Ulaanbaatar, 18 September 2024 – The Ministry of Finance and the United Nations Development Programme (UNDP) have signed a Memorandum of Understanding (MoU) aimed at promoting sustainable financing to advance Mongolia’s sustainable development agenda.

The MoU establishes a partnership framework between the Ministry of Finance and UNDP in key strategic areas, specifically on the implementation of the Integrated National Financing Framework with a focus on climate action, aligning public financing with Mongolia’s sustainable development priorities, and leveraging both public and private finance for development purposes through innovative financing instruments. An important part of it will be the support to the alignment of public finance with the objectives of the Nationally Determined Contributions of Mongolia, through the institutionalization of climate budgeting, tagging, and reporting of public budget. 

Continued cooperation is foreseen on the institutionalization of results-based budgeting, improving the monitoring and reporting of the national budget to enhance transparency and accountability. The collaboration will also aim to leverage taxation as a transformative tool for driving progress toward the Sustainable Development Goals (SDGs), including for gender equality.

Mr. Javkhlan Bold, the Finance Minister of Mongolia expressed his acknowledgment to the UNDP team in Mongolia for fruitful collaboration with the Government of Mongolia and highlighted that "The Ministry of Finance is ready to collaborate with the UNDP on implementing SDG financing for Vision 2050 long-term policy, and enhance our partnership on result oriented public financing, green financing, and blended financing initiatives as well as transitioning to renewable energy solutions".

Ms. Matilda Dimovska, UNDP Resident Representative in Mongolia, emphasized the organization's commitment to supporting Mongolia's achievement of the Sustainable Development Goals and stated, "Signing this MoU between our institutions enables us with more directions and flexibility to further expand our cooperation on sustainable financing and focusing it to areas of strategic importance for Mongolia’s sustainable development. Moreover, UNDP is willing to collaborate with the Ministry of Finance to ensure synergy with other key initiatives implemented by International Financial Institutions and the broader development community".  

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UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.