Mongolia was among the first countries to launch its financing strategy in 2022. Led by the Prime Minister of Mongolia, the National Committee for Sustainable Development launched the financing strategy. Aligned with the national medium-term development plan and long-term strategy, Vision 2050, the financing strategy aims to address the financing gap of MNT 122 trillion (USD 43 billion) in spending by 2030 and address systemic challenges related to mobilising and aligning public and private investment towards sustainable development.
The financing strategy prioritises 30 financing policy areas for implementation, including the adoption of the Medium-Term Expenditure Framework, SDG-aligned budgeting, SDG-aligned debt management, legal reforms on the public-private partnerships, alignment of Development Bank of Mongolia operations with the SDGs, sustainable finance taxonomy development, sustainability reporting and alignment of business with SDG impact.
Some of the prioritised actions are already yielding results. Mongolia has already aligned $600 million public expenditure with SDGs in the 2023 budget, introduced an SDG performance audit, introduced sustainability reporting for over 200 listed companies with $2 billion market capitalization and developed sustainable finance taxonomy. The Ministry of Finance will be establishing a secretariat to support the INFF implementation.