The Government Revealed a 100-Day Action Plan to Strengthen Economy

May 6 • Economy, Featured, Mining, News • 2703 Views • No Comments on The Government Revealed a 100-Day Action Plan to Strengthen Economy

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Prime Minister N.Altankhuyag announced a stimulus bill named 100-day Action plan for that will seek to ease the economic difficulties that Mongolia currently facing. The action plan includes 50 points that would boost mining, infrastructure and manufacturing sectors and development of SMEs. The government already made efforts on boosting SMEs to produce import replacing products and 888 projects were selected. GDP growth has be declining since 2011 when it reached 17.5%. The first quarter of 2014 GDP growth was recorded at 7.2%. Also, the biggest mining investor in the country, Rio Tinto, has announced to wait-and-see until the global commodity prices improve making them refraining from proceeding with USD4 billion project finance process for the Oyu Tolgoi mine’s underground part. The MNT was recorded at record low at MNT1805 against USD today.

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