World Bank2012-03-192012-03-192010-09-01https://hdl.handle.net/10986/2939This note focuses on the second of these reform agendas, and in particular on how the institutional and organizational system for public investment planning and budgeting can be improved. Considerable analytical work has already been done on the macroeconomic and fiscal framework, and the Fiscal Stability Law (FSL), prepared with on-going technical assistance from the International Monetary Fund and the World Bank, was recently approved by the parliament. The framework for public investment planning however is in a state of flux, and there is a risk that the rapid changes currently underway will result in fragmentation of planning from budgeting, and within planning across financing sources. The on-going changes therefore provide both an opportunity and a risk, and this note is an attempt to crystallize the Bank's on-going technical assistance in this area in one document. The note complements, and draws on, other analytical activities by the Bank, including a governance and political economy assessment of the public investment system in Mongolia, and the development of a new framework for public investment management in resource dependent countries.CC BY 3.0 IGOACTIVITIES OF LINE MINISTRIESADBAGGREGATE EXPENDITUREAGGREGATE FISCALAGGREGATE FISCAL DISCIPLINEAGGREGATE LIMITSALLOCATIONALLOCATION OF FUNDSANNUAL BUDGETANNUAL BUDGET PREPARATIONANNUAL BUDGET PROCESSAPPROPRIATIONAPPROPRIATIONSASSET PORTFOLIOAUDIT OFFICEAUDITORSAUTONOMYBIDBIDSBORROWINGSBUDGET AMENDMENTSBUDGET BALANCEBUDGET DATABUDGET DISCUSSIONSBUDGET DOESBUDGET EXECUTIONBUDGET FRAMEWORKBUDGET LAWBUDGET LEGISLATIONBUDGET PRACTICESBUDGET PROPOSALBUDGET PROPOSALSBUDGET SURPLUSESBUDGET SYSTEMBUDGET SYSTEMSBUDGETARY APPROPRIATIONSBUDGETARY AUTHORITYBUDGETARY PROCEDURESBUDGETING PROCESSCAPACITY CONSTRAINTSCAPITAL ASSETCAPITAL ASSETSCAPITAL BUDGETCAPITAL BUDGET SUBMISSIONSCAPITAL BUDGETINGCAPITAL BUDGETSCAPITAL CONSTRUCTIONCAPITAL EXPENDITURECAPITAL EXPENDITURESCAPITAL PROJECTSCAPITAL STOCKCIVIL SERVANTSCIVIL SERVICECONTINGENT LIABILITIESCOST ESTIMATESCOST-BENEFIT ANALYSISCREDIBILITYDEBT LIMITDEVELOPING COUNTRIESDISBURSEMENTSDIVERSIFICATIONDIVISION OF RESPONSIBILITIESDOMESTIC INVESTMENTDONOR ASSISTANCEECONOMIC COOPERATIONECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC POLICYECONOMIC REFORMEMERGING MARKETEMERGING MARKET ECONOMIESEQUIPMENTEVALUATION CRITERIAEXCHANGE RATEEXCHANGE RESERVESEXECUTIVE BUDGETEXECUTIVE BUDGET PROPOSALEXPENDITURE CATEGORIESEXPENDITURE CEILINGEXPENDITURE CEILINGSEXPENDITURE CUTSEXPENDITURE GROWTHFINANCE MINISTRYFINANCIAL ANALYSISFINANCIAL POLICYFINANCING SOURCESFISCAL AGGREGATESFISCAL CONSTRAINTSFISCAL DEFICITFISCAL DISCIPLINEFISCAL FRAMEWORKFISCAL POLICYFISCAL RISKSFISCAL RULESFISCAL STABILITYFISCAL TARGETSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN FUNDSFOREIGN LOANSFUNDING SOURCEGOVERNMENT EXPENDITURESGROSS DOMESTIC PRODUCTGROWTH RATEHOLDINGHUMAN CAPITALHUMAN CAPITAL DEVELOPMENTINFLATIONINFLATIONARY PRESSURESINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE INVESTMENTINFRASTRUCTURE PROJECTSINSTRUMENTINTERNATIONAL BANKINVENTORYINVESTMENT PLANINVESTMENT PLANSINVESTMENT PORTFOLIOINVESTMENT PROJECTSINVESTMENT PROPOSALSINVESTMENT RATESINVESTMENT REQUIREMENTSINVESTMENT STRATEGYKEY CHALLENGELEGAL AUTHORITYLEGAL FRAMEWORKLEGAL PROVISIONLOCAL BUDGETSLOCAL CAPACITYLOCAL CURRENCYLOCAL GOVERNMENTLOCAL GOVERNMENTSLONG TERM ASSETSMACRO-STABILITYMARKET ECONOMIESMARKET FAILURESMASTER PLANMINISTERIAL COORDINATIONMINISTRY OF FINANCEMISALLOCATION OF RESOURCESMOBILE PHONEMONETARY FUNDNATIONAL AUDITNATIONAL BUDGETNATIONAL DEVELOPMENTNATIONAL DEVELOPMENT PLANNATIONAL PRIORITIESNATIONAL PRIORITYNATURAL RESOURCESOPERATIONAL EFFICIENCYOUTPUT RATIOPOLICY FORMULATIONPOLITICAL ECONOMYPORTFOLIOPOVERTY REDUCTIONPRESENT VALUEPRIVATE FINANCINGPRIVATE INVESTMENTSPRIVATE SECTORPROCUREMENT POLICYPRODUCTIVITYPROGRAMSPROVINCIAL GOVERNMENTSPUBLIC ADMINISTRATIONPUBLIC CAPITALPUBLIC DEBTPUBLIC ENTITIESPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC EXPENDITURE PATTERNSPUBLIC EXPENDITURESPUBLIC GOODSPUBLIC INVESTMENTPUBLIC INVESTMENT PROGRAMPUBLIC INVESTMENT SPENDINGPUBLIC INVESTMENTSPUBLIC PRIVATE PARTNERSHIPSPUBLIC SECTORPUBLIC SECTOR MANAGEMENTPUBLIC SECTOR SPECIALISTRATES OF RETURNRECESSIONRECURRENT EXPENDITURESREGULATORY FRAMEWORKRESERVERESERVE FUNDSRESOURCE AVAILABILITYRETURNRETURNSROAD CONSTRUCTIONROAD MAINTENANCEROAD NETWORKSECTOR CEILINGSSECTOR MINISTRYSECTOR POLICYSECTORAL POLICIESSOCIAL DEVELOPMENTSTATE PROPERTYSTRATEGIC PLANSSTRUCTURAL DEFICITSUBSIDIARYTECHNICAL ASSISTANCETRANSITION COUNTRIESTRANSPORTURBAN DEVELOPMENTWAGESWorld Bank10.1596/2939