Prime Minister U. Khurelsukh received a delegation headed by Mr. Geoff Gottlieb, head of International Monetary Fund /IMF/ working group.
Restraining economic downturn and turning it up to recovery phase are the results of the International Monetary Fund's expanded funding program.
On behalf of the Government of Mongolia, the Prime Minister expressed a gratitude for reaching an agreement on some of the issues the IMF working group has faced during their mission in Mongolia. He mentioned that the financial discipline has improved, budget deficit has declined, whereas its revenue has increased and the foreign currency reserves have reached USD 3 billion and foreign investments has grown.
The Prime Minister also noted that his cabinet is striving for changing for better the current economic situation that is based on mining commodity prices. In this light, we are aiming to develop the agriculture, tourism, infrastructure and other sectors to create a multi-pillar economy, said the Prime Minister.
"The government has made significant efforts in implementing the IMF program," said Mr. Geoff Gottlieb and added he will deliver the Mongolia's willingness to continue the program to donor countries and organizations. He said political stability has a significant effect on the implementation of the program. The two sides have agreed to discuss the difficulties and challenges they are confronted with and seek appropriate ways of tackling them.