Speaker receives World Bank Representatives

2018-08-07 15:39:07
Ulaanbaatar /MONTSAME/ Speaker of the Parliament M.Enkhbold today received representatives headed by Mr.Bert Hofman, World Bank's Country Director for China, Mongolia and Korea in the East Asia and Pacific Region, based in Beijing.

Speaker M.Enkhbold said he is pleased with projects and programs being realized by the World Bank and the International Monetary Fund which are bringing some concrete results, showing positive indication in Mongolia’s economy.
He noted that the Government of Mongolia is focusing to keep the growth steady in the future and to use it properly with targets to increase work places and production and encourage employment. "We are optimistic about the next year’s budget. The state budget has had a deficit of MNT 1 trillion, but now the condition to have a budget with no deficit has been created," he added.   
Big efforts have been made and macroeconomic problems have been resolved over the last two years, commended Mr.Bert Hofman. “Budget deficit reduction and higher economic growth than expected are caused by macroeconomic stabilization on the back of increased coal export and volume of foreign direct investment.  On the other hand, active participation of private sector brought positive impact to the country's economy.”

Considering possible impact of uncertainty of world economic situation, especially of the two neighbors to the country’s economic growth, he stressed that it is crucial to calculate risks, to reflect it in the policies and decisions as well as to increase emergency reserve. 

Tax incentives and exemptions are expected in frame of the Package of Taxation Laws which will be discussed during the parliamentary autumn session. Although mining sector is important for Mongolia, it is significant to adhere policies to diversify its economy and back agriculture sector, Mr.Bert Hofman pointed out.
The Parliament made decisions to put Tavan Tolgoi coal mine into economic circulation and the Government is working to launch the IPO. The Speaker asked the WB to advise the Government of Mongolia and cooperate on it.
In turn, Mr.Bert Hofman expressed the WB's support for the Government projects and programs and informed that James Anderson, World Bank’s Country Manager for Mongolia will return home next week.