IMF Resident Representative on the Mongolian economy

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2017-11-07 17:59 GMT+8

The International Monetary Fund’s (IMF) Resident Representative in Mongolia, Neil Saker, spoke to local media about his views on the Mongolian economy.

He noted that due to increased coal export, economic growth increased by 5.3 percent in the first quarter of 2017 and that growth is expected to be 3.5 percent at the end of 2017.

Increasing their salaries is reasonable, but due to an increased number of civil servants, salary funding is in a difficult situation.

According to Saker, the IMF is satisfied with the Government of Mongolia’s current economic policy. He said, “Issuing the Gerege Bond successfully was great timing for regaining hope from investors. Foreign investors have faith in the Mongolian economy and its future now.”

He highlighted that the state's deficit has been high for the past few years, but that with cooperation between the IMF and the Government of Mongolia the deficit could decrease significantly. The government is working to bring the deficit to 7.5 percent of GDP, down from 17 to 18 percent.

Saker also spoke about the export of coal and copper, stating that Mongolia needs integrated and sophiscated policy for exports that can maximize Mongolia's economic potential. Regarding raising salaries for civil servants, Saker said, “Reducing state deficit is a high priority now. If the state deficit is maintained, raising salaries can be considered. Of course, increasing their salaries is reasonable, but due to an increased number of civil servants, salary funding is in a difficult situation.”

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