World Bank2013-04-222013-04-222013-01https://hdl.handle.net/10986/13256The objective of this report is to analyze in depth the current public investment management system and to assess whether or not it is able to meet this challenge of delivering good quality projects in the priority areas in a macro-economically sustainable manner; and to recommend what needs to be done to improve the system so that it is able to effectively transform natural resource revenues into sustainable capital assets. In making its recommendations, this report focuses on some of the details that need to be laid out in implementing regulations in order to make the Fiscal Stability Law (FSL), Budget Law of Mongolia (IBL), and Public Procurement Law of Mongolia (PPLM) work. The report also suggests amendments to some of the existing laws that pose a risk to meeting the four objectives. In proposing policy options, the report is conscious of the political economy of reform and, wherever possible, analyzes the compatibility of the technical solutions with the political interests of policy-makers.en-USCC BY 3.0 IGOACCESS ROADSACCOUNTABILITYACCOUNTINGADBAFFILIATESAIRAIR POLLUTIONAUDIT OFFICEAVERAGE TRAFFIC SPEEDSBAILOUTSBARRIERS TO ENTRYBIDBIDSBORDER CROSSINGSBOTTLENECKSBRIDGEBRIDGE CONSTRUCTIONBRIDGE CROSSINGSBUDGET ALLOCATIONBUDGET ALLOCATIONSBUDGET EXECUTIONBUDGET FORMULATIONBUDGET FRAMEWORKBUDGET LAWBUDGET PROCESSBUDGETARY RESOURCESCAPACITY CONSTRAINTSCAPITAL ADEQUACYCAPITAL ADEQUACY RATIOSCAPITAL ASSETSCAPITAL BUDGETCAPITAL BUDGETINGCAPITAL EXPENDITURESCAPITAL FORMATIONCAPITAL MARKETSCAPITAL PROJECTSCENTRAL GOVERNMENTCENTRAL GOVERNMENT SPENDINGCHECKSCIVIL SERVICECIVIL SOCIETY MONITORINGCIVIL SOCIETY ORGANIZATIONSCOMMODITY PRICECOMMODITY PRICESCOMMUNITY INFRASTRUCTURECOMPETITIVE BIDDINGCONFLICT OF INTERESTCONFLICTS OF INTERESTCONGESTIONCONTINGENT LIABILITIESCORPORATE GOVERNANCECOST-BENEFIT ANALYSISCREDIBILITYCULVERTSDEBT SERVICEDECENTRALIZATIONDEPOSITSDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPMENT BANKDEVELOPMENT BANKSDISBURSEMENTSDRAINAGEDRIVINGDRIVING CONDITIONSECONOMIC DEVELOPMENTECONOMIC GROWTHEDUCATION SPENDINGEMPLOYMENTENTRY REQUIREMENTSEQUALIZATIONEQUIPMENTEXPENDITUREFINANCIAL MANAGEMENTFINANCIAL POLICYFINANCING OF INFRASTRUCTUREFINANCING SOURCESFISCAL FRAMEWORKFISCAL POLICYFISCAL STABILITYFIXED CAPITALFOREIGN ASSETSFUELSGOVERNMENT BUDGETGOVERNMENT EXPENDITUREGOVERNMENT EXPENDITURESGOVERNMENT GUARANTEESGOVERNMENT OWNERSHIPGOVERNMENT POLICYGOVERNMENT REGULATIONSGOVERNMENT REVENUESGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTHIGH TRANSPORTHIGHWAYSHOUSINGHUMAN CAPITALHUMAN DEVELOPMENTHUMAN RESOURCEHUMAN RESOURCESIMPROVING BUDGET EXECUTIONINCOME LEVELSINFLATIONINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINFRASTRUCTURE PROJECTSINSURANCEINTERNATIONAL BONDINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL MARKETSINTERNATIONAL TRADEINTERNATIONAL TRANSITINVESTMENT CLIMATEINVESTMENT PROJECTSINVESTMENT SPENDINGLACK OF TRANSPARENCYLAWSLEGAL ENVIRONMENTLEGAL FRAMEWORKLEGISLATIONLIABILITYLLCLOCAL CAPACITYLOCAL GOVERNMENTLOCAL GOVERNMENTSMACROECONOMIC INSTABILITYMACROECONOMIC STABILITYMANDATESMARKET FAILURESMEDIUM-TERM DEVELOPMENTMEDIUM-TERM DEVELOPMENT PLANSMIGRATIONMINISTRY OF FINANCEMONETARY FUNDNATIONAL AUDITNATIONAL DEVELOPMENTNATURAL RESOURCESNOMINAL CAPITALNOW ACCOUNTSOPPORTUNITIES FOR CORRUPTIONOWNERSHIP STRUCTUREPATRONAGEPEAK DEMANDPOLITICAL ECONOMYPOLLUTIONPOPULATION DENSITYPOVERTY REDUCTIONPRICE VOLATILITYPRIVATE FINANCINGPRIVATE INVESTMENTPRIVATE INVESTMENTSPROCUREMENT POLICYPUBLIC DEBTPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC EXPENDITURESPUBLIC FUNDSPUBLIC GOODSPUBLIC INVESTMENTPUBLIC INVESTMENT PROGRAMPUBLIC INVESTMENTSPUBLIC PRIVATE PARTNERSHIPSPUBLIC PROCUREMENTPUBLIC SECTORPUBLIC SECTOR MANAGEMENTPUBLIC SECTOR SPECIALISTPUBLIC TRANSPORTRAILRAILROADRAILWAYRAILWAYSREAL EXCHANGE RATEREGULATORY CONSTRAINTREGULATORY FRAMEWORKREPAYMENTRESERVESRESOURCE ALLOCATIONRETURNSROADROAD CONSTRUCTIONROAD MAINTENANCEROAD NETWORKROAD SECTORROAD TRANSPORTROADSRURAL ROADSRURAL TRANSPORTSANITATIONSAVINGSSECTOR POLICYSELF-REGULATIONSERVICE DELIVERYSHAREHOLDERSOCIAL INSURANCE FUNDSOLID WASTE COLLECTIONSOLVENCYSOVEREIGN BONDSTATE PROPERTYSTREET LIGHTINGTAXTAX REVENUETRAFFICTRAFFIC SAFETYTRANSIT CORRIDORSTRANSPARENCYTRANSPORTTRANSPORT COSTSTRANSPORT INFRASTRUCTURETRANSPORT PRICINGTRANSPORT SECTORTRANSPORTATIONTREASURYURBAN DEVELOPMENTURBAN ROADSVEHICLESWAGESWATER SUPPLYWorld Bank10.1596/13256