IMF representative in Mongolia won’t be replaced
Speaker D.Demberel received a delegation from the International Monetary Fund on September 16. The delegation was headed by Shogo Ishii, the director of the IMF’s Regional Office for Asia and the Pacific.
Before the meeting, Shogo Ishii said the IMF Permanent Representative in Mongolia will end his official duties at the end of September, and will not be replaced. That’s because the IMF has decided that the Permanent Representative Office in Tokyo will manage IMF activity in Mongolia from now on. Shogo Ishii said the decision was based on the successful implementation of the IMF “Stand By” program in Mongolia, as well as budgetary concerns.
Shogo Ishii added that the world economy is worsening and that there could be a repeat of the global financial crisis of 2008. He warned that global economic instability could negatively affect the prices of raw materials such as copper.
Steven Barnet, the head of an IMF working group, noted that a downturn in the prices of raw materials would hit Mongolia especially hard, and he specifically cited the Oyutolgoi and Tavantolgoi projects. He said Mongolians may also face rising inflation, and he urged the Government to hold the line on budget expenditures.
D.Demberel thanked the delegates for their opinions and advice on budgetary and financial matters. He said the Government will submit the 2012 budget to Parliament on October 1. He also said the social issues that Mongolia faces are more difficult than the economic ones.
Before the meeting, Shogo Ishii said the IMF Permanent Representative in Mongolia will end his official duties at the end of September, and will not be replaced. That’s because the IMF has decided that the Permanent Representative Office in Tokyo will manage IMF activity in Mongolia from now on. Shogo Ishii said the decision was based on the successful implementation of the IMF “Stand By” program in Mongolia, as well as budgetary concerns.
Shogo Ishii added that the world economy is worsening and that there could be a repeat of the global financial crisis of 2008. He warned that global economic instability could negatively affect the prices of raw materials such as copper.
Steven Barnet, the head of an IMF working group, noted that a downturn in the prices of raw materials would hit Mongolia especially hard, and he specifically cited the Oyutolgoi and Tavantolgoi projects. He said Mongolians may also face rising inflation, and he urged the Government to hold the line on budget expenditures.
D.Demberel thanked the delegates for their opinions and advice on budgetary and financial matters. He said the Government will submit the 2012 budget to Parliament on October 1. He also said the social issues that Mongolia faces are more difficult than the economic ones.
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