Prime Minister U.Khurelsukh receives ADB delegation

Prime Minister U.Khurelsukh received a delegation from the Asian Development Bank headed by Muhammad Sami Saeed, the director of the ADB board responsible for Mongolia, on October 13.

The meeting is part of the new Prime Minister’s acclimation to his new position, which includes meeting Mongolia’s key international partners. ADB has been active in Mongolia since the early 1990’s and is seen by the Mongolian government as an important partner due to its contributions in key projects and even the IMF extended fund facility.

U.Khurelsukh assured the ADB delegation that his Cabinet would have a smooth transition from the previous administration and will continue the 2016 to 2020 action plan enacted by the previous administration.

He added that the political climate of Mongolia will remain stable, as only Cabinet members will be replaced.

ADB has promised to provide around 900 million USD as part of Mongolia’s extended fund facility program with the International Monetary Fund, 250 million USD of which has already been transferred. Apart from that, the bank and the government will be implementing a joint project to improve the air quality of Ulaanbaatar.

U.Khurelsukh communicated to the delegation that his Cabinet would work to diversify the economy by investing in the revenue from the mining sector towards infrastructure, agriculture, farming, livestock, and tourism.

ADB has planned to invest 1.2 billion USD into Mongolia from 2017 to 2020. The bank will be financing a multitude of projects in a range of sectors including small and medium-sized enterprise production, infrastructure, energy, environment, and renewable energy.

Muhammad Sami Saeed agreed with the sentiments of the Prime Minister to work towards a more diversified economy. He added that a stable macro economy and fiscal discipline will help Mongolia reach a more diversified economy.