ULAANBAATAR, March 25, 2016 - The World Bank and Economic Research Institute (ERI) held a lecture with Bert Hofman, World Bank Country Director for China, Mongolia and Korea, on “Evolving Prospects of the Global Economy, China’s New Normal and its Relevance to Mongolia.” Hofman spoke about the challenges and risks in the global economy, the implications for Mongolia, and policy options to mitigate emerging risks.
“Mongolia’s economy has changed dramatically for the better since the transition began.” said Mr. Hofman, who also worked on Mongolia in the 1990s. “The short-term challenges notwithstanding, Mongolia continues to have a bright future if it consistently applies its framework for macroeconomic stability, and diversifies its economy to adapt to changing external demand, notably from China.” This lecture is part of a series of events to commemorate the 25th anniversary of partnership between Mongolia and the World Bank. Mongolia signed the Articles of Agreement on February 14, 1991 on the eve of the Mongolian Lunar New Year—Tsagaan Sar—becoming the 155th member of the World Bank.
“We have been celebrating the 25 year anniversary by reviewing the partnership one year at a time. From the first loan for Economic Rehabilitation in 1991, to more recent projects on Information and Communications Technology, you can really see how much Mongolia has changed. Similarly, we have continuously sought to bring global knowledge and expertise to help address Mongolia’s challenges” said Country Resident Representative James Anderson in his opening remarks. “This is Mongolia’s history and we are delighted to have been a part of it. We look forward to continuing our partnership to support Mongolia on its path to prosperity.”
Since 1991, World Bank has financed over $800 million in credits and grants for 131 projects in Mongolia to support agriculture, education, macro-economy, mining governance, environmental protection, crisis response, herder protection, and communications technology development.
Other commemorative activities include the launch of the World Development Report 2016 – Digital Dividends, a Data for Development Forum, a public lecture on open development in Darkhan city, as well as a “25 years in 25 days” blog series.