Left Menu
Development News Edition

World Bank VP Kwakwa highlights Mongolia's progress in economic recovery program

“The World Bank stands ready to support Mongolia to accelerate its transition to an upper-middle-income country by strengthening macroeconomic stability, diversifying sources of growth, and strengthening governance,” said World Bank Vice President Kwakwa.


World Bank VP Kwakwa highlights Mongolia's progress in economic recovery program
The World Bank’s next Country Partnership Framework for Mongolia, which will guide the WBG future engagement in Mongolia, will be prepared in 2020. Image Credit: Twitter(@WB_AsiaPacific)

The World Bank Vice President for East Asia and Pacific, Victoria Kwakwa, concluded a two-day official visit to Mongolia on January 14. During her visit, she highlighted the progress the country has made on implementing the economic recovery program since the economic crisis in 2016, and the need to sustain reforms to stay the course.

On Jan 13-14, she met with President Kh. Battulga, Finance Minister Ch. Khurelbaatar, Minister of Food, Agriculture and Light Industry Ch. Ulaan, and Governor of the Bank of Mongolia B. Lkhagvasuren to discuss the World Bank's long-standing partnership with Mongolia and explore ways to further support the country's social and economic development. Among other main points addressed were the challenges facing Mongolia in the short and medium-term, and how the World Bank can effectively support the government's reform efforts.

"The World Bank stands ready to support Mongolia to accelerate its transition to an upper-middle-income country by strengthening macroeconomic stability, diversifying sources of growth, and strengthening governance," said World Bank Vice President Kwakwa. "Our meetings with the country's leadership focused on strategic priorities for our future engagement, including support for addressing short-term challenges, achieving more broad-based growth, and building institutions and the human capital base of Mongolia."

As part of her mission, she also met development partners, private sector representatives, and other stakeholders.

The World Bank portfolio in Mongolia, with current commitments of more than US$349 million, covers areas including development of non-mineral exports, employment support, fiscal stability, energy, education, ICT development, and central and local governance.

Most recently, the World Bank approved US$100 million for the second Mongolia Economic Management Support Operation to support the country's policy reforms aimed at restoring debt sustainability, strengthening the social protection system, and enhancing competitiveness.

The World Bank's next Country Partnership Framework for Mongolia, which will guide the WBG future engagement in Mongolia, will be prepared in 2020.

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....

Videos

Latest News

Trump says working on a very big trade deal with India, but will take time

President Donald Trump said the United States and India were working on a major trade deal, but he was not sure if it would be completed before the U.S. presidential election in November.As Trump heads to India on his first official trip on...

Maha CM Thackeray visits Shivneri Fort on Shivaji''s birth anniversary

Maharashtra Chief Minister Uddhav Thackeray visited the Shivneri Fort in Pune district on Wednesday to pay homage to Chhatrapati Shivaji Maharaj on his birth anniversary. The Maratha warrior king was born in Shivneri, located in Junnar tehs...

MLBPA says it didn't obstruct Astros probe

The Major League Baseball Players Association disputed commissioner Rob Manfred on Tuesday evening, saying it did not resist the leagues efforts during the MLBs investigation of the Houston Astros 2017 electronic sign-stealing. Any suggesti...

Olympics-With handclaps, help from Backstreet Boys, Tokyo mascots jet off to Europe

Toykos 2020 Olympic Games mascots headed out from the capitals Haneda airport on Wednesday for a promotional tour of Europe, bemusing travelers with a ceremony featuring a clapping routine and a video message from veteran pop act the Backst...

Give Feedback