In the beginning of the meeting, Mr B.Choijilsuren noted Mongolia’s economy has been improving favourably and budget revenue targets have been surpassed in the first two months of 2019; he expressed his hope that this positive performance would last for the rest of the year. The MP also noted that the second and third-stage financing of the World Bank’s USD 440 million fund to be provided under the Extended Fund Facility (EFF) need to be disbursed according to the agreement; this is because the Government of Mongolia is required to take major policy measures to reduce any fiscal imbalance and exchange rates even though the budget revenue is above target.

For his part, Mr. Deepak Mishra said the second stage tranche is under preparation as Mongolia has already accomplished five out of the required 10 policy actions and four of the remaining five can be accomplished in the first quarter. The World Bank delegation is visiting Ulaanbaatar for two days (14-15 March).