Speaker of Parliament M.Enkhbold met with World Bank’s Country Director for Mongolia, Bert Hofman, who arrived in Ulaanbaatar to participate in a meeting between the Government of Mongolia and development partners to discuss World Bank’s assistance in Mongolian efforts to deal with economic challenges.
Speaker M.Enkhbold pointed out that the assistance of foreign countries and international financial organizations, including the World Bank, are of great importance to overcoming the challenges facing Mongolia. The Speaker said that he hopes the World Bank delegation will carry out an evaluation of Mongolia’s current economic situation during their visit, and provide Mongolia with development policy credit under negotiated terms.
Hofman told the Speaker that he was grateful to Parliament for supporting the Cabinet’s activities and efforts to deal with the nation’s economic challenges. He noted that the Government of Mongolia is still in discussions with the IMF on acceptance of a credit facility, and that if Mongolia receives the credit facility, it would be possible for the World Bank to assist Mongolia with developing policy to manage the credit facility and efforts to attract other foreign investment.
Hofman emphasized that he hopes the government’s program to overcome economic challenges will restore the trust of international financial organizations. He also thanked Parliament for approving the export promotion agreement signed with World Bank.
He added that the World Bank negotiated with Mongolia to implement World Bank projects to develop Mongolia’s labor market, strengthen its financial capacity, and promote development in energy, and that he hopes they will undergo parliamentary review soon.