Улаанбаатар
WB to focus on Mongolia’s economic diversification
Society
Ulaanbaatar /MONTSAME/ On January
30, MP and Head of the Parliamentary Standing Committee on Budget B.Choijilsuren
met with a delegation headed by Bert Hofman, World Bank's Country Director for
China, Mongolia and Korea.
The two sides exchanged views on implementations of the International Monetary Fund’s ‘Extended Fund Facility’ arrangement and WB’s ‘Economic Management Support Operation First Development Policy Financing’ being realized in Mongolia and the course of action for the next two years.
“Thanks to the extended cooperation, some legal reforms and the government’s determined effort, the country’s economic growth rate soared to over six percent even though it was -1.2 percent during formulation of the new government in 2016. We are now endeavouring to properly use this growth in maintaining the economic growth, increasing jobs and production and promoting employment. Moreover, WB’s direct and indirect assistance made significant contribution to successful issuance of the bonds at international market”, noted MP B.Choijilsuren. He then asked for support in developing risk-based economic policy and carrying out export-oriented reform.
In turn, the WB Country Director said “A policy is in demand on optimizing pension fund reform and social welfare policy and directing it to the target groups. Following to right regulation budget burden eases and taxpayers’ money is spent efficiently. WB is aiming to focus on three directions in coherence with its previous projects and programs. In particular, the bank will pay attention to strengthening public administration and improving economic governance and transparency; enhancing competitiveness of Mongolia and diversifying its economy; empowering the country’s professionals;”
Mr. Bert Hofman also highlighted it is his last working visit as the World Bank's Country Director for China,
Mongolia and Korea and extended gratitude to MP B.Choijilsuren for providing
full support and working together over the last three years.
