Ulaanbaatar
ADB to partner in having Mongolia removed from FATF’s Grey List
Politics
Ulaanbaatar /MONTSAME/. On November 25, Speaker G.Zandanshatar received Asian Development Bank (ADB) Country Director for Mongolia Mr. Pavit Ramachandran.
Congratulating Mr. Pavit Ramachandran for being appointed as Country Director, Speaker G.Zandanshatar expressed his gratitude for the consistent support from ADB during the years of democratic reform in Mongolia. He then highlighted that the economy of Mongolia is recovering as a result of the Extended Fund Facility co-implemented by the International Monetary Fund and Mongolia, and noted the matter of being removed from the Grey List of the Financial Action Task Force (FATF) having become a pressing issue despite the improvement in macroeconomics.
He said, “We approved the state budget for 2020 on November 13. The economic growth is forecast to be slowed down next year in correlation with the global trends of the near future. Furthermore, as our economy is very dependent on mining, we are working on the objectives to support export, and diversify the economy for the long term. With the protection of the environment, and maintenance of ecological balance having become one of the important goals, there are several crucial tasks such as supporting economic growth, consistent modernization of the bank and financial system, and implementing projects and programmes for energy and infrastructure ahead of us.”
Noting the successful reforms being made in the banking sector of Mongolia, Mr. Pavot Ramachandran highlighted that ADB will closely cooperate in having the country removed from the “Grey List”.
Speaker G.Zandanshatar said, “We are currently implementing a project on oil refinery. With the oil refinery put into operation, the country’s dependence on the two neighboring countries for oil will lessen. Discussions have also been held on exporting cashmere and textile products of Mongolia to the U.S. market duty-free. I am confident that the favorable conditions for Mongolian agricultural products to enter the markets of neighboring countries will be created in the near future.”
