Mongolia's economic development must benefit all its people: ADB president
ULAN BATOR, Oct 10, 2011 (Xinhua via COMTEX) -- Asian Development Bank (ADB) President Haruhiko Kuroda said here on Monday that further efforts are needed in Mongolia to turn high economic growth into equal access to benefits for all the people in the country.
"while high economic growth is desirable, further efforts must be made to make economic growth more inclusive, this means ensuring that benefits from high economic growth are distributed more broadly and the people has equal access to opportunities and social services," Kuroda said at a forum themed " ADB- Mongolia Partnership: a road map for happy, healthy, and harmonious Mongolia", which marks 20 years of ADB-Mongolia partnership and the 10th anniversary of the establishment of ADB's office in the country.
"During our partnership period, Mongolia has not only made a successful transition to a market economy but also it has achieved impressive economic progress. the government of Mongolia's remarkable efforts has led the country to the threshold of prosperity," the president said.
Since 2003, Mongolia's GDP has grown by an average of 7 percent a year and per capita GDP has more than tripled from 638 U.S. dollars in 2004 to about 2,200 dollars in 2010. Foreign Direct Investment has also increased rapidly, the 4 billion dollars Oyu Tolgoi mining investment agreement has helped boost growth and improved Mongolia's growth prospects.
But Kuroda pointed out "Although strong economic growth has substantially boosted incomes, an estimated 35 percent of the population was still below the official poverty line as of 2008. Inequality between and within urban and rural areas is severe, especially in the western part of the country."
"The long term future of Mongolia will depend how well it manages its natural resources ,promote policy and institutional reform anchored by good governance and pursues closer integration with the global economy," the president added.
According a press release provided by ADB, ADB has extended 45 loans totaling 794.7 million dollars to Mongolia, as well as 12 Asian Development Fund grants of just over 170 million dollars since Mongolia joined ADB in 1991.
And in line with Mongolia's economic policy towards the market economy, ADB assisted Mongolia in deepening market-oriented reforms, stabilizing and broadening financial markets, developing commercial agriculture, improving services in secondary towns and cities and restructuring social services as well as helping develop transport infrastructure to enhance connectivity and building regional and global market links.
ADB based in Manila, capital of the Philipines, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region. In 2010, ADB approvals, including co-financing, totaled 17.51 billion dollars.
Some 100 participants including Mongolian President Tsakhia Elbegdorj, Finance Minister Sangajav Bayartsogt, lawmakers of Mongolian parliament as well as foreign economists, university scholars attended this event.
Copyright 2011 XINHUA NEWS AGENCY
"while high economic growth is desirable, further efforts must be made to make economic growth more inclusive, this means ensuring that benefits from high economic growth are distributed more broadly and the people has equal access to opportunities and social services," Kuroda said at a forum themed " ADB- Mongolia Partnership: a road map for happy, healthy, and harmonious Mongolia", which marks 20 years of ADB-Mongolia partnership and the 10th anniversary of the establishment of ADB's office in the country.
"During our partnership period, Mongolia has not only made a successful transition to a market economy but also it has achieved impressive economic progress. the government of Mongolia's remarkable efforts has led the country to the threshold of prosperity," the president said.
Since 2003, Mongolia's GDP has grown by an average of 7 percent a year and per capita GDP has more than tripled from 638 U.S. dollars in 2004 to about 2,200 dollars in 2010. Foreign Direct Investment has also increased rapidly, the 4 billion dollars Oyu Tolgoi mining investment agreement has helped boost growth and improved Mongolia's growth prospects.
But Kuroda pointed out "Although strong economic growth has substantially boosted incomes, an estimated 35 percent of the population was still below the official poverty line as of 2008. Inequality between and within urban and rural areas is severe, especially in the western part of the country."
"The long term future of Mongolia will depend how well it manages its natural resources ,promote policy and institutional reform anchored by good governance and pursues closer integration with the global economy," the president added.
According a press release provided by ADB, ADB has extended 45 loans totaling 794.7 million dollars to Mongolia, as well as 12 Asian Development Fund grants of just over 170 million dollars since Mongolia joined ADB in 1991.
And in line with Mongolia's economic policy towards the market economy, ADB assisted Mongolia in deepening market-oriented reforms, stabilizing and broadening financial markets, developing commercial agriculture, improving services in secondary towns and cities and restructuring social services as well as helping develop transport infrastructure to enhance connectivity and building regional and global market links.
ADB based in Manila, capital of the Philipines, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region. In 2010, ADB approvals, including co-financing, totaled 17.51 billion dollars.
Some 100 participants including Mongolian President Tsakhia Elbegdorj, Finance Minister Sangajav Bayartsogt, lawmakers of Mongolian parliament as well as foreign economists, university scholars attended this event.
Copyright 2011 XINHUA NEWS AGENCY
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