Speaker receives ADB Vice President

2019-06-11 16:14:57

Ulaanbaatar /MONSTAME/ On June 10, G.Zandanshatar, Speaker of Mongolian Parliament, met with a delegation led by Ahmed M. Saeed, Vice-President for Operations 2 of the Asian Development Bank (ADB). Present at the meeting were ADB Country Director for Mongolia Yolanda Fernandez Lommen and Senior Country Economist Declan Magee.

Noting that it is his very first visit to Mongolia, Mr. Ahmed M. Saeed thanked the Speaker for making time for the meeting.

Speaker G.Zandanshatar highlighted the role ADB has played in Mongolia’s social and economic development over the past two decades. “The Government of Mongolia and ADB have thus far implemented 310 projects worth USD 1.9 billion which contributed greatly to Mongolia’s development and brought major changes to the country’s social and economic spheres. We are willing to cooperate further with ADB in all fields,” said the Speaker, noting that Mongolia's involvement in the IMF's Extended Fund Facility program brought rapid economic growth, more investment, and improvement in fiscal discipline.

“Moreover, the Parliament in collaboration with the Government intends to diversify the economy through tourism and agriculture as Mongolia’s mining-based economy is subject to world market fluctuations. Mongolia’s economy is back on track with 8.6 percent GDP growth as of the first quarter of 2019,” he said.

ADB Vice President Ahmed M. Saeed underlined that current achievements are a result of the long-standing cooperation of the two sides and that the economic revival is thanks to the parliament’s policies and legal arrangements it has made. “One of the purposes of my visit here is to get acquainted with the operation of the country's banking and financial sector at the request of international financial institutions,” he added.

The Speaker mentioned that a Bill on amending the Constitution of Mongolia was submitted to the parliament last week and gave brief information about the amendments proposed.