The Bank of Mongolia organized the first consultation meeting on the draft of the Monetary Policy Guidelines for 2022, focusing on inclusive growth and climate and sustainable financing. Representatives from about 20 organizations, including the Parliamentary Standing Committee on Economics, Standing Committee on Environment, Food and Agriculture, Cabinet Secretariat Office, Ministry of Finance, Ministry of Environment and Tourism, Ministry of Health, National Development Agency, Financial Regulatory Commission, World Bank, Asian Development Bank, International Finance Corporation, UNDP, UNICEF, Mongolian Bankers Association and Mongolian Sustainable Finance Association participated in this consultation meeting.

During the meeting held on September 7, the UN Joint Programme ‘Rolling Out an Integrated Approach to SDG Financing in Mongolia’ implemented by UNDP and UNICEF in partnership with the Ministry of Finance presented the development of the Integrated National Financing Framework (INFF) and the sustainable financing strategy in Mongolia.

During the meeting, the UN Joint Programme ‘Rolling Out an Integrated Approach to SDG Financing in Mongolia’ implemented by UNDP and UNICEF in partnership with the Ministry of Finance presented the development of the Integrated National Financing Framework (INFF) and the sustainable financing strategy in Mongolia.

The development of an INFF is a global recommendation following the Addis Ababa Action Agenda to enable the achievement of SDGs, and over 60 countries globally, including Mongolia, are currently working on its development. The INFF aims to align the financing with the development priorities and increase the financing flows dedicated to sustainable development by leveraging private sector financing.

At the heart of the INFF lies the financing strategy for sustainable development. The current draft of the strategy builds on the ongoing public and private sector reforms as well as the new pilot initiatives that help align financing with the SDGs, including the piloting of the SDG-aligned, results-based, gender-responsive budgeting, SDG bonds, impact investment fund and adoption of Environment, Social and Governance risk management framework across the financial sector.

During the consultation, the Central Bank highlighted the need for the development and implementation of coherent, sustainable financing strategies, economic policies and strategic plans and the cooperation among all stakeholders in tackling the climate and sustainable development challenges. The consultation meeting was a significant initiative by the Central Bank of Mongolia in bringing the voices of various stakeholders in policy making and ensuring closer and aligned cooperation.

The Monetary Policy Guidelines 2022 will be discussed and approved by the Parliament’s autumn session.

Source: UNDP Mongolia