The World Bank’s Board has endorsed a new strategy of support for Mongolia as the country comes to terms with the short and long-term impacts of the global economic downturn.
A new interim strategy, approved today, provides a framework of support for the next 18 months while economic conditions in Mongolia stabilize. Its goal is to support the Government of Mongolia to address urgent crisis needs while also addressing longer term reforms needed to reduce the impact of future shocks.
"It focuses on three key areas: improving fiscal sustainability in a mineral-based economy; protecting the poor and vulnerable; and encouraging transparent and prudent mining investments and a more competitive and stable medium-term business investment climate," World Bank announced.
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