“Since Mongolia’s involvement in the Extended Fund Facility arrangement of the International Monetary Fund, there have been certain outcomes, such as growing economy, increasing investment and decreasing budget deficiency," noted Mr. Zandanshatar.

“It is paying an attention on further diversification of economy and export increase of products such as wool, cashmere, meat and meat products. Moreover, it works to improve management and organization of its Development Bank in line with the international standards within the project ‘Strengthening Fiscal and Financial Stability,” he added.

In turn, World Bank’s Acting Country Manager commended about effective outcomes of actions being carried out by Mongolian government and expressed his commitment to cooperate with Mongolia.

The same day, Mr. Zandanshatar met with Asian Development Bank’s Country Director in Mongolia Ms.Yolanda Fernandez Lommen.

At the meeting, Mr. Zandanshatar said that the government approved its three pillar development policy and within this framework, it is paying great attention on public service and economic reforms, which are showing certain achievements. To make its mining-based economy into multi-pillared, the government is taking all necessary measures to foster exports of agriculture-originated products.

“For instance, progress has been made in talks to export cashmere and woven products to the USA tax free and prioritize exporting meat and meat products and leather items to other countries. Even the Development Bank is required to operate for promoting export; thus we have a request to the ADB to share its experience in improving banking management and organization and render technical assistance,” said Mr. Zandanshatar.

In response, Ms. Yolanda Fernandez Lommen expressed she is satisfied with close cooperation with Mongolian government and effective results. She also informed that in partnership with Erdenes Mongol LLC, the ADB is implementing projects including ‘Strengthening Institutional Framework and Management Capacity’ and aimag and soum development and Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Sector Project will be soon launched.

Ms. Yolanda expressed the ADB's readiness to collaborate for improving management capacity of the Development Bank.