A formal letter by Prime Minister U.Khurelsukh addressed to IMF Managing Director Chrisitine Lagarde requesting the continuation of the extended fund facility was a factor in the decision to move forward with the program, said the IMF.
The sentiment was expressed to Prime Minister U.Khurelsukh in a meeting an IMF staff team led by Geoff Gottlieb that visited Ulaanbaatar from October 18-30.
In early October, shortly after being appointed, Prime Minister U.Khurelsukh met with IMF Resident Representative Neil Saker to hand over the formal letter to Christine Lagarde.
He ensured the IMF that his Cabinet would fully support the implementation of the IMF. The dismissal of former Prime Minister J.Erdenebat had caused uncertainty within both the IMF and Mongolia.
Geoff Gottlieb expressed to the Prime Minister that his letter had been a timely move immediately after being appointed. The letter influenced the IMF’s decision to move forward with the program, despite the uncertainty that had arisen since June 2017, said Gottlieb.
The IMF moving forward with the program has helped instill confidence in the donor countries and investors. “Based on this, Mongolia’s newly released bond raised 800 million USD,” Geoff Gottlieb added.