In the 2023 Asia-Pacific INFF Exchange, Tuguldur Galbadrakh discusses the key reforms and results Mongolia has achieved to date through their INFF, following the launch of their financing strategy in August 2022. Mongolia transformed their development policy, aligning it with SDGs while dealing with financial gaps. He highlights the necessity of securing additional funding amounting to a quarter of their national GDP for implementing SDGs.
Mr. Galbadrakh outlined the range of policy reforms being advanced through the INFF, covering both public and private finance. Tax policy reform in Mongolia, including a progressive tax on personal income and tax on livestock, has played a vital role in financing sustainable development. Result-based budgeting has been implemented in a third of the total ministries starting from 2020. Other key reforms include transitioning from a medium-term fiscal framework to a medium-term budgetary framework, restructuring state-owned banks to promote the middle class and entrepreneurship, and innovations such as instituting a bond framework. Furthermore, sustainable development reporting guidance has been approved for private companies, and the first private green bond has been issued. The focus moving forward is to increase the financial sources for stable development and leverage private sector cooperation, capital markets, FDI, donations, and budgets for implementing SDGs.
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About the event:
The June 2023 Asia-Pacific INFF Exchange event served as a forum for dialogue between policymakers leading INFF processes across the region, engaging private sector actors, civil society and international partners on sustainable finance. Through this event, participants shared and learned from promising approaches and practices, compared their different initiatives and identified barriers and opportunities for financing sustainable development. The event was jointly hosted by the INFF Facility, UNDP, UNDESA, UNESCAP and EU.
About session 1: Integrated national financing frameworks: building a more sustainable national financing architecture
This session showcased experiences across the region with country-led INFFs. It highlighted how Ministries of Finance and Planning are using the INFF approach to mobilise and align financing for sustainable development and build a more sustainable financing architecture at the national level.
