Guidelines : selection and employment of consultants by World Bank borrowers

摘要: As the Mongolian mortgage market grows rapidly, and Government of Mongolia (GoM) pursues an ambitious social housing agenda, there is urgent need for a holistic sector approach. The following three key areas require attention from policymakers: first, to better balance supply demand, which requires authorities focus on prudent lending standards supervision, as well provision infrastructure zoned land. Second, it will be important ensure effective implementation ongoing planned public finance programs, with preventing distortions in pricing, emphasizing robust planning rigorous transparency governance. Third, should aim composition funding, improvement legal regulatory framework capital markets, Mortgage Corporation (MIK) governance, products operations. exhibiting strong growth, portfolio outstanding increasing by 190 percent Tughrik (MNT) 656 billion (US$482 million) between 2009 end-2011. This represents 8 2010 gross domestic product (GDP) 12 2011 banking loan book. highly concentrated, top 4 lenders accounting 89 market, spatially around Ulaanbaatar. Housing prices have risen sharply last two years, particularly 2011, when increase predominantly mortgaged segment was over 36 percent. While growth rates are consistent overall household credit, real estate significantly outpaced Consumer Price Index (CPI) GDP 2011. Currently non-performing loans (NPL) very low due unseasoned portfolio; however, high debt-to-income (DTI) ratio levels may exacerbate future age-related cyclical delinquency increases. Due part extreme climatic constraints, shortage serviced land, bottlenecks, severely constrained. Large-scale, publicly-funded, subsidized initiatives, such '100,000 Apartments' Program, carefully planned, so that they cause minimal distortion broader market.