Mongolia: Selected Issues

IMF Staff Country Reports, September 17, 2019

Source details

The paper "aims to take stock of key challenges and propose recommendations on how to address them."
"Mongolia has taken important steps to address these challenges, but more should be done to tackle remaining gaps and ensure effective enforcement."
"Improving governance is a crucial step for Mongolia to achieve sustainable and inclusive growth."
On corruption: "In order to substantially reduce corruption, a stronger anti-corruption framework should be accompanied by governance reforms across a range of state functions."
On rule of law: "The Worldwide Governance Indicators (WGI) place Mongolia above peers in Asia but below regional averages, indicating room for improvement."
Legal framework: "Although Mongolia has developed a legal framework since the transition to a market economy, observers point out that there are often loopholes and unintended consequences."
Revenue administration and fiscal risks: "Weak revenue administration can undermine fiscal sustainability while uneven enforcement of tax rules can damage the investment climate."
State-owned enterprises: "State-owned enterprises would benefit from better governance, particularly given their central role in output and potential for creating fiscal liabilities."

Strengthen the anti-corruption framework and accompany it with governance reforms across state functions.
Improve the rule of law consistent with WGI findings that Mongolia is above regional peers in Asia but below regional averages.
Close legal loopholes and address unintended consequences within the existing legal framework developed since the market transition.
Reinforce revenue administration to protect fiscal sustainability.
Ensure even enforcement of tax rules to safeguard the investment climate.
Improve governance of state-owned enterprises to limit fiscal liabilities and better manage their central role in output.

Publication title: Mongolia: Selected Issues
Publication date: September 17, 2019
Pages: 42
Volume: 2019
Issue: 298
Series: Country Report No. 2019/298
DOI: https://doi.org/10.5089/9781513514208.002
Stock No: 1MNGEA2019002
ISBN: 9781513514208
ISSN: 1934-7685
Subjects: Agricultural commodities, Anti-money laundering and combating the financing of terrorism (AML/CFT), Budget planning and preparation, Commodities, Corruption, Expenditure, Fiscal policy, Fiscal risks, Fiscal rules, Public debt, Public financial management (PFM)
Keywords: adult livestock, Agricultural commodities, agriculture sector, Asia and Pacific, BOM., CR, debt anchor, financing, fiscal policy framework, Fiscal rules, Global, governance, independence, ISCR, livestock industry, livestock sector, meat export, mineral wealth, resource

International Monetary Fund. Asia and Pacific Dept "Mongolia: Selected Issues", IMF Staff Country Reports 2019, 298 (2019).

Mongolia: Selected Issues; IMF Country Report No. 19/298; August 2, 2019
- Mongolia: Selected Issues; IMF Country Report No. 19/298; August 2, 2019 (Markdown version)
- Mongolia: Selected Issues; IMF Country Report No. 19/298; August 2, 2019 (PDF)