Today Prime Minister J.Erdenebat received representatives of International Monetary Fund (IMF) led by the Resident Representative for Mongolia Mr. Neil Saker and Deputy Division Chief Mr. Koshy Mathai.
At the beginning of the meeting Prime Minister noted that Mongolia have been cooperating with IMF for a long time and expressed his hope that the cooperation will be continued in the future.
Mr. Neil Saker and Deputy Division Chief Mr. Koshy Mathai stated:
-I would like to congratulate you for establishing the Government in a short period. Informing the financial reality to the public and combining the separated budgets are good start for Mongolia to overcome the economic crisis. Now you need to continue those bold actions with right solutions. We arrived Mongolia for a short period to get acquaint with the Government solutions on the economic downturn. If you want to work with IMF in further, our bigger working group will arrive here for several days. IMF were aware of the Mongolian economic situation including balance of payments and dollar flow.
IMF representatives emphasized that the сommercial banks eased restriction on dollar and it increases the USD rate.
Prime Minister J.Erdenebat said "Not only financial institutions but also foreign investors were aware of Mongolian actual economic situation. We have just informed it to the public who were not fully understood. Mongolia faces high demand of dollar in every Augusts. However, this time USD rate exceeded the actual demand and it affected to the purchasing power of citizens as well as both entities and citizens with dollar loans".
Moreover, Prime Minister exchanged views with IFM representatives on planned actions and right policies to stabilize the economy.
Today Prime Minister J.Erdenebat received representatives of International Monetary Fund (IMF) led by the Resident Representative for Mongolia Mr. Neil Saker and Deputy Division Chief Mr. Koshy Mathai.
At the beginning of the meeting Prime Minister noted that Mongolia have been cooperating with IMF for a long time and expressed his hope that the cooperation will be continued in the future.
Mr. Neil Saker and Deputy Division Chief Mr. Koshy Mathai stated:
-I would like to congratulate you for establishing the Government in a short period. Informing the financial reality to the public and combining the separated budgets are good start for Mongolia to overcome the economic crisis. Now you need to continue those bold actions with right solutions. We arrived Mongolia for a short period to get acquaint with the Government solutions on the economic downturn. If you want to work with IMF in further, our bigger working group will arrive here for several days. IMF were aware of the Mongolian economic situation including balance of payments and dollar flow.
IMF representatives emphasized that the сommercial banks eased restriction on dollar and it increases the USD rate.
Prime Minister J.Erdenebat said "Not only financial institutions but also foreign investors were aware of Mongolian actual economic situation. We have just informed it to the public who were not fully understood. Mongolia faces high demand of dollar in every Augusts. However, this time USD rate exceeded the actual demand and it affected to the purchasing power of citizens as well as both entities and citizens with dollar loans".
Moreover, Prime Minister exchanged views with IFM representatives on planned actions and right policies to stabilize the economy.