Mongolia

This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency for Mongolia. Since the publication of the ROSC in late 2001, Mongolia has made significant progress in enhancing transparency practices in the fiscal area. Actions have been taken under each of the four areas underlying the fiscal transparency code. A new Public Sector Management and Finance Law (PSMFL) was adopted in June 2002 to set the legal basis for public administration reforms, output budgeting, and accrual accounting.Budget estimates;Budgetary policy;Debt management;Fiscal management;Fiscal transparency;Reports on the Observance of Standards and Codes;public debt, budgetary funds, budget documents, capital expenditures, budget process, budgetary process, budget framework, quasi-fiscal activities, fiscal activities, financial management, contingent liabilities, public finances, budget management, budget managers, fiscal reports, budget targets, budget law, budget discipline, fiscal data, expenditure programs, extra budgetary funds, fiscal relations, medium-term budget framework, accrual accounting, intergovernmental fiscal relations, budget review process, medium-term budget, tax returns, tax administration, tax authorities, output budgeting, public financial institutions, budget review, treasury single account, fiscal accounts, public investment program, capital investment, local budgets, budget authority, general budget, public investment, accounting standards, financial management information, financial management information system, government finance, fiscal planning, intergovernmental fiscal, open budget preparation, budget preparation