ULAANBAATAR, MONGOLIA (20 October 2017) — Newly appointed Minister of Finance Khurelbaatar Chimed met with the Asian Development Bank’s (ADB) Country Director in Mongolia, Yolanda Fernandez Lommen, to discuss ADB’s partnership with the country.
After extending her congratulations to the Minister of Finance on his appointment, Ms. Fernandez Lommen introduced ADB’s new Country Partnership Strategy (CPS), 2017-2020, for Mongolia that will guide ADB’s future investments, policy reform support, capacity building, and knowledge sharing in the country.
Support amounting to $1.2 billion over the next four years will focus on three core pillars. The first pillar is economic and social stability, a major part of which is to support macroeconomic stability while maintaining progress on social development. The second pillar is infrastructure for economic diversification, and the third is strengthening environmental sustainability.
“The CPS builds on ADB’s role as Mongolia’s lead development partner and the bank’s improved operational performance in recent years. It is closely aligned with the government’s high-priority areas, and will focus on complex projects requiring significant technical expertise,” said Ms. Fernandez Lommen. “ADB has also closely coordinated with the International Monetary Fund and World Bank in formulating this strategy.”
Recalling his close cooperation with ADB as a former State Secretary of the Ministry of Finance and an Economic Advisor to the former Prime Minister, Minister Khurelbaatar affirmed his positive expectation from the country’s partnership with ADB in sustaining inclusive growth in a period of economic difficulty.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.