Prime Min­is­ter U.Khurel­sukh an­nounced to Par­lia­ment that the progress of the eco­nomic revival agenda is at 60.9 per­cent and called on for an in­ten­si­fi­ca­tion of the agenda. In his state­ment, the PM touched on how the eco­nomic revival agenda along with the IMF pro­gram has helped sig­nal pos­i­tive signs in the econ­omy. How­ever, he added that the progress of key projects to help ad­vance the econ­omy is not sat­is­fac­tory.

U.Khurel­sukh un­der­lined the need to fund and move for­ward with key projects in min­ing, agri­cul­ture, trans­port, and en­ergy. The PM men­tioned spe­cific projects in all four sec­tors dur­ing his ad­dress to Par­lia­ment.

In min­ing, the PM high­lighted the need to speed up iron ore projects such as the Tsakhiur Ovoo, Du­laan Khar, Shiren Ovoo, and Khar Ovoo mines. He also high­lighted the de­creas­ing pro­duc­tion of petroleum and un­der­lined the need to boost pro­duc­tion. In ad­di­tion, fi­nal­iz­ing the agree­ments to build a con­cen­tra­tor plant at Ta­van Tol­goi, and se­lect­ing and fi­nal­iz­ing the in­vestors and ex­ecu­tors of the cop­per con­cen­tra­tor plant were ar­eas that needed to be fo­cused on, said U.Khurel­sukh.

The press­ing is­sue of al­lo­cat­ing fund­ing for Ther­mal Power Sta­tion No. 3, and Choibal­san ther­mal power sta­tion were the main ar­eas of con­cern in terms of en­ergy. U.Khurel­sukh noted how the agree­ments re­gard­ing the 450 Mw power plant to be built in Ta­van Tol­goi are not be­ing made fast enough.

Re­gard­ing trans­port, the fea­si­bil­ity study of the Ta­van Tol­goi–Gashu­un­sukhait rail­way has not yet been drafted and is be­hind sched­ule, re­ported the PM. He un­der­lined, how­ever, that Cabi­net is work­ing to get the projects of Nari­in­sukhait-Shiveekhuren rail­way and Zu­un­bayan-Khangi rail­way ap­proved by Par­lia­ment. In ad­di­tion, he stressed the need to fo­cus on other rail­ways such as the Khuut-Bichigt and Bogd­khan rail­ways.

In terms of agri­cul­ture, as the law on the ge­netic re­serve of live­stock has not yet been ap­proved by Par­lia­ment, the PM re­ported that these bills will be dis­cussed in the au­tumn ses­sion of Par­lia­ment. He also re­ported that the cash­mere project and the project for live­stock health have not been made ready yet.

U.Khurel­sukh re­ported to Par­lia­ment that mov­ing for­ward, his Cabi­net will be fo­cus­ing on fund­ing largescale projects as part of the eco­nomic revival agenda.

Re­port­ing on the re­cent staff-level agree­ment with IMF on the first and sec­ond re­view of the ex­tended fund fa­cil­ity, the PM stressed that the eco­nomic revival agenda is closely in­ter­con­nected with the IMF pro­gram. He stressed that the IMF Ex­ec­u­tive Board ap­prov­ing the sec­ond re­view of the pro­gram will help fur­ther sig­nal revival in the econ­omy of Mon­go­lia.

De­spite the short­com­ings of the agenda men­tioned by the PM, he ex­pressed con­fi­dence in the econ­omy.

“The good progress of the IMF pro­gram, the is­suance of the new bond to re­fi­nance a large bond in 2018, and the GDP growth likely to reach three per­cent in 2017, we have ob­served sig­nals in the econ­omy that we have largely over­come the eco­nomic hard­ships we faced in re­cent years,” said U.Khurel­sukh.

Go­ing for­ward, the PM stressed that his Cabi­net will be work­ing to main­tain fis­cal dis­ci­pline. He out­lined how his Cabi­net will work to “smartly” in­vest the state bud­get into beneficial sec­tors while not in­creas­ing ex­pen­di­tures.

The eco­nomic revival agenda has been planned to con­tinue un­til mid 2018.

Prime Min­is­ter U.Khurel­sukh ad­dresses Par­lia­ment re­gard­ing the eco­nomic revival agenda

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