Ulaanbaatar – 09 June 2022: For many developing countries including Mongolia, financing its national development priorities and sustainable development goals remain a key challenge. To discuss possible solutions and international best practices, the Government of Mongolia led by the Ministry of Finance and UN agencies led by the UNDP and UNICEF are co-organizing “Financing the Future We Want: Rolling out integrated SDG Financing in Mongolia” workshop with representatives from the public and private sector, international financial institutions, donors, civil society organizations and investors.
The workshop is being organized at a crucial time for Mongolia as the increased budget deficit and foreign debt burdens in addition to the Covid-19 pandemic and global geopolitical crises are pressuring Mongolia’s fiscal space for financing its development priorities as well as the Sustainable Development Goals (SDGs.) According to Government of Mongolia, a total of MNT 100-120 trillion is needed to achieve the “New Recovery Policy 2021-2030” highlighting the urgent need for additional financing resources for the country.
Her Excellency Ms. Mungunchimeg Sanjaa, Vice Minister of Finance, said “As public financing alone is not enough to finance our development priorities, the Government, private sector, investors and development partners need to align their policies, activities and financial resources with national and global development priorities, increase their financial resources and increase the efficiency and value of the investment through implementing public finance reform” during her opening remarks.
The main focus of the workshop is the development and adoption of the Integrated National Financing Framework (INFF) as Mongolia is one of the over 80 countries around the world currently developing it. Mr. Tapan Mishra, UN Resident Coordinator in Mongolia, stressed the importance of INFF and said, “Through the INFF, Mongolia has the potential to chart a path forward to align multiple financing sources with development priorities and to mobilize new financial resources for sustainable development, especially from the private sector.”
“The European Union supports the development of INFF Facility globally and in Mongolia since its adoption in Addis Ababa in 2015. The Integrated National Financing Framework will strengthen the government planning processes and help identify and overcome existing challenges to finance the sustainable development to meet the SDGs for Mongolia, especially during this critical time” said Her Excellency Ms. Axelle Nicaise, Ambassador of the European Union to Mongolia.
The workshop featured presentations on multiple milestones including successful piloting of the results-based and SDG-aligned budgeting at four Ministries, SDG Auditing pilot at the Mongolian National Audit Office, publishing of the Sustainability Reporting Guidance for private sector, ongoing development of draft SDG Finance Taxonomy, SDG Investor Mapping, SDG Bond Feasibility and Framework Study, and Debt for Nature Swap study with the support of UNDP and other development partners.
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 mn.undp.org or follow at @UNDPMongolia.
UNICEF works in some of the world’s toughest places, to reach the world’s most disadvantaged children. Across more than 190 countries and territories, we work for every child, everywhere, to build a better world for everyone.
About UN Joint Programme and UNDP Project
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 support from the Joint SDG Fund, is providing material support to Mongolia on the development integrated SDG Financing. UNDP’s “Innovative Financing Options for a Sustainable Recovery from Covid-19 and Beyond” project is supporting the Government of Mongolia to explore innovative financing mechanisms and tools that can be leveraged and utilized to finance the sustainable development within the framework of the INFS.