At the beginning of the 8th Economic forum, Prime Minister U.Khurelsukh stated in his opening remarks that Government has taken many actions to stabilize macro economy, improve budget responsibility and restore investors trust.
The Prime Minister U. Khurelsukh's opening speech:
Dear guests and delegates,
Dear Members of the Parliament, friends
Welcome to the spring of this morning, Welcome to all your gatherings at the Public and Private Consultative Meeting of the Mongolia Economic Forum.
It has been a long time since traders and policy makers gather together and discuss the development, economic policies and activities of the country.
During that time, we have been actively discussing the policies, activities, and future developments in key economic sectors, such as mining, construction, trade, banking, industry, and tourism.
Today's Public-Private Partnership Consultative Meeting is being held to exchange views and consultations on the three pillars of development policy, tax package reform law and other relevant sectors.
Ladies and gentlemen,
Briefly present the current state of Mongolia's economy and budget.
The economic slowdown in 2012-2016 caused by policy failures by the authorities and the disadvantages of the external market.
As a result, the Development Bank of Mongolia issued $ 580 million in bonds, $ 500 million in Chinggis bonds, $ 161.7 million in Daim comb bills, and USD currency swap loans in time.
Mongolia's credit rating has fallen steadily since 2014, and in February 2017, Moody's agency ratings were classified as "Unable to Invest in Countries."
For this reason, the Government has taken a multidisciplinary approach to stabilize macroeconomic stability, fiscal responsibility, and investor confidence.
The following statistics show that the Government of Mongolia has successfully implemented the Economic Recovery Program approved by the State Great Khural. These include:
· Economic growth has fallen to 1.2 percent in 2016, reaching 5.1 percent in 2017.
· Improved debt management and paid off debt of the Development Bank and Chinggis bonds of $ 1.1 billion.
· In 2017, exports reached $ 6.2 billion for the first time, and foreign trade surged to $ 1.9 billion.
· The government increased budget discipline and accountability and reduced the budget deficit by two times.
· FDI increased by 2.5 times and investment reached US $ 1 billion 500 million.
· The official foreign exchange reserves reached $ 3.2 billion and the balance of payments made a profit of $ 1.5 billion.
· Increased currency reserves create opportunities for economic stability,
· The real income of our country's household income has increased in the last four seasons, and real household expenditure has been increased for three consecutive quarters.
· Steady the dollar has stabilized over the past few years and appreciated the appreciation of the tugrik.
· As a result, the economic outlook is improving and stabilizing.
The fact that Mongolia's business confidence index of international research institutions has reached 30 points in 2016, but as of March 2018, the growth of 51.8 continues to be another proof that our business and economic environment is improving.]
Ladies and gentlemen,
Mongolians must have a job, income, freedom, satisfaction and peace in their home country.
In order to do so, in accordance with the policies and targets of the "Sustainable Development of Mongolia-2030", "Government Action Plan 2016-2020", "Economic Recovery Program" and "Development Road Program" The "Three Pillar development policy" aimed at the strengthening of the economy and the state's independence was adopted by the Cabinet on January 2018.
In this regard, our government is paying special attention to strengthening economic independence. In order to ensure economic independence, it is a priority to ensure that our population is well-fed, fueled and energy-efficient, and is exerting pressure on the country's external debt.
The economy is primarily concerned with reducing the vulnerability of commodity prices to extreme dependence on mining.
To do this, it is important to implement the diversification of the economy and to achieve multi-pillar economy and to strengthen the competitiveness of the food, agriculture, tourism and industry sectors.
The objective of the Food Exporter is to achieve the goal of providing food and food products that meet the growing needs of neighboring countries, ensuring the health and safety of their citizens.
Within the reforms, strengthen justice, discipline, and accountability of the state system and accelerate economic growth, provide citizens with jobs and improve quality of life.
The principle of proper governance is to "Adopt Policy Stability", "Stability of State Institutions", "Civil Service Ethics, Fairness and Transparency," to improve state control and to adhere to the principles of integrity, discipline and accountability. .
It also promotes healthy lifestyle behaviors to promote human-centered societies and promotes public health-related services and preventive measures.