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

_IMF News, October 4, 2024_

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## Bibliographic details
- Published: October 4, 2024

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### Visit context and metadata
- Press Release No. 24/358
- Date: October 4, 2024
- Issued by: IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Pemba Sherpa
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org

### Main messages and IMF commitment
- Expressed 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 warm hospitality and a highly informative visit.
- Reiterated the IMF's unwavering commitment to supporting Mongolia through policy advice, capacity development, and lending when needed.
- Looked forward to continuing a productive partnership with Mongolia in the years ahead.

### Assessment of Mongolia’s recent economic performance
- Described Mongolia’s recent economic expansion as commendable.
- Noted government stewardship helped Mongolia navigate recent global shocks.
- Reported that the country’s large external debt has been refinanced and reduced.
- Stated that the BOM has succeeded in lowering inflation and building its foreign exchange reserves.

### Policy priorities supported by the IMF
- Supported the government’s high priority on continued macroeconomic stability as vital for future prosperity.
- Emphasized the critical importance of building buffers through:
  - Sound fiscal and monetary policy
  - Strong fiscal institutions
  - An independent Bank of Mongolia (BOM)

### Structural reform and development strategy
- Summarized the government’s strategy to address economic risks by:
  - Diversifying the economy
  - Expanding the private sector
  - Boosting workforce skills and innovation
- Welcomed Vision 2050, highlighting:
  - Emphasis on reducing corruption and strengthening governance
  - Focus on sustainable development and carbon emissions reduction
  - Efforts to address income inequality through investments in healthcare and education
- Identified the successful implementation of the new Sovereign Wealth Fund law as an important opportunity to create lasting prosperity for all.

### Investment and implementation focus
- Discussed Mongolia’s vision for transformative development through:
  - Effective prioritization of large investments
  - Sound implementation to boost productivity and sustainable economic growth

*Statement by IMF Deputy Managing Director Kenji Okamura at the Conclusion of His Visit to Mongolia — Press Release No. 24/358, October 4, 2024.*

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## References

- [Kenji Okamura](https://www.imf.org/en/About/senior-officials/Bios/kenji-okamura)
- [Mongolia and the IMF](http://www.imf.org/external/country/MNG/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2024/10/04/pr-24358-mongolia-statement-by-dmd-kenji-okamura-at-conclusion-of-visit_