Ulaanbaatar – 12 August 2022: Mongolia’s National Committee for Sustainable Development (NCSD) endorsed the draft Integrated national financing strategy (INFS) making Mongolia one of the early adopters of the INFS, a key vehicle for mobilizing, aligning and leveraging resources for SDGs and Mongolia’s sustainable development priorities. NCSD, chaired by the Prime Minister, is Mongolia’s top governing committee for sustainable development comprised of key government stakeholders including ministries and agencies as well as the United Nations in Mongolia.
The endorsement signifies the high level of importance and commitment that Mongolia is placing on successfully implementing the extraordinary reforms, tools and mechanisms stated in the INFS to accelerate the country’s progress towards Agenda 2030. Mongolia is one of the frontrunners of the 86 countries around the world that are currently developing the Integrated National Financing Framework (INFF) tailored to the country context to drive finance towards sustainable development.
His Excellency Mr. Bold Javkhlan, Minister of Finance, Acting Minister of Economy and Development and Deputy Chair of the NCSD, highlighted the importance of the INFS and said “This strategy includes many important measures including the introduction of results-oriented, gender responsive and SDG aligned budgeting methodology, debt sustainability, innovative and green financial instruments, introduction of environmental and social governance (ESG) reporting standards and mechanism to support investments with positive impact on sustainable development."
INFS will play key role in supporting the Government of Mongolia to achieve its sustainable development priorities stated in the Vision-2050, long term development policy document, and the “New Economic Recovery Policy” by increasing the SDG financing sources from domestic and international investors, improving the alignment of state planning and budgeting, calibrating current resources with the SDGs, and increasing the private sector financing through refined public-private-partnership.
“With the development of the Integrated National Financing Framework (INFF), Mongolia now has the potential to chart a clear path forward to align multiple financing sources with national development priorities through the various tools and mechanisms included in the Integrated National Financing Strategy (INFS). Moving forward, Mongolia’s strong national ownership and leadership along with effective collaboration and partnership of various national and local government agencies as well as development partners would be pivotal in the successful implementation of the INFS in the years ahead” said Mr. Tapan Mishra, UN Resident Coordinator in Mongolia.
UN Joint Programme on “Rolling Out an Integrated Approach to the SDG Financing in Mongolia,” implemented by UNDP in partnership with UNICEF under the leadership of Ministry of Finance with the generous and material support from the Joint SDG Fund, provided extraordinary opportunity to Mongolia for the development of the Integrated National Financing Strategy over the past two years.
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet. Learn more at undp.org/mongolia or follow at @UNDPMongolia.
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