Mongolian leaders thanked IMF working group

MONGOLIA (GoGo Mongolia/ANN) - IMF`s staff team worked in Mongolia to review Extended fund facility (EFF) programme performance for ten days. 

Speaker of Parliament M. Enkhbold and Prime Minister U. Khurelsukh received Leader of the International Monetary Fund’s (IMF) Mongolia working group Geoff Gottlieb, IMF Resident Representative for Mongolia Neil Saker, and other officials on February 5.

Speaker M. Enkhbold and the Premier U.Khurlsukh thanked the IMF for accepting proposals to revise changes to personal income tax and the retirement age, returning them to their previous states. In the scope of EFF program, Mongolian law makers approved bills to raise personal income tax and extend retirement age by six months every year. But they faced public criticism and canceled new laws.

IMF working group agreed that positive changes in the Mongolian economy have been a direct result of the efforts of Government of Mongolia. The IMF’s staff team leader Geoff Gottlieb, emphasized, “The program has been implemented by the Government of Mongolia and the government has done a good job.

The IMF is willing to receive any requests and will work for the right solutions. Although the Mongolian economy saw growth in less than a year, it has to keep its stability because the economy can change.”

Gottlieb noted that Mongolia needs to take immediate action in response to its poor rating from the Financial Action Task Force on Money Laundering. During the meeting Prime Minister U. Khurelsukh said that his cabinet work toward diversifying the economy and not only relying on the mining sector.

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