World Bank policy recommendations on Mongolia discussed with Parliament Speaker
11 August 2020

World Bank policy recommendations on Mongolia discussed with Parliament Speaker

Ulaanbaatar /MONTSAME/. On August 10, Speaker of the Parliament G.Zandanshatar received a delegation led by World Bank Country Manager Andrei Mikhnev to discuss Mongolia’s development priorities, including economic diversification and banking sector reforms. At the beginning of the meeting, Mr. Andrei Mikhnev congratulated the Speaker of the Parliament G.Zandanshatar on his re-appointment to a responsible high-ranking position and handed over a congratulatory letter from the Vice President of the World Bank Group. “The 2020 parliamentary elections clearly showed that the Mongolian people and voters have high confidence in the Mongolian People's Party (MPP) and the Parliament and Government formed as a result of the vote. We are ready to cooperate with the Parliament and the Government of Mongolia,”said Mr. Mikhnev. Mr. Mikhnev also stressed that with the new Parliament and government in place, Mongolia has a unique opportunity now to advance bold structural reforms. The sides exchanged views on the outcomes of World Bank-funded projects and programs in Mongolia and future cooperation and the government response to the COVID-19 crisis, including recent stimulus measures and the proposed Government Action Plan and budget amendments. Mr. Mikhnev said that the World Bank has prepared policy recommendations, which address key development issues of Mongolia, and introduced it to the newly established Government. Mr. Mikhnev presented the document to the Speaker and exchanged views on them. The Speaker thanked for the submission of the comprehensive policy recommendations, which meet the priorities of the country’s long-term development policy. “An irregular session of the Parliament will open on August 17 with an intent to discuss the Government plans and platform until 2024 and their implementation. Mongolia's economy is much dependent on the mining sector, and it needs to develop its manufacturing sector and undergo significant reforms to diversify its economy. To achieve this goal, we are ready to cooperate with the World Bank," said the Speaker.