Урилгын дугаар: | C5/CS/009 |
Захиалагч: | Монголбанк |
Зарын төрөл: | Зөвлөх үйлчилгээ |
Зарласан огноо: | 2018.10.15 |
Дуусах огноо: | 2018.10.25 10:00:00 |
A REQUEST FOR EXPRESSIONS OF INTEREST.
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.
The
Mongolian financial system is dominated by the banking sector. Banks
account for about 95 percent of total financial system assets. They are
highly concentrated and competition remains limited, with the top five
banks accounting for 67 percent of the total financial system assets.
Mongolia’s
credit growth had rapidly accelerated in 2013–2014, reaching 54 percent
at the end of 2013, fueled by substantial monetary easing by the Bank
of Mongolia (BOM) through a series of quasi-fiscal policy lending
programs. Fresh liquidity injected by the BOM reached MNT 3.5
trillion—18 percent of GDP—at its peak at the end of 2013. As the BOM
began to gradually withdraw the monetary easing program and the economy
gradually slowed from mid-2014, credit conditions have substantially
tightened, with bank loan growth (year-on-year) dropping from 43 percent
in June 2014 to less than 2 percent at the end of 2015. With tighter
credit conditions and continued slowdown of the economy, the asset
quality of banks has deteriorated significantly. Formally reported
nonperforming loans reached 9.1 percent of total outstanding loans in
November 2016, a substantial increase from 5 percent at the end of 2014.
But NPL ratio slightly decreased to 8.5 percent at end of the 2017. The
banking system is still vulnerable to substantial amount of loans
concentrated in the riskier sectors—such as construction, mining, and
real estate.
Capital markets remain in the early stages of
development and the insurance market is small, with a penetration rate
of about 0.64 percent of GDP. Progress in the development of Nonbank
Financial Institutions (NBFIs) is slow, and continuous efforts are
needed to build appropriate institutions, policies, and oversight
arrangements.
The Financial Stability Council (FSC) was established
in January 2010. According to the recent amendments to the Law on the
BOM, main task of the FSC is to discuss the issues related to systemic
risk identification, monitoring and mitigation at the meetings, and
ensure coordination between member institutions’ activities for
maintaining financial stability. The Secretariat of the FSC was
established at the BOM with 5 staffs and is a permanent unit responsible
for making risk assessment of the financial system, formulating
macro prudential policy proposals intended to mitigate systemic risks and
vulnerabilities, and preparing Mongolia’s semi-annual financial
stability report.
Assessing financial stability is a complex process.
The analytical framework to monitor financial stability is centered on
the macro prudential surveillance and is complemented by surveillance of
financial markets, analysis of macro financial linkages, and surveillance
of macroeconomic conditions. The capacity of the Secretariat to perform
financial stability assessment depends largely upon the quality and
availability of the data, and development of the analytical framework.
The analytical framework to monitor financial stability (systemic risk
indicators, stress test, early warning system, etc.) is insufficiently
developed. Thus, capacity of the Secretariat’s staff to develop
analytical framework of financial stability assessment needs to be
improved further.
SCOPE OF THE ASSIGNMENT
The main
objective of this assignment is to conduct an in-house training on financial
stability analysis and modeling to strengthen capacity of the
Secretariat’s staff and infrastructure of the Secretariat.
Duration of the contract is 3.5 months.
Key responsibilities of the National Consultant will include the following matters, but not limited to:
1. Defining training course needs based on the staff experience, and addressing areas to be improved;
2. Developing training plan based on the staff need, which will tentatively include:
• Financial programming for policy analysis;
• Macro prudential stress test;
•
Balance sheet analysis (including analysis of corporate, household,
financial institutions, public sector balance sheets health);
• Crisis management framework;
• Systemic risk modeling;
• Case studies on relevant financial stability issues;
3. Organizing training according to the developed plan;
4.
Provide support to the Secretariat in developing and implementing
financial programming and macro prudential stress test and crisis
management framework for Mongolia.
SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:
To be considered eligible candidates should have all the eligibility criteria listed below:
o Education: A suitable candidate should have a post-graduate degree in Economics, Finance, or a related field(s).
o
Experience: A candidate should have at least 10 years of professional
experience with 3 years of specific experience in banking/financial
sectors or academia.
o Language skills: Professional English and Mongolian in writing and speaking.
o
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;
knowledge of and experience i modeling (systemic risk, macro prudential
policy and macroeconomic policies), and programming with E-Views, MATLAB
is an advantage.
CONTRACT DURATION:
The consultant work is expected to commence in October, 2018 and the total duration of the assignment is 3.5 months.
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 10:00 AM, October 25, 2018.
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.L. Bayarmaa, Procurement
Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582
70120582