蒙古公共财政评论：让这次与众不同：财政改革促进稳定、可持续和包容性发展

Making this time different: Fiscal reforms for stable,sustainable, and inclusive development MONGOLIAPUBLIC FINANCE REVIEW Making this time different: Fiscal reforms for stable, sustainable,and inclusive development June 2025 © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet: www.worldbank.org This work is a product of the staff of the World Bank with external contributions. The findings, interpretations,and conclusions expressed in this work do not necessarily reflect the views of the World Bank, its Board ofExecutive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this workand does not assume responsibility for any errors, omissions, or discrepancies in the information, or liabilitywith respect to the use of or failure to use the information, methods, processes, or conclusions set forth. Theboundaries, colors, denominations, links/footnotes, and other information shown in this work do not implyany judgment on the part of the World Bank concerning the legal status of any territory or the endorsementor acceptance of such boundaries. The citation of works authored by others does not mean the World Bankendorses the views expressed by those authors or the content of their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privilegesand immunities of the World Bank, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because the World Bank encourages dissemination of itsknowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as fullattribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to the World BankPublications, the World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625;e-mail: pubrights@worldbank.org. Cover photo and pictures: © Batbaatar Jambal / Baku’s Picture. Used with the permission of Batbaatar Jambal.Further permission required for reuse. Design: Baku’s Design The cutoff date for the data used in the report was November 2024. ACKNOWLEDGEMENTS The team would like to acknowledge and thank everyone who contributed to this study, especiallythe Ministry of Finance, for its cooperation during consultations, provision of data, and valuablefeedback on the report. The report was prepared by a team led by Jose Luis Diaz Sanchez (Task Team Leader, SeniorEconomist, EEAM1), Andrew Blackman (Co-TTL, Senior Economist, EAEM2), and BadamchimegDondog (Co-TTL, Senior Public Sector Specialist, EEAG1), with key cross-sectoral contributions andcoordination provided by Undral Batmunkh (Economist, EEAM1) and Lydia Kim (Economist, EEAPV),and research assistance from Hrisyana Stefanova Doytchinova (Consultant, EECM2). Chapter contributions: •Chapter 1(Towards Macro Fiscal Stability),Chapter 2(Reducing Fiscal Risks), andChapter 4(Enhancing the Composition of Public Spending): Jose Luis Diaz Sanchez (Senior Economist),AndrewBlackman(Senior Economist,EAEM2),Undral Batmunkh(Economist),DulmaaEnkhtuya (Extended Term Consultant, EEAM1), Oleksiy A. Sluchynskyy (Senior Social ProtectionEconomist), Mongolmaa Norjinlkham (Senior Social Protection Specialist, HEASP), and AlexGiron Gordillo (Consultant, EMFTX). •Chapter 3(Efficient Revenue Mobilization): Rajiv Kumar (Senior Economist, EMFTX) and EvanHarold Blecher (Consultant, EMFTX).•Chapter 5(Improving the Efficiency and Progressivity of Social Spending): Natalia Millan (Economist,HEASP), Yang Huang (Senior Economist, HEASP), Maria Ana Lugo (Lead Economist, Program Leader,HEADR), and Mongolmaa Norjinlkham (Senior Social Protection Specialist, HEASP).•Chapter 6(Strengthening the Results Orientation of the Health Sector): Kate Mandeville (SeniorHealth Specialist), Maude Ruest A (Consultant, HEAH1), and Uranchimeg Tsevelvaanchig(Extended Term Consultant, HEAH2).•Chapter 7(Improving Education Quality and Equity): Syedah Aroob Iqbal (Consultant, HEAED)and Salman Asim (Senior Economist, HEAED).•Chapter 8(Enhancing the Efficiency of Public Investment): Badamchimeg Dondog (SeniorPublic Sector Specialist, EEAG1), Martin Darcy (Consultant, EEAG1), Marco Larizza (Senior PublicSector Specialist, EEAG1), Ganchimeg Perenlei (Consultant, EEAG1), and Naranzul Ganzorig(Consultant, EEAG1).•Chapter 9(Enhancing the Equity of Fiscal Policies): Lydia Kim (Economist, EEAPV).•Chapter 10(Strengthening the Intergovernmental Fiscal System): Badamchimeg Dondog (SeniorPublic Sector Specialist, EEAG1), Muhammad Khudadad Chattha (Senior Economist, EMNMT),and Roger Shotton (Consultant, EEAG1). The team would like to thank the following peer-reviewers, listed in alphabetical order, for thevaluable feedback: Benedicte Baduel (Senior Economist, EAEM1), Barbara Cunha