With the continued economic growth of East Asian and Pacific (EAP) developing countries, public concern has increased about the appropriateness of and transparency around public expenditures.

The city of Ulaanbaatar (UB) had reached a secure budgetary position to fulfill its goal for obtaining creditworthiness and issuing municipal bonds to mobilize financial resources. But it lacked the knowledge and experience to move forward.

Mongolia has successfully transitioned from a centrally planned to a market economy but remains overly dependent on its mining industries.