Ulaanbaatar
Working group for developing integrated national financing framework convenes
Society
Ulaanbaatar /MONTSAME/ The integration and inclusion of Sustainable Development Goals (SDGs) in the national development goals and priorities is vital in accelerating SDGs achievement in Mongolia by 2030. Ministry of Finance and UNDP led technical working group on developing an integrated national financing framework (INFF) for sustainable development organized its first meeting. With the support from United Nations and European Union, increasing number of countries including Mongolia are pioneering the INFF development nationally.
The working group facilitates participation of wide range representatives including development financing, policy makers, international organisations and private sector to generate and engage in more frequent dialogue among these representatives who are driving national development.
INFF will support aligning of the national development policies with financing through mobilizing private sector resources for national development while enhancing the efficiency of various public financial sources to accelerate the achievement of the SDGs and national development priorities.
The financing strategy will build on the ongoing public financial management reform with strategic focus on private sector financing. The private sector financing, prioritized in Mongolia’s INFF development, can be effectively leveraged to address many of the development challenges including creating jobs, promoting businesses and investment and addressing the climate-related risks and challenges.
‘The Government of Mongolia is placing significant importance to the development of INFF and included it in the Government’s Action Programme 2020-2024 to be developed and implemented in partnership with various stakeholders under the Ministry of Finance’s leadership” said Ms. S. Mungunchimeg, the Deputy Minister of Finance.
“The INFF development is very timely as Mongolia and many others are facing formidable challenges due to Covid-19 pandemic that is threatening not just to slow down but to roll back Mongolia’s progress toward the SDGs. The INFF will have to play a vital role in the coming years in mitigating and addressing these challenges” said Nashida Sattar, UNDP Mongolia Deputy Resident Representative.
The working group is planning to present the draft INFF roadmap in June 2021.
Source: UNDP Mongolia
