Ulaanbaatar, September 28, 2023 /MONTSAME/. Prime Minister L. Oyun-Erdene and the cabinet members participated in the Government of Mongolia and the Development Partners Consultative Meeting "New Recovery - New Partnership" on September 26, 2023.

At the onset of the meeting, the Prime Minister thanked the development partners for their consistent support for the sustainable development of Mongolia. He noted that it is important to reflect the opinions of development partners when the 2024 budget is being prepared, and said that the 2023 budget is aimed at stabilizing the economy, while the 2024 budget aims to ensure the balance of urban and rural development. “We will change in the future the situation when the state does everything. For example, the state should not be building cultural centers and sports complexes. We will cooperate with the private sector. The state will cooperate with infrastructure, land allocation and tax incentives. We are changing in stages the mode of the state itself competing with the private sector, the state is working to further liberalize mining, state-owned banks, international flights, etc., and to organize the management by national and international professional teams up to the world advanced level within this year.” Further he said that in order to develop an efficient capital market with the participation of citizens, investors, and the private sector under public supervision, the work of turning major state-owned enterprises into open joint-stock companies will be implemented stage by stage.

The Minister of Economy and Development Ch. Khurelbaatar and the Minister of Finance B. Javkhlan presented the economic performance of Mongolia and the 2024 draft budget to the development partners. As of the first quarter of 2023, the balance of payments turned positive for the first time, and the economic growth reached 6.4 percent. The gross domestic product per capita reached USD 5,000 for the first time, and it is expected to reach USD 6,000 in 2024.

The development partners who participated in the meeting expressed their opinions.

Ambassador of France Sebastien Surun: I congratulate Mongolia on its effective debt management. We would like to cooperate in using renewable energy opportunities in Mongolia. Investors of our country are interested in this sector.

Ambassador of the Federal Republic of Germany Helmut Kulitz: I would like to thank the Government of Mongolia for working well during the pandemic and difficult geopolitical conditions, and creating economic growth. Our country proposes to cooperate in the development of renewable energy, environmental and ecological impact, and vocational education training. Coal consumption tends to decrease from 2030. Hence, there is an opportunity to work together on projects such as solar and wind power plants.

Resident Representative of the United Nations Development Program Matilda Dimovska: I am glad that Mongolia presented its sustainable development report in New York. The United Nations will support the development of renewable energy, foster good governance, and attract international investment to ensure urban-rural balance. Mongolia has abundant renewable energy resources. We will cooperate in support of green energy.

Representative of the United Nations Children's Fund Eva Kouassi-Komlan: I support the Prime Minister L. Oyun-Erdene's proposal that 50 and 50 percent of funding will be provided for the partnership. Our organization is ready to work together to make Ulaanbaatar a child-friendly city. I am happy that Mongolia has made progress in enrolling children in kindergarten.

Resident Representative of the Asian Development Bank Shannon Coughlin: Our plan goes in line with your Government's priorities. This year, a loan of USD 180 million was approved for the construction of regional roads. We will work together to improve the infrastructure of the ports focusing on completing projects on time. Private sector investment is important for the implementation of renewable energy projects.

At the end of the meeting, the ministers answered the questions raised by the development partners and expressed their position.

The Minister of Justice and Internal Affairs Kh. Nyambaatar said that the draft laws on the reform of the private law sector will be submitted for approval at this autumn session of the Parliament. The Bankruptcy Law, the State-Owned Enterprises Law, the Law on the Establishment of Courts, the Law on Commerce, and the Company Law will be submitted and approved too.

The Finance Minister B. Javkhlan noted that the 2024 budget is pursuing the policy of economic expansion. In this context, investment measures aimed at increasing exports, urban and rural revitalization, protection of citizens' incomes, and development will be implemented. Out of total 140 projects and programs funded by foreign loans and aid in 2023, 96 projects are being implemented in line with the New Revival Policy. A total of MNT 1.6 trillion financing will be provided for these projects within this year. He said that new foreign loan and aid projects to start in the future will be implemented within the framework of the New Revival Policy and the Food Supply and Security Policy.

Representatives of the Asian Development Bank, World Bank, International Monetary Fund, European Bank for Reconstruction and Development, International Finance Corporation, European Union, German Association for International Cooperation, Swiss Development Agency, Japan International Cooperation Agency, United Nations Development Program and the relevant Embassies took part in the meeting.