Rolling Out an Integrated Approach to the SDG financing in Mongolia

Status:

Ongoing

Project start date:

July 2020

Estimated end date:

July 2022

Focus area:

  • eradicate poverty in all its forms and dimensions
  • Project office:

    UNDP in Mongolia

    Implementing partner:

    United Nations Development Programme

    Full project information  

    Funding Support by

    Donor name

  • Mptfo - Joint Sdg Fund (previously Known As The Joint Fund For The 2030 Agenda)
  • Amount contributed

    $462,740

    Delivery in previous fiscal year

    2021 $288,578

    2020 $36,002

    Project Summary

    Mongolia was one of the first countries to adopt a national development strategy aligned with SDGs. It was an early adopter by creating its own Sustainable Development Vision for 2030 (SDV) in 2016, which has been further updated as the ‘Vision-2050’, long-term development policy document, the 5-year mid-term development guideline and 4-year Government Action Plan in 2020. Yet, Mongolia’s specific challenges in effective delivery of SDGs, especially in the people (social) domain, are not solely due to the lack of financial resources, but also in the weak link between policies and financing, which is further exacerbated by the global pandemic situation.

    To mobilize the financial resources to Vision-2050, this Joint Programme(JP) aims to improve the alignment of financial resources with the national development policies and planning system by

    1) strengthening the governance structure, monitoring & review systems of financing SDGs,

    2) formulating an integrated national financial strategy, and

    3) building capacity of key stakeholders to implement SDG financing strategies, incorporating the international best practices and innovative solutions.

    By targeting key financing challenges identified through Development Finance Assessment (DFA), SDGs Mainstreaming, Acceleration and Policy Support (MAPS) report, Voluntary National Review (VNR) report, COVID-19 impact assessments and recovery strategies; and by considering the government’s existing financing strategies and policies; the integrated national robust financing strategy for Vision-2050/SDGs and managing future risks will be developed. By supporting gender responsive, result-based multi-year budgeting, policy-driven budgeting will be encouraged, and the budget will be more aligned with strategic priorities of the Vision-2050. To encourage international and domestic financial resources to national development priorities, the JP will support identification of national thematic investment areas and develop policy incentives, enabling financial regulatory agencies to develop more targeted and effective financial and investment policy incentives to attract investment for Vision-2050/SDGs.

    Rather than focusing on a specific financing policy, applying a broader approach to financing national development (including coordination and oversight institutional arrangements, monitoring and review, both integrated and sectoral financial strategies, private and financial resources), the JP will enable the realignment of existing resources and unlocking new sources of financing for sustainable development in Mongolia.

     

    Project Objectives

    The Joint Programme aims to improve the alignment of financial resources with the national development policies and planning system and unlock new sources of financing for sustainable development.

    Outcomes

    OUTCOME 1. INFF governance structure, monitoring, and review for the financing of Vision2050/SDGs function effectively.

    • The high-level multi-stakeholder platform for Sustainable Development is established to oversee and coordinate the SDGs implementation and financing;
    • National institutions (Parliament, audit, CSOs) have guidelines for INFF monitoring and review and applied them to social sectors.

    OUTCOME2. INFF produced financing strategy leverages resources for Vision2050/SDGs from public and private sources.

    • The gender-responsive integrated financing strategy is formulated based on previously conducted Development Finance Assessment;
    • Medium-term and result-based budgeting in social sectors is strengthened;
    • Sustainable development considerations are integrated into the strategic/business plans of the Development Bank of Mongolia;

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