Mongolian economic situation reviewed

Oyundelger 2016-10-20 01:10

Economy

Mongolian economic situation reviewed.

Mongolian economic situation reviewed. In response to the recent economic instability of the country, the American Chamber of Commerce (AmCham) in Mongolia hosted the first formal engagement between the private sector and the Mongolian government’s key financial decision makers, Deputy Minister of Finance Khurelbaatar Bulgantuya and Deputy Governor of Bank of Mongolia. The meeting convened over 80 business leaders from AmCham members and other private sector representatives for a panel discussion to examine the current state of Mongolia’s fiscal and monetary challenges and ways forward. The panel discussion thoroughly examined some crucial topics, including the government’s ongoing efforts to stabilize the economy and regain investors’ confidence; development of sound fiscal and economic policies to overcome current economic challenges; the 2017 macroeconomic outlook; and efforts to promote development of the financial market in Mongolia. The Deputy Minister of Finance commented on the government’s plan to repay foreign debt during her remarks saying, “The government is exploring its options to repay the foreign debt. The government could issue more bonds in 2017 to refinance the maturing bonds, or cooperate with IMF, in which case the government will have to make necessary amendments to the 2017 public budget. The government is also planning to meet with all donor organizations in early-December to present the government’s action plan and economic stabilization plan.”