Mr. Chang Yong Rhee, Director, IMF Asia Pacific Department on Mongolia

 

During the Spring Session of IMF Meeting, Mr. Chang Yong Rhee, Director, IMF Asia Pacific Department, comments about the Mongolian economy and briefly evaluates the current progress.

He said “Central bank did many reforms. In macro-wise, we expected after the program growth rate will be close to zero or even lower. At this moment, we are expecting Mongolia’s growth rate is variable, close to seven percent, and the minister yesterday said that we’re too pessimistic growth can be eight percent. Among the foreign countries, this macro-wise shows the best performance in among program countries. But I think we have some issues in the banking sector, that needs to be reformed, and we really want to see the progress to continue. This banking reform is quite important to Mongolia.”

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