World Bank delegation discusses progress in mutual economic cooperation with Speaker M.Enkhbold
Speaker of Parliament M.Enkhbold held a meeting with Bert Hofman, the World Bank's country director for China, Mongolia and Korea in the East Asia and Pacific Region based in Beijing, on August 7 at the State Palace to discuss cooperation projects between the World Bank and Mongolia.
The speaker expressed his satisfaction with the World Bank’s successful cooperation with Mongolia, and underlined that thanks to projects and programs being carried out by the World Bank and the International Monetary Fund in Mongolia, the country is experiencing positive outcomes in its economy.
M.Enkhbold reported on the current state of the nation’s economy and new laws adopted and amended by Parliament throughout its spring session to Hofman.
The World Bank delegation told the speaker that the government and legislature of Mongolia have made great efforts for overcoming major macro-economic challenges facing the country two years ago, noting that as the volumes of foreign direct investment in Mongolia and coal exports increased, Mongolia’s deficit was reduced and the nation’s economic growth is rising, which is why the country’s macro economy is stabilizing. They noted that increasing the private sector’s participation in the economy will have a positive effect on economic growth.
Hofman stated that as global economic impacts, especially economic effects from China and Russia, might affect Mongolia’s economic growth, including some protections for preventing unexpected risks in its policies and documents will be of crucial importance to avoiding an unexpected economic turnaround.
The speaker noted that Parliament approved the government’s project to launch the IPO of Erdenes Tavan Tolgoi by offering 30 percent of the company on foreign stock exchanges, and the government is working on this project.
Speaker M.Enkhbold asked for the World Bank’s assistance in supporting the government’s project and collaborating with the government to make the project successful.
...Hofman stated that as global economic impacts, especially economic effects from China and Russia, might affect Mongolia’s economic growth, preventing unexpected risks in its policies and documents
will be of crucial importance to avoiding an unexpected economic turnaround...