Mongolia’s economic future took center stage during a key meeting between the IMF and Mongolia’s Standing Committee on Economics. On this occasion, both parties came together in Ulaanbaatar to assess economic trends and recommend solutions. Mr. Tahsin Saadi, Deputy Division Chief at the IMF and Head of the IMF staff team, led the visiting delegation. Under Article IV of the IMF’s Articles of Agreement, these visits occur annually. As a result, they allow member countries and the IMF to review economic stability and recommend policy adjustments.
Although the IMF had planned to visit Mongolia seven months earlier, evolving economic circumstances forced a delay. Since then, the country’s financial landscape has shifted dramatically. Therefore, the visiting team updated their observations and tailored their advice accordingly. Mr. Saadi emphasized the importance of quick policy action to support Mongolia’s economic future. Furthermore, he announced that a brief report would soon reach the Ministry of Finance and the Government. Meanwhile, the main report will become available by autumn.
In addition, several lawmakers participated in the discussion. These included Badamsuren Myagmarsuren, Batbold Rinchindorj, Batsumberel Natsagdorj, Batchimeg Purev, Luvsanjamts Ganzorig, Munkhsoyol Baatarjav, Soronzonbold Lkhagvasuren, and Undraa Agvaanluvsan. Each contributed ideas and asked critical questions about fiscal plans. Moreover, IMF Resident Representative Tigran Poghosyan attended the meeting, along with World Bank Group Executive Director for Asia and the Pacific, Seong-Wook Kim. Other IMF officials also contributed to the talks.
Throughout the session, both sides reviewed the country’s short-term and long-term economic trends. In particular, they discussed ways to stabilize the budget, improve transparency, and boost growth. As a result, several initial recommendations were made to support legislative decision-making. Importantly, both the IMF and Mongolian leaders expressed a shared commitment to Mongolia’s economic future. They agreed that collaboration and flexibility would be essential in navigating challenges ahead. Ultimately, the meeting reflected a proactive step toward ensuring Mongolia’s economic future remains secure, resilient, and ready for growth.
