World Bank Encouraged by Mongolian Government’s Resolve to Address Challenges

December 10, 2014

ULAANBAATAR, December 10, 2014—A World Bank delegation led by Axel van Trotsenburg, World Bank Regional Vice President for East Asia and Pacific, and including Bert Hofman, Country Director for Mongolia, and James Anderson, Country Manager for Mongolia, concluded its visit to Ulaanbaatar today. 

The delegation discussed the current economic situation, the new government’s initial thinking on their program and how the World Bank program could support Mongolia.  The delegation was impressed by the candor with which the Mongolian counterparts assessed the economic situation and their resolve to address the underlying causes of the current macro-economic challenges.

The delegation met with H.E. Prime Minister Ch. Saikhanbileg, H.E. Chairman of the Parliament Z. Enkhbold, H.E. Minister of Finance J. Erdenebat, and top officials from Mongol Bank, among others.

In his meeting with the delegation, the Prime Minister laid out the broad policy framework to address the current challenges.  During the meeting, it was agreed that the World Bank Group would work closely with the authorities on a support program for Mongolia. 

 “This cabinet is a solutions cabinet.  We will address the difficult issues at hand to maintain macroeconomic stability, restore policy buffers and revamp private sector investment and growth.” Prime Minister Saikhanbileg said, “I welcome the support of the World Bank Group and the international community for our program. Their technical expertise and financial support can help in addressing the challenges that Mongolia currently faces.”

“I am confident that the new government led by Prime Minister Saikhanbileg, with support from a broad coalition of political leaders, is determined to tackle the current economic difficulties and take the necessary actions to ensure a sound macroeconomic base and to promote dynamic private sector development,” said Mr. van Trotsenburg. “With this approach, Mongolia will be able to achieve sustainable growth and shared prosperity.”

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