MONGOLIAN PM AND WORLD BANK COO MEET

Ulaanbaatar /MONTSAME/ A managing director and the Chief Operating Officer at the World Bank Sri Mulyani Indrawati said she believes that Ch.Saikhanbileg’s government will successfully overcome the current economic difficulties, on June 25. The Mongolian Premier said the World Bank’s role in the country’s economic growth is dearly appreciated. He also expressed a belief that the Bank will continue cooperating in the overcoming of the economic difficulties. The sides mainly discussed Mongolia’s monetary policy in the current situation. The World Bank expressed a readiness to back implementations of the budgetary and investment policies for 2016, and promised a support for improving the economy of Mongolia. The Bank also announced that it is to invest USD 100 million to Mongolia in order to recover the state budget deficit. The World Bank is an international financial institution that gives financial assistance to developing countries in order to implement development programs, with 188 member states. It was founded after the World War II, with purposes to intensify the reconstructions and reduce poverty. The Bank provides free-of-interest or low-interest loans to promote education, health, social governance, infrastructure and developments of fiscal and private sector, and support investments in agriculture, environment protection and natural resource management. Policy advising, research and studies and technical assistance are also given by the World Bank as incentives. It has put two main goals to reach by 2030: to reduce extreme poverty by containing within 3.0 percent the number of people with income of less than 1.25 USD per day, and to achieve 40 percent income growth rate in all countries of operation.