Mongolia develops mid and long term economic development project
A project is entitled as the ‘Ulaanbaatar consonance’ project developed by the Central bank of Mongolia to develop mid and long term policies on ensuring Mongolia’s economic growth.
Mongolia develops mid and long term economic development project. A project is entitled as the ‘Ulaanbaatar consonance’ project developed by the Central bank of Mongolia to develop mid and long term policies on ensuring Mongolia’s economic growth. The project has 8 fundamental principles based on Mongolia’s features and experiences of developed countries and reflects major government actions for sustainable economic growth, said the director of Research and Statistics Department of the Bank of Mongolia. Accordingly, a discussion was organized to incorporate the suggestions and advice from the banks and financial organizations to the project. International Monetary Fund Resident Representative for Mongolia, Neil Saker noted that Mongolia must conduct a proper budget policy. In other words, the Government should invest revenue from mining and other sectors in personal and infrastructure development. It is extremely important to improve human development or the people’s education. Educated people will work in multiple sectors developing multi-pillar economy. In addition, the exchange rate policy must be flexible. This will allow to overcome any exchange rate related difficulties with minimal loss. On the other hand, employment should be increased. Mongolia must have a fair multiple tax system to eliminate income difference. Generally the presented project includes all of the above mentioned. So IMF will support the project said Mr. Neil Saker, the IMF Resident Representative for Mongolia. Evantually, the suggestions and conclusions made by the professional organizations during the discussion will be included in the ‘Ulaanbaatar consonance’ project and submitted to decision makers.
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