Ulaanbaatar
Minister of Finance submits Program on Overcoming Economic Difficulties and Stabilization
PoliticsUlaanbaatar /MONTSAME/ With a view to tackle economic and financial challenges the country is confronted with, the Minister of Finance, Mr B.Choijilsuren presented the draft of the above program along with other bills concerning the current economic condition. The program sets out more than 60 policy measures to be taken for stabilizing the macroeconomic conditions, mid-term economic restructuring, securing sustainable growth and alleviating debt pressure.
It is calculated that the actual growth will reach 3.0 percent in 2017, through stabilizing the macroeconomic condition by ensuring the compliance between monetary and budgetary policies and increasing flow of foreign exchange. Furthermore, the program authors strived for reaching 5.1 percent economic growth in 2018 and 7.1 percent in 2019 through reducing the transportation costs of the mining industry and improving the competitiveness of the export-oriented goods with better infrastructure and increasing export from non-extractive sectors.
The full accomplishment of all measures provided for in the program will enable increasing growth of the processing industry by 6.3 percent in 2017-2019 and by more than 10 percent starting from 2019, and creating about 20 thousand jobs each year between 2017 and 2019 and attaining less than 8.0 percent unemployment by the end of 2019, according to the introductory note.
The program envisions that the exports will reach USD 5.4 billion and imports – USD 5.5 billion, in connection with the increased demand for constructions, and will result in a total trade turnover of USD 10.9 billion in 2019.
If implemented fully, the program will help increasing the annual direct foreign investment to USD 2.0-3.0 billion, relieving the balance of payment pressure and attaining positive balance in the medium term, as well as strengthening national currency rate against foreign ones.
