IMF reviews its study of Mongolian economics with Speaker M.Enkhbold

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Speaker of Parliament M.Enkhbold meeting with the IMF mission

On November 4, Speaker of Parliament M.Enkhbold received Resident Representative of the International Monetary Fund (IMF) to Mongolia Neil Saker and representatives from the IMF to discuss an evaluation of Mongolia’s current economic situation, which was carried out from October 24 to November 4.

M.Enkhbold pointed out that Mongolia should accept a proposed IMF bailout. The Speaker stated that he believes that the current action plans of state organizations, current political stability, Mongolia’s natural resources, and the political experience of the party presently leading Cabinet could help the nation quickly overcome its economic challenges.

Neil Saker noted that the IMF has discussed the matter in depth with authorities from the Ministry of Finance and Mongol Bank, and that the discussions were very productive. He said that they determined what areas will be focused on and what projects will be carried out, and that the task force will present the IMF with a report on their findings.

He added that the IMF will be continuing its efforts to help the government deal with the nation’s economic challenges. Saker underlined that Cabinet has much difficult work to do to deal with the current economic challenges, and that Parliament’s support of Cabinet is important to economic recovery.

Speaker M.Enkhbold highlighted that a standby credit facility Mongolia received from the IMF in 2009 was effective. He pointed out that the Government of Mongolia, IMF, and Mongol Bank need to finalize plans through an intensive discussion of policy and actions.

At the end of their meeting, the Speaker of Parliament said that Parliament will fully support actions and projects put forward by the Cabinet to overcome economic challenges with expedited parliamentary review, with the hope for successful outcomes.

3 COMMENTS

  1. The current economic crisis is a direct result of IMF\World Bank supported shift to mineral extraction based economic development model. They made country dependent on a sole sector and a sole market, therefore this should not be a credit that adds to sovereign debt that will add burden on future taxpayers.

  2. IMF did that from 2009 till 2012, when the support was paid off. Mongolia should have started a divergence policy with and after that help, but it did not. Now we barely make socks.

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