Government-by-Government Assessments: Mongolia
During the review period, the government’s budget and information on debt obligations were widely and easily accessible to the public, including online. The budget was substantially complete and generally reliable. Information on debt obligations, including major state-owned enterprise debt, was publicly available, including online. The government maintained off-budget accounts not subject to audit or oversight, although the government disclosed their existence and moved to publish a portion of them toward the end of the review period. The supreme audit institution met international standards of independence, reviewed the government’s accounts, and made its reports publicly available. The process for allocating licenses and contracts for natural resource extraction was outlined in law and appeared to be followed in practice. Basic information on natural resource extraction awards was publicly available. The sovereign wealth fund disclosed its source of funding and general approach to withdrawals, although there were some inconsistencies.
Mongolia’s fiscal transparency would be enhanced by:
* Eliminating off-budget accounts or subjecting them to adequate oversight and audit.
Tags
Bureau of East Asian and Pacific Affairs Bureau of Economic and Business Affairs Division for International Finance and Development Mongolia
Source: U.S. Department of State, Bureau of East Asian and Pacific Affairs