developed. Improvement on the regulation and manual are on-going at Supervision department. The results are planned In progress. Draft to be introduced to regulation and manual directors of the on risk-based Department and Formal macro- supervision has been management officials of prudential developed. Also, the BOM. Also a trial supervision Institutional framework for stress testing inspection is planned to policy adopted risk-based macro- framework and draft be conducted based on and applied, Value prudential regulation and regulation on the draft regulation and overall supervision is not enforcement and the manual before final prudential established. prompt corrective approval of the draft supervision measures for banks regulation and manual. standards have been delivered Regarding the upgraded and the supervisors implementation of have been trained Macro-prudential policy, accordingly. Supervision department conducted a research with World Bank consultant and made amendments to the regulation on establishing risk provision fund for normal loan on assets classifying, provisioning and its allocations. Date 04-Dec-2012 01-Dec-2016 20-Jun-2017 30-Jun-2017 6/25/2017 Page 12 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) PHINDIRITBL  State Bank is restructured and its privatization announced. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target In progress. The process to privatize the Partially achieved and State Bank has on track. Progress officially started. It has Report on State Bank been included in the list Privatization was of state-owned submitted by the MoF to financial institutions the Parliament that will be privatized in Economic Standing 2016 and was Committee on approved by the November 24, 2016. Parliament on Recommendations and November 13, 2015. State Bank is owned by specific directions were While the progress has State Bank is the Government. No issued to the MOF, BOM Value been delayed, the restructured privatization plan is and State Property government re- and privatized. established. Policy and Coordinating announced the Agency to facilitate the privatization plan of the privatization. On May State Bank in 2017, as 22, a MOU was signed part of fiscal by the BoM, MoF, and adjustment process. State bank on detailed The government actions with a goal to estimates the State complete the Bank privatization privatization by January proceedings to be 2019. MNT75 billion, which is reflected in the budget document. Date 02-Jan-2012 14-Dec-2016 20-Jun-2017 30-Jun-2017 PHINDIRITBL  Transparency on procurement process managed by the GPA will be enhanced according to the revised Public Procurement Law (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Information on bidding Achieved. Information and contracts posted on bidding and contracts Information on on Government posted on Government Limited disclosure of bidding and website. 100% of website. 100% of information on contract contracts Value Procurement Plans, Procurement Plans, awardees, and contract posted on Invitation for Bids & Invitation for Bids & cost. government Contract Awardsare Contract Awards are website posted on the posted on the procurement website. procurement website. Date 01-Jan-2011 09-Dec-2015 20-Jun-2017 30-Jun-2016 6/25/2017 Page 13 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) PHINDIRITBL  A strategy paper, policy options and main concept driving the pension reform agenda have been submitted to the Government , and animplementation plan has been developed (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Achieved. Pension reform policy (2015- Achieved. White Paper 2030) was approved by (Policy Framework) on the Parliament decree # Define pension Pension Reform has 53 dated on 11 June reform policy been supported by the 2015. Amendments to concepts to Despite the govt intention Cabinet and endorsed key legislations as the establish to move to a multitier by the Parliament as of package law on social sustainable Value pension system, the actual June 11, 2015. insurance, Pension law multi-pillar strategy has not been Following the approval and other relevant pension system defined yet. of this reform regulations have been that provides framework, preparation prepared and are under an adequate of draft amendments to further consultation with benefit to the respective legislations various stakeholders. elderly is in a progress. Date 01-Jun-2013 20-Jun-2016 20-Jun-2017 30-Jun-2017 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P119825 IDA-47770 Effective USD 12.00 12.00 0.00 11.99 0.00 100% P119825 TF-99122 Closed USD 0.50 0.25 0.25 0.25 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P119825 IDA-47770 Effective 28-Jun-2010 04-Aug-2010 17-Mar-2011 31-Dec-2014 30-Jun-2017 P119825 TF-99122 Closed 31-Mar-2011 13-Apr-2011 13-Apr-2011 31-May-2012 31-May-2012 Cumulative Disbursements 6/25/2017 Page 14 of 15 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mongolia Multi-Sectoral Technical Assistance Project (P119825) Restructuring History Level Approved on 27-Mar-2012 ,Level Approved on 17-Apr-2013 ,Level 2 Approved on 04-Oct-2013 ,Level 2 Approved on 10-Dec-2014 ,Level 2 Approved on 16-Mar-2016 Related Project(s) There are no related projects. 6/25/2017 Page 15 of 15 Public Disclosure Copy