Prime Minister meets WB Executive Director

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat received Friday Heenam Choi, the Executive Director of the World Bank (WB), representing 14 countries including Mongolia to the WB Board of Directors. Mongolia has been cooperating with the WB and the International Monetary Fund (IMF) for 25 years since the country joined them in 1991, the Premier said, and expressed thanks to the organization for implementing a number of projects and programs in all economic spheres and for rendering technical assistance. The Premier pointed out that the government of Mongolia has worked out a program on overcoming current economic difficulties, and plans to take actions for trimming tolerable expenses in order to reduce the budgetary deficit. “The government of Mongolia is closely collaborating with international banking and financial organizations in overcoming the economic difficulties in a short time. I believe that the WB will provide Mongolia with policy advice on the matter,” J.Erdenebat said. He expressed the willingness to take a developmental policy credit from the WB with an aim to overcome the difficulties and to recover the payment balance and budgetary deficit. “There many projects and programs with brilliant ideas on development of Mongolia, but very few of their feasibilities satisfied requirements of international investors, banking and financial organizations. So, Mongolia wants to have support from the WB for working out internationally-standard feasibilities,” the Premier said. In turn, the WB Executive Director appreciated the governmental actions to prevent worsening of the economic condition, and then said that the WB will back the current policy of the Mongolia government on overcoming the economic difficulties. Heenam Choi also said he will convey to the WB Board of Directors the Mongolia’s request on taking the policy credit.