REQUEST FOR EXPRESSION OF INTEREST

Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II) Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improving public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.

The Mongolian economy is likely to continue being subject to capital flow volatility, and commodity price shocks. A flexible exchange rate plays a key role in the economy and foreign exchange operations are an important part of the overall macroeconomic framework. It is vital to regulate the relationships with respect to rights and obligations of the participants in the currency market, balance of payments, and improve its regulation and supervision to support the stability of the national currency. The existing Law of Mongolia on Currency Settlements was approved on May 12th, 1994 and since then it has been amended 19 times. A technical assistance team of the International organization performed a review of the existing foreign exchange framework and have provided recommendations on improving the existing Law on Currency Settlement (1994) and Law on Conducting Settlement in National Currency (2009). Therefore, in order to revise the Law in accordance with international best practices (in the Mongolian context) the Ministry of Finance (MOF) is seeking to hire a professional individual consultant in the review of the existing law; undertake assessment and prepare a concept paper of a draft law in accordance with Article 14 of The Law on Legislation of Mongolia.

SCOPE OF THE ASSIGNMENT

The main objective of a National Individual Consultant is to perform a thorough review of the existing Currency settlement regulatory framework, review the planned legislative reforms and provide recommendations on the legal and regulatory context based on international best cases.

The main assignments and associated activities to be undertaken by the Individual National Consultant shall include (but are not limited to) the following:

I. Review and develop amendments to the Currency Settlement law and its related regulations.

• ·         Analyzing legal issues of the existing currency regulatory framework, and drafting key documents (including research papers, proposals for the principal amendments, operational reports);
• ·         Advising on ways to improve the foreign exchange regulatory framework, the classification of the FX market participants, and identifying the powers and roles of the authorities’ and the removal of the existing barriers and conducting research on multiple currency practices addressing the outdated FX legal regime;
• ·         Conducting research on international best practices and methods of introducing an exchange market platform into the market, and present clear recommendations to the working group;
• ·         Make comments on the draft of the Currency settlement law, and amendments to relevant regulations.

II. Provide support and assistance to the working group with Currency Settlement law.

• ·        Providing legal consultancy on all issues related to the currency regulations, including but not limited to, drafts of the law and government resolutions. In particular, the individual consultant collaborates with team members in advising legal issues and addresses legal issues as they arise; this may include preparing and submitting reports on a periodic basis to the working group;
• ·         Revising, reviewing, and editing reports and other documents, and presenting clear endorsements to the working group;
• ·       Assisting the working group with producing revisions of legislative documents on the currency regulation reform, reflecting the recommendations provided by the International organizations and ensuring their accuracy and availability of proposed policies and practices;
• ·         Providing assistance in coordination of the relationship with the authorities, supporting in the issuance of guidelines and monitoring of the stages of legislative act implementations;
•          Supporting the working group in the coordination of the application of the recently-introduced electronic platform and provides legal consultancy to authorities’ involvements, accountability, and role for the electronic platform.

III. Recommendations on Institutional arrangements for FMID.

• ·         Collaborating with state organizations to establish public forums and workshops and provide reports for the working group;
• ·         Performing such other duties that shall be assigned from time to time by the head of the working group.

SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:

• ·         University degree in law (Master’s degree or equivalent will be an asset);
• ·         At least five (5) years of relevant practical experience in law;
• ·         At least one (1) year of experience in law, working at the bank or other financial institutions;
• ·         Broad understanding of Mongolian legal system, relevance to the financial and/or banking sector;
• ·         Proven ability to work in a countrywide and international context.
• ·         Demonstrated professionalism, good judgment, and flexibility to work as necessary outside normal work hours to meet the deadlines and needs of the position.
• ·         Ability to work with multidisciplinary teams and institutions.
• ·         Responsible and flexible attitude and capacity to manage a variety of tasks with minimal supervision.
• ·         Excellent command of office software, such as word processors, spreadsheets.
• ·         Strong writing and communications skills in English.

CONTRACT DURATION:

The consultant is expected to commence from April 2018. The duration of the assignment is 6 months. The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

If you possess the above qualifications, please submit following documents in person:

• ·            Cover letter indicating why she/he considers her/himself suitable for the position,
• ·            Detailed CV highlighting relevant skills/experience,
• ·            Copy of diplomas or certificates and,
• ·            2 reference letters from previous last two employers no later than 11:00 A.M, May 18, 2018 in person.

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn Contact address: Attn: Ms.Khaliun, Procurement Specialist, Strengthening Fiscal and Financial Stability Project.

Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582