Ulaanbaatar
PM: Investors, international partners were aware of the economic situation of Mongolia
PoliticsUlaanbaatar /MONTSAME/ Prime Minister of Mongolia, Mr J.Erdenebat received today (August 18) IMF Country Director for Mongolia, Mr Neil Saker and the Deputy Division Chief of the IMF Asia and Pacific Department, Dr Koshy Mathai, along with other officials.
Dr Mathai congratulated the MPP (Mongolian People’s Party) for forming the new cabinet in such a short period of time. “This is a proper beginning to inform the people about the actual financial and budget performance of the country and to unify the budgets that were under separate managements for years”, he noted and advised to keep up the good work with more correct solutions.
The delegation of IMF has arrived in Mongolia for a short trip here to have insights to what perspectives do the Mongolian leaders have about the solutions to the current economic difficulties. Also, the IMF would set up and send an extended working group to Mongolia in case the Government deems the collaboration is necessary, said Dr Mathai.
The IMF officials highlighted that limitation by commercial bank on the US dollar withdrawal is burdening the already worsening MNT/USD rates.
PM J.Erdenebat noted that the international financial organizations and foreign investors were already aware of the true situation of Mongolia’s economy, and the latest statement by the Finance Minister was an official announcement to the citizens. August is the peak period in each year for US dollar demand in Mongolia, however, this year’s USD rate increase exceeded the expectations, having brought businesses with USD loans into difficult circumstances, he said.
