Press Release No. 09/400

Press Release: Statement by IMF Resident Representative to Mongolia

November 12, 2009

Mr. Parmeshwar Ramlogan, the Resident Representative of the International Monetary Fund (IMF) in Mongolia, issued the following statement in Ulaanbaatar today:

“An IMF mission, led by Mr. Steven Barnett, visited Mongolia for discussions on the 2009 Article IV consultation from October 28-November 10. The mission found the economic downturn has bottomed out and growth is expected to pick up substantially next year, bolstered by investments associated with the Oyu Tolgoi mining project. At the same time, inflation has fallen and is expected to remain at modest levels during the coming year.

“The mission also began discussions for the third review of the country’s program under the Stand-By Arrangement with the IMF. The authorities’ policy program has been successful in its goals to restore health to public finances, rebuild international reserves, and protect the poor from the burden of adjustment. Regarding the third review, we have reached understandings on a broad range of macroeconomic policies and will continue discussions on some pending structural issues. The Fund will continue to cooperate closely with the Mongolian authorities to ensure continued macroeconomic and financial stability.”