Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) Strengthening Fiscal and Financial Stability Project (P161048) EAST ASIA AND PACIFIC | Mongolia | Governance Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 1 | ARCHIVED on 18-Oct-2017 | ISR29658 | Implementing Agencies: Mongolia, Ministry of Finance Key Dates Key Project Dates Bank Approval Date:09-Jun-2017 Effectiveness Date:11-Sep-2017 Planned Mid Term Review Date:23-Dec-2019 Actual Mid-Term Review Date:-- Original Closing Date:31-Jan-2022 Revised Closing Date:31-Jan-2022 Project Development Objectives Project Development Objective (from Project Appraisal Document) 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. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component A: Strengthening Macroeconomic and Fiscal Management:(Cost $2.71 M) Component B: Improving the efficiency of Public Financial Management:(Cost $3.80 M) Component C: Enhancing Financial Sector Stability:(Cost $2.85 M) Component D: Strengthening of the Social Protection System:(Cost $2.00 M) Component E: Project Management and Monitoring:(Cost $0.64 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Satisfactory Overall Implementation Progress (IP)  --  Satisfactory 10/18/2017 Page 1 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) Overall Risk Rating  --  Moderate Implementation Status and Key Decisions The loan became effective on September 11, 2017, within the time frame that was originally forecasted by the team. The PIU is completely staffed and operational. The team is already working closely with the PIU to organize the launch event and define the work program for the upcoming year. Coordinators for the various components will be hired by the end of October. The Steering Committee will be established within the next couple of weeks and should have their first meeting soon after to approve the work program for the upcoming year. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Substantial  --  Substantial Macroeconomic  Substantial  --  Substantial Sector Strategies and Policies  Moderate  --  Moderate Technical Design of Project or Program  Low  --  Low Institutional Capacity for Implementation and Sustainability  Moderate  --  Moderate Fiduciary  Moderate  --  Moderate Environment and Social  Low  --  Low Stakeholders  Low  --  Low Other  Low  --  Low Overall  Moderate  --  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Aggregate deviation of expenditures is reduced to 15% or less and commitment controls are in place. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Aggregate expenditure Aggregate deviation is Aggregate deviation is deviation is >15% and no Value >15% and no commitment -- contained commitment controls in controls in place within 15% and place commitment controls in 10/18/2017 Page 2 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) place Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDPDOTBL  Financial sector stability improved by decreasing percentage of non-performing loans (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 12.10 -- 12.10 10.00 Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDPDOTBL  Aggregate poverty-targeted social welfare support going to the poorest 20% is increased (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2016: 17 -- 17.00 2022: 25.5 Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 Overall Comments Intermediate Results Indicators PHINDIRITBL  Component A1: Fully operational comprehensive revenue forecasting model and financial model for mega-projects. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 10/18/2017 Page 3 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) PHINDIRITBL  Component A2: Government Debt management strategy and action plan are updated and approved by MoF. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component B1: GFMIS upgraded to version 7 and accounting and financial reporting functionality operationalized to support IPSAS implementation. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Financial Current version of the Current version of the reporting is fully GFMIS is not integrated GFMIS is not integrated integrated into Value -- and reporting is done in and reporting is done in version 7 of stand-along systems. stand-along systems. Free Balance (GFMIS) Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2020 PHINDIRITBL  Component B2: Policy document on budget control and risk management is drafted and approved by MoF. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component B3: Public outreach activities on proposed changes to legislation conducted. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target 2 at the end of Value 0.00 -- 0.00 the project life Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 10/18/2017 Page 4 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) PHINDIRITBL  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. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component C1: Financial Sector Medium-term Development Strategy: 2017-2025 is prepared and submitted to Parliament. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component C2:DBM’s corporate governance structure is compliant with international standards. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component C3: Laws/regulations are revised to ensure that DICOM is properly mandated, operated resourced, and governed, with proper means to reimburse insured deposits of failed banks. (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 5.00 -- 5.00 10.00 Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 10/18/2017 Page 5 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) PHINDIRITBL  Component C4: Regulatory legislation for the non-bank financial sector prepared and submitted to Parliament. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component C5 Operational macro-prudential framework designed and web-based database system operationalized. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component D1: Amendments for social insurance legislation in line with the State Policy on Pension Reform (2015-2030) are submitted to the Parliament. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Jan-2022 PHINDIRITBL  Component D2: A plan for consolidation of the existing social welfare programs has been adopted by the MLSP. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 13-Oct-2017 -- 21-Sep-2017 31-Oct-2020 Overall Comments 10/18/2017 Page 6 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P161048 IDA-60840 Effective USD 8.20 8.20 0.00 0.00 8.54 0% P161048 IDA-60850 Effective USD 3.80 3.80 0.00 0.00 3.99 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161048 IDA-60840 Effective 09-Jun-2017 05-Jul-2017 11-Sep-2017 31-Jan-2022 31-Jan-2022 P161048 IDA-60850 Effective 09-Jun-2017 05-Jul-2017 11-Sep-2017 31-Jan-2022 31-Jan-2022 Cumulative Disbursements Restructuring History There has been no restructuring to date. 10/18/2017 Page 7 of 8 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Strengthening Fiscal and Financial Stability Project (P161048) Related Project(s) There are no related projects. 10/18/2017 Page 8 of 8 Public Disclosure Copy