Mongolia: Strengthening the Pension System

Sovereign Project | 40608-012

Summary

The objective of the TA is to improve the access of households (including the poor) to long-term financial instruments by restructuring the pension system. The TA will review (i) the merits and shortcomings of the current pension system; (ii) the strategies to restructure the said system; (iii) the measures to expand its coverage; (iv) the investment policies and guidelines for the restructured pension fund with analysis of existing problems in the capital markets; and (v) the recommendations on necessary legal amendments to implement the restructuring strategies.

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Project Name Strengthening the Pension System
Project Number 40608-012
Country Mongolia
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 4910-MON: Strengthening the Pension System
Technical Assistance Special Fund US$ 150,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Partnerships
Sector / Subsector Finance - Insurance and contractual savings
Gender Equity and Mainstreaming Effective gender mainstreaming
Description The objective of the TA is to improve the access of households (including the poor) to long-term financial instruments by restructuring the pension system. The TA will review (i) the merits and shortcomings of the current pension system; (ii) the strategies to restructure the said system; (iii) the measures to expand its coverage; (iv) the investment policies and guidelines for the restructured pension fund with analysis of existing problems in the capital markets; and (v) the recommendations on necessary legal amendments to implement the restructuring strategies.
Project Rationale and Linkage to Country/Regional Strategy The TA will address the shortcomings indicated in the 2006-2008 Country Strategy and Program for Mongolia (i.e., the lack of appropriate financial instruments) by restructuring the pension fund and developing institutional investors and long-term financial instruments.
Impact
Project Outcome
Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services The TA will engage four international consultants for a total of 14 person-months including a (i) pension system expert/team leader (5.0 person-months); (ii) fund management expert (4.5 person-months); (iii) legal expert (2.5 person-months); and (iv) an actuarial expert (2.0 person-months). Four domestic consultants, who will each have background in the aforementioned four areas, will also be recruited for a total of 20 person-months. The consultants will be recruited through their firms and selected under the quality-and-cost-based-selection (QCBS) method using the simplified technical proposal in accordance with ADB's Guidelines on the Use of Consultants and other arrangements satisfactory to ADB on engagement of domestic consultants. Separate budget will be provided to engage resource persons to cover specific areas or to participate in seminars and conferences.
Responsible ADB Officer Yuebin Zhang
Responsible ADB Department East Asia Department
Responsible ADB Division Public Mgt, Financial Sector and Regional Coop Division, EARD
Executing Agencies
Ministry of FinanceMr. Kh. Ragchaakhasagr2001@yahoo.co.ukGovernment Building-2 Negdsen Undestnii gudamj-5/1 Ulaanbaatar-210646, Mongolia
Timetable
Concept Clearance 08 Dec 2006
Fact Finding 14 Nov 2006 to 17 Nov 2006
MRM -
Approval 20 Dec 2006
Last Review Mission -
PDS Creation Date 13 Dec 2006
Last PDS Update 19 Aug 2009

TA 4910-MON

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
20 Dec 2006 04 Jan 2007 04 Jan 2007 31 Dec 2007 30 Sep 2009 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
150,000.00 0.00 120,000.00 0.00 0.00 0.00 270,000.00 20 Dec 2006 566,621.40

Safeguard Documents

See also: Safeguards

No documents found.

Evaluation Documents

See also: Independent Evaluation

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