Description: Mongolia - Consolidating the Gains, Managing Booms and Busts, and Moving to Better Service Delivery : A Public Expenditure and Financial Management Review - Annexes

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Mongolia - Consolidating the Gains, Managing Booms and Busts, and Moving to Better Service Delivery : A Public Expenditure and Financial Management Review - Annexes

Mongolia's external economic outlook is dramatically changing as it faces sharp reductions in the copper price, caused by the financial crisis and global downturn. This compels the government now to drastically cut spending to prudently manage...

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Bibliographic Details
Main Author:	World Bank
Language:	English
Published:	World Bank 2012
Subjects:	ACCOUNTING ADMINISTRATIVE COSTS ANNUAL BUDGET ANNUAL BUDGETING ANNUAL RATE APR AVERAGE GROWTH AVERAGE WAGE AVERAGE WAGES BENEFICIARIES BENEFICIARY BENEFIT FORMULA BUDGET CIRCULAR BUDGET ENTITY BUDGET EXPENDITURE BUDGET FRAMEWORK BUDGET IMPLEMENTATION BUDGET LAW BUDGET MANAGERS BUDGET PLANNING BUDGET PREPARATION BUDGET PROJECTIONS BUDGET STATEMENTS BUDGETARY CONTROL BUDGETING BUSINESS PLAN BUYER CALCULATIONS CASH TRANSFERS CC CENTRAL GOVERNMENT CHART OF ACCOUNTS CIVIL SERVANT CIVIL SERVANTS CIVIL SERVICE CIVIL SERVICE LAW CIVIL SERVICE REFORM CIVIL SERVICE SYSTEM COLLEGE STUDENTS CONTRIBUTION CONTRIBUTION RATE CONTRIBUTIONS CREDIT RATING CREDIT RATING AGENCY CS DAILY PAYMENT DISABILITY DISABILITY BENEFIT DISABILITY PENSION DISABLED DISABLED PERSONS DISADVANTAGED STUDENTS DISASTER RECOVERY DISCRETION EARLY RETIREMENT ECONOMIC AGENTS ECONOMIC CLASSIFICATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC MANAGEMENT ELECTRONIC FUND ELIGIBILITY CRITERIA EMPLOYEE EMPLOYER EQUIPMENT EXCHANGE RATE EXPENDITURE CONTROL FAMILIES FARMER FINANCIAL ACCOUNTABILITY FINANCIAL AID FINANCIAL DATA FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL POLICY FINANCIAL STATEMENTS GENERAL PUBLIC GOVERNMENT POLICY HOLDING HOSPITAL SERVICES HUMAN RESOURCE HUMAN RESOURCE REQUIREMENTS HUMAN RESOURCES INCOME INDIVIDUAL ACCOUNT INDIVIDUAL PENSION INFLATION INFLATION RATE INFORMATION SYSTEM INITIATIVE INSURANCE INSURANCE PENSIONS INTEGRITY INTERNAL CONTROL INTERNAL CONTROLS LAW ENFORCEMENT LAWS LEADERSHIP LOAN LOAN AMOUNT LOAN PROGRAMS LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM INVESTMENT LOW-INCOME MARKET ECONOMY MARKET FAILURE MARKET INFORMATION MARKET PLACE MINIMUM PENSION MINIMUM WAGE MINISTER MINISTRY CEILINGS MINISTRY OF FINANCE MONETARY POLICY NEEDY STUDENTS NEGATIVE EXTERNALITIES PENSION PENSION AGE PENSIONS PERFORMANCE ASSESSMENTS PERFORMANCE DATA PERFORMANCE MANAGEMENT PERSONAL COMPUTER PORTFOLIO POSITIVE EXTERNALITIES POVERTY REDUCTION PRIVATE CREDIT PRIVATE CREDIT RATING PRIVATE GOODS PRIVATE SECTOR PROCUREMENT LAW PROSECUTION PUBLIC ADMINISTRATION PUBLIC EMPLOYEES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC GOODS PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICES RECEIPT REFORM STRATEGY RESPONSIBILITIES RETIRED RETIREMENT RETIREMENT AGE RETIREMENT PENSION RETURNS SALARIES SALARY SALE SECONDARY EDUCATION SECONDARY SCHOOL SECONDARY SCHOOLS SENIOR SERVICE DELIVERY SERVICE EMPLOYMENT SINGLE MOTHERS SINGLE PARENT SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE FUND SOCIAL PROTECTION SOCIAL WELFARE SOFT LOAN STATE BUDGET STATED OBJECTIVE TAX TAX EXEMPT TECHNICAL EDUCATION TOTAL COST TOTAL EXPENDITURE TOTAL EXPENDITURES TRADING TRANSACTION TRANSACTION COST TRANSACTION COSTS TRANSPARENCY TREASURY TURNOVER UNCERTAINTY UNIVERSITY TUITION WAGES WARRANTS YEARS OF SERVICE
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090208230450 http://hdl.handle.net/10986/3018

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Summary:	Mongolia's external economic outlook is dramatically changing as it faces sharp reductions in the copper price, caused by the financial crisis and global downturn. This compels the government now to drastically cut spending to prudently manage the budget. The budget is extremely dependent on mining revenues. Government is taking the right step in proposing a balanced budget for 2009. But further adjustments will be needed given the continuing fall in copper prices. A prudent fiscal stance will also be needed to manage inflation, which accelerated in the past year to over 30 percent. The current situation highlights the need to manage mining revenues better than in recent years. Mongolia saved little during the boom years, but instead dramatically increased expenditures on wages and salaries, and poorly-targeted social transfers. Adopting a multi-year fiscal framework-which enforces saving during the boom years, sets limits to expenditure growth and debt, and ensures transparency to the public-can help. Since much of the past windfall revenues have been spent, the country enters the down-turn with little savings and high inflation, forcing it to cut expenditures with every drop in the copper price. To avoid such situations in the future, the government has the opportunity to adopt a transparent, multi-year budget framework for expenditures and investment. This includes adopting a new fiscal responsibility law. It will ensure that the government saves during the 'boom' years, so that it can continue to spend during the 'bust' years. It will also set limits to expenditure growth and public debt. Within the limits set by this framework, parliament can then exercise its constitutional rights to amend the budget.