SPEAKER MEETS IMF AND WB OFFICIALS

Ulaanbaatar,/MONTSAME/ Parliament Speaker D.Demberel received Friday Steven Barnett, Permanent Representative of the International Monetary Fund (IMF) to Mongolia and Rogier van den Brink, a senior economist of the World Bank for Mongolian affairs. They exchanged views on assessment of the 4th stage of the "Stand-by" program being implemented in Mongolia and other issues.
Mr Barnett briefed to the Speaker about a present situation of the global economy. According to Mr Barnett, the world's economy is likely to increase by four per cent in 2010 thanks to policies performed by the governments of countries. The IMF considers that the economic growth of developing countries will be intensified, as well as the economy of developed countries will be restored. For example, the China's economy will be increased by ten per cent with showing a good influence to the economic growth of Mongolia. He underlined Mongolia has left the economic crisis and entered a stage of economic revival. The Mongolia's economic growth might reach nine per cent according to assumption by the IMF.
Mr Barnett congratulated Mongolia on gaining achievements to reduce negative influences from the economic fall, by realizing policy. "Although Mongolia gains the achievement the country still has challenges in the policy level," he said, and then mentioned about several urgent goals such as to approve a law on budgetary stability for the issue of strengthening state budget, and a new wording of the law on social insurance in the direction of combating with poverty, to continue measures to strengthen the banking sector and to keep the monetary policy at the macroeconomic level.
In turn, the WB's representative Mr Rogier van den Brink underlined Mongolia has overcome difficulties with cooperating with international organizations since he starts works for Mongolia in October 2008. He approved works of the Mongolia's government to overcome the crisis. Mr Rogier said the WB is ready to continue its partnership with Mongolia and to render support to tackle policy issues. He reported that the International Development Association (IDA) increased the size of money support of USD 20 million to Mongolia by USD 10 million and decided to make a financing of USD 12 million for technical assistance.
The Speaker expressed thanks to the sides of the IMF and WB for supporting Mongolia and making positive assessments on Mongolia. He said Mongolia plans to increase its economic growth reaching 7-8 per cent while they predict it would reach nine per cent.
Demberel said he supports issues from them on policy matters, and reported the State Great Khural has started to discuss a draft law on stability of budget. In addition, he said parliament plans to consider the social welfare issues after the government made its position on it, and Mongolia has a willingness to make an audit on commercial banks.
B.Khuder