Урилгын дугаар: | C5/CS/006 |
Захиалагч: | Монголбанк |
Зарын төрөл: | Зөвлөх үйлчилгээ |
Зарласан огноо: | 2018.06.25 |
Дуусах огноо: | 2018.07.09 23:00:00 |
REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES – INDIVIDUAL CONSULTANT SELECTION)
Country: MONGOLIA
Project name: STRENGTHENING FISCAL AND FINANCIAL STABILITY PROJECT
Credit No: 6084-MN; 6085-MN
Assignment title: International Consultant for Designing institutional and analytical framework for macroprudential policy purpose.
The Government of Mongolia has received a credit from the International Development Association toward the cost of the Strengthening Fiscal and Financial Stability Project (SFFSP), and it intends to improve fiscal policy and sustainability in a mineral-based economy, protect the poor and vulnerable, and restore confidence in the financial sector. The Ministry of Finance (MOF) will be responsible for the implementation of the project, including overall coordination, results monitoring.
As a small open economy dependent on commodity exports, Mongolian economy and the financial market are subject volatile to flow of foreign investments and exports revenue. The intermittent influx of cash flow aimed at the mining sector fuels credit growth and overheating of the domestic economy in times of high tides in global commodity market, while the impact of sudden stop on domestic economy is exacerbated as both the real and the financial sectors have significant exposure to the mining sector. Although the Bank of Mongolia (BoM) is gradually adopting inflation targeting framework where the flexible exchange rate is expected to serve as a buffer in channeling external shock to domestic economy, past experiences show that monetary policy alone is insufficient in shielding the financial sector and the real economy from external shocks and managing boom and bust cycles. Following international experience and other central banks’ practice, the BoM intends to adopt macroprudential policy measures in addition to its monetary policy function starting 2017. As a first step in this direction, designing and implementing macroprudential policy were added to the central bank’s function through an amendment of the Central Bank Law in early 2018. The next step for the BoM is to build its macroprudential policy framework, both institutional and analytical, based on best international cases. In this regard, the BoM requires an international consultant who is specialized in the area of macroprudential policy and preferably has experience in building institutional and analytical framework of macroprudential policy in a developing country like Mongolia.
SCOPE OF WORK:
The consultancy service will cover a period of six-and-half months.
Key responsibilities of the International Consultant will include providing consultancy service to the Monetary Policy Department (MPD) at the BoM staff on the following matters, but not limited to:
|
Type |
Duration |
Main activities/task |
First mission |
Off-site |
2 days |
- Study international practice of institutional and analytical framework of macroprudential policy with a particular focus on such cases that may be suitable to be applied in Mongolia. |
On-site |
10 days |
- Get acquainted with the institutional framework of the Mongolian financial sector authorities, particularly the BoM; - Based on the findings prepare an analytical report that defines an institutional and analytical framework that best suits the BoM; - Study the potential spillover effects of macroprudential policy in Mongolia and write a report on the finding; - Develop short- and long-term plans to adopt the proposed framework with detailed roles and duties assigned to the BoM departments and other institutions; - Conduct technical workshops on making financial risk assessments, building necessary database. |
|
Off-site |
4 day |
- Provide written feedback to the participants of the workshop(s). |
|
Second mission |
On-site |
10 days |
- Present the short- and long-term plans to the relevant BoM staff including MPD staff and finalize them reflecting the BoM feedback; - Conduct technical workshops on macroprudential policy evaluations, calculating spillover effects; - Following the workshops, conduct two trial sessions on complete risk assessment, policy analysis, selection of policy tools and preparation of a policy proposal with the BoM staff; - Write a written report that outlines the first trial session no later than the second trial session; - Present at a conference on the collaboration of the financial authorities in Mongolia regarding macroprudential policy, its implementation and interpretation to the public. The BoM will organize the conference; - Write up a note with key findings from the conference presentation. |
Off-site
|
5 days
|
- Finalize all the written reports after the BoM comments; -
Be prepared to provide comments and respond to the BoM
staff as follow-up questions arise. |
THE SHORTLISTING CRITERIA ARE:
v Education: A suitable candidate should have a post-graduate degree in Economics, Finance, or a relevant field(s).
v Experience: A candidate should have at least 10 years of professional experience in macroeconomic policy making and financial sector analysis, with 5 years of specific experience in macroprudential policy.
v Language Skills: Professional English in writing and speaking.
v Other Skills: : Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment; proficiency in PC based applications such as Word, Excel and data management, and have excellent web research and navigation skills.
CONTRACT DURATION:
The consultant work is expected to commence in July 2018 and the total duration of the assignment is six-and-half months. If any task is completed and approved by the Client within the agreed-upon timeline, consultants should complete the tasks without any additional cost.
Interested consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services.
1. Cover letter indicating why she/he considers her/himself suitable for the position,
2. Detailed CV highlighting relevant skills/experience,
3. Copy of diplomas or certificates.
The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).
Expressions of interest must be delivered in a written form to the address below by e-mail before 23:00 on July 09, 2018 (local time, Ulan-bator, Mongolia).
Further information can be obtained at the address below during office hours: 8:30 to 17:30 hours (local Ulaanbaatar time) or procurement@sffs.mn.
Attn: Ms.Khaliun, Procurement specialist,
Project Implementation Unit
The World Bank – Strengthening fiscal and financial stability project,
Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia
Tel: +976-70120582
Fax:
+976-70110582
70120582