Ulaanbaatar /MONTSAME/ Central bank of Mongolia developed the ‘Ulaanbaatar consonance’ project to develop mid and long term policies on ensuring Mongolia’s economic growth. A discussion was organized by the Bank of Mongolia in order to include suggestions from banks and financial organizations in the project.
The project has 8 fundamental principles based on Mongolia’s features and experiences of developed countries and reflects major government actions for sustainable economic growth, said the director of Research and Statistics Department of the Bank of Mongolia, D.Gan-Ochir.
“Mongolia must conduct a proper budget policy. In other words, the Government should invest revenue from mining and other sectors in personal and infrastructure development. It is extremely important to improve human development or the people’s education. Educated people will work in multiple sectors developing multi-pillar economy. In addition, the exchange rate policy must be flexible. This will allow to overcome any exchange rate related difficulties with minimal loss. On the other hand, employment should be increased. Mongolia must have a fair multiple tax system to eliminate income difference. Generally the project presented today includes all of the above mentioned. So we’ll support the project” said the IMF Resident Representative for Mongolia, Neil Saker.
The suggestions and conclusions made by the professional organizations during the discussion will be included in the ‘Ulaanbaatar consonance’ project and submitted to decision makers.