Ulaanbaatar, October 9, 2024 /MONTSAME/. Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai received Deputy Managing Director of the International Monetary Fund Kenji Okamura on October 4, 2024, and exchanged views on the cooperation.

The Prime Minister expressed his gratitude to the International Monetary Fund (IMF) for close cooperation with the Government of Mongolia over the last 30 years and the support for stabilizing the economy. Highlighting that the foremost goal of the Joint Government is keeping the economic growth stable and ensuring more rapid and dynamic development, the Premier noted the Government’s commitment to implement 14 mega development projects and 14 socio-economic reforms based on the new regional development planning.

The GDP of Mongolia has been growing by USD 1000 every year since 2021 and the GDP per capita is expected to be USD 6800, while it was USD 6000 in 2023. The Government focuses on diversifying the economy and intends to improve the investment environment and reform the energy sector, emphasized the Prime Minister. Premier Oyun-Erdene underscored the importance of the IMF’s advice on it.

Expressing gratitude to Prime Minister Oyun-Erdene for receiving, IMF Deputy Managing Director Fund Kenji Okamura commended the continuity of ‘Vision-2050”, the long-term development policy of Mongolia, and the condition for political and economic stability. Deputy Managing Director Kenji Okamura expressed the IMF’s readiness to support the macroeconomic goals, measures, and reforms being implemented by the Government of Mongolia. Specifically, the IMF would consult on implementing reforms in energy and regional taxation with the lowest possible economic risks and negative impacts.

During his visit to Mongolia, IMF Deputy Managing Director Fund Kenji Okamura held meetings with other high and senior officials, including Chairman of the State Great Khural Amarbayasgalan Dashzegve.

“I ensured the IMF's unwavering commitment to supporting Mongolia through policy advice, capacity development, and lending when needed…Mongolia’s recent economic expansion is commendable. I congratulated the government for its stewardship of the economy which has helped Mongolia navigate recent global shocks. The country’s large external debt has been refinanced and reduced, and the BOM has succeeded in lowering inflation and building its foreign exchange reserves,” remarked Deputy Managing Director Kenji Okamura in his statement on his visit to Mongolia. “I welcomed the ambitious development strategy laid out in Vision 2050, in particular the emphasis on reducing corruption and strengthening governance. I was impressed by the focus on sustainable development, carbon emissions reduction, and efforts to address income inequality through investments in healthcare and education. In this regard, the successful implementation of the new Sovereign Wealth Fund law offers an important opportunity to create lasting prosperity for all.”