Press Release No. 24/358

Statement by IMF Deputy Managing Director Kenji Okamura at the Conclusion of His Visit to Mongolia

October 4, 2024

Washington, DC: Mr. Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Ulaanbaatar at the end of his visit to Mongolia:

“I am delighted to be in Mongolia. I would like to extend my gratitude to Prime Minister Oyun-Erdene, State Great Khural Speaker Amarbayasgalan, Deputy Prime Minister Dorjkhand, Finance Minister Javkhlan, and other senior officials, including from the Bank of Mongolia (BOM), for their warm hospitality during this highly informative visit. I ensured them of the IMF's unwavering commitment to supporting Mongolia through policy advice, capacity development, and lending when needed.

“Mongolia’s recent economic expansion is commendable. I congratulated the government for its stewardship of the economy which has helped Mongolia navigate recent global shocks. The country’s large external debt has been refinanced and reduced, and the BOM has succeeded in lowering inflation and building its foreign exchange reserves.

“Looking forward, I supported the high priority placed by the government on continued macroeconomic stability, which, we agreed, is vital to ensure Mongolia’s future prosperity. However, securing economic stability can be challenging. I learnt about the government’s strategy to address economic risks by diversifying the economy, expanding the private sector, and boosting workforce skills and innovation. I highlighted the critical importance of building buffers through sound fiscal and monetary policy, strong fiscal institutions, and an independent BOM.

“I welcomed the ambitious development strategy laid out in Vision 2050, in particular the emphasis on reducing corruption and strengthening governance. I was impressed by the focus on sustainable development, carbon emissions reduction and efforts to address income inequality through investments in healthcare and education. In this regard, the successful implementation of the new Sovereign Wealth Fund law offers an important opportunity to create lasting prosperity for all.

“I also had the opportunity to discuss Mongolia’s vision for transformative development, including through effective prioritization and sound implementation of large investments to boost productivity and sustainable economic growth.

We look forward to continuing our productive partnership with Mongolia in the years ahead.”