[World Bank Group; World Bank.] Many investors have already started yanking funds out of the country. %%EOF /H [ 151013 143 ] CNN Sans™ & © 2016 Cable News Network. Related: China's slowdown is killing thousands of steel jobs. All Rights Reserved. ADB encourages websites and blogs to link to its web pages. 0000803223 00000 n The project was designed around five principal intervention areas: debt management, budget execution, tax administration, public procurement, and mineral resource management. All rights reserved. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. In total, Mongolia has about $5 billion in general government debt, according to Choijilsuren. 0000843042 00000 n Two massive projects, in particular, could help. Around 7,000 people have received training in livestock health, breeding, nutrition, horticulture, and environment management. The ratings agency estimated that overall government debt has ballooned from 26% of GDP in 2010 to 78% this year. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 3 0 R/Group<>/Tabs/S/StructParents 2>> The contraction was caused by lower investment, while exports also shrank as restrictions to curb the global spread of Covid-19 suppressed demand abroad. Last week, Standard & Poor's slashed Mongolia's credit rating to "B-" from "B" and warned that the government's budget deficit is much worse than previously thought -- 21% of GDP in 2016… But that estimate could be far too rosy if the immediate economic crisis is not resolved. However, between 2016 and 2018, poverty reduction was uneven, declining in rural but not in urban areas. “I think that was a nice way of saying -- people we have issues and we need to tighten our belts.’’. Mongolia is facing a 2016 … Mongolia's currency is in steep decline, plummeting 10% against the dollar over the past month. In addition to the lending operations and grants, the Bank also provides analytical and advisory services to Mongolia to support its medium- and long-term development objectives and to build the capacity for formulating and implementing strategic reforms. The precarious foreign exchange position has heightened concerns over the government's ability to repay borrowers. %PDF-1.5 Social and economic situation of Mongolia (As of August 2020) 2020 / 09 / 14. Morningstar: © 2019 Morningstar, Inc. All Rights Reserved. With vast agricultural, livestock and mineral resources and an increasingly educated population, Mongolia’s development prospects look promising in the long-term assuming the continuation of structural reforms. All rights reserved. Over the last three decades, the World Bank has provided more than US$1 billion in development financing to the country. 2 0 obj To ensure sustainable and inclusive growth and to reduce poverty, Mongolia will also need to strengthen governance; build institutional capacity to manage public revenues efficiently; allocate its resources effectively among spending, investing, and saving; and ensure equal opportunities to all its citizens in urban and rural areas. It cut its GDP growth forecast for 2016 to 1.3 percent from a previous estimate of 2.6 percent. This trend is likely to continue, contributing to further increase in unemployment rate and reversing recent progress on poverty reduction. Over the past 25 years, Mongolia has transformed into a vibrant democracy, with treble the level of GDP per capita and increasing school enrollments, and dramatic declines in maternal mortality and child mortality. The World Bank Group’s Country Partnership Strategy (CPS) for Mongolia for 2013-2017 focused on three areas: In 2018, the World Bank Group finalized the Systematic Country Diagnostic (SCD) which identified key development challenges and priorities to eradicate poverty and promote shared prosperity in Mongolia. Mongolia depends on China for more than 60% of its external trade - China receives some 90% of Mongolia's … 0000150321 00000 n Extracurricular after-school programs, developed under the project, are helping primary grade rural children better adapt to school and dormitory environments. Fed Cuts Main Street Loan Minimum by 60%, Widening Borrower... ECB’s Holzmann Sees Quality of Stimulus in Focus in December, These Are the Charts That Scare Wall Street. Since 1991, the World Bank has provided more than US$800 million in development financing to Mongolia. The CPF will guide the WBG’s engagement in Mongolia until 2024 and is planned to be finalized in 2020. Get this from a library! 0000843325 00000 n 0000842770 00000 n A $4 billion coal mine is also under development in the South Gobi region. All times are ET. The level of school readiness of the children enrolled in the program has been significantly higher than of those enrolled in other alternative preschool education programs. The central bank has tried to stop the bleeding by hiking interest rates by 4.5 percentage points to 15%, but its efforts have fallen short. "Mongolia is a serial borrower from the IMF, which we think raises the odds of the authorities successfully negotiating a program ... a breakdown in negotiations would, we think, trigger a balance of payments crisis.". © 2020 CNBC LLC. Growth in rural areas was faster and favorable to the poor, contributing to reducing rural poverty from 34.9% in 2016 … Another balance-of-payments crisis is likely in the medium term, but beyond our 2020-21 forecast period. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Overall, the project contributed to an improved investment climate, reduced corruption, and increased government accountability as reflected in improved perceptions of corruption in tax administration and public procurement, expanded taxpayer registration, better public access to budget information, and increased competition in procurement. Thanks to the Information Communications Infrastructure Development Project (ICIDP), all 330 soum centers (villages) in Mongolia received access to modern phone and Internet services, while 34 soum centers were connected to high-speed internet during the project implementation in 2005-2013. The economy shrank sharply in annual terms in Q2, albeit at a softer pace than in Q1. "They can now take decisions, instead of fighting all the time ...[but] it will take time to rebuild credibility, reserves and their economy," he said. Here you can learn how the World Bank works in Mongolia. Increased spending is expected to push the ratio to more than 90% by 2019. Experts expect Mongolia's economic growth this year to be flat or in the very low single digits. Primary school enrollments are at 97%, coupled with impressive declines in maternal and child mortality (45 per 100,000 live births in 2017 and 16 per 1,000 live births in 2018 respectively). October 20, 2020. 0 ���HE��L�$����)"������/�5���_�m�}�*O��[��g^��~�W�GdR�$�r&�H�i�3�m���߮c�Xq���fi"$ϳ�3�*MWX�~�K���������G�_���ȹL��G��?-��5_/���Ղ����e��2�݂1����RS�rXh[��K�;h�~�@����?L�ݓY��N���D���š�F�v�xU�^Z%d:�~��[di~��R��p-Q�H�� �@h�����o؃'ˋ�ɰU�s~� �D.盦��n��-. Recent research includes: Find out what the Bank Group's branches are doing in Mongolia. “We came into a situation where we may not be able to afford to finance salaries and operational costs of government departments, such as the Mongolian military who protect our borders and national security, the social and health employees who are in charge public health, as well as individuals in culture and sport,’’ Choijilsuren Battogtokh said in a nationally televised address on Tuesday. 0000824459 00000 n Commodity price declines and cratering foreign investment pushed GDP growth down to 2.3 percent last year. trailer Some analysts are not convinced that the raising of interest rates will reverse the damage. Since 1991, IDA has supported Mongolia in a range of areas, including rural development, education, Ulaanbaatar’s development, sound management of the mining sector, environmental protection and policy development. For the latest business news and markets data, please visit CNN 0000772176 00000 n /Size 852 After the project closed in 2015, the government continued to support index-based livestock insurance. The Mongolian People’s Party promised voters it would seek to ease Mongolia’s government debt burden, which will reach 78 percent of GDP this year, according to Choijilsuren. Global data and statistics, research and publications, and topics in poverty and development, *Amounts include IBRD and IDA commitments. <> JPMorgan Makes Case for Polluters as It Pitches Transition B... Coronavirus Lockdowns Bring Recession Threat Back to Europe. Mongolia’s official national poverty rate has fluctuated since 2010. /E 151013 0001138108 00000 n Foreign direct investments into the country's coal- and gold mines have slowed as investors closed their checkbooks. © 2020 Cable News Network. The Basic Statistics brochure presents data on selected social, economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. The fiscal gains of the past three years are being rapidly eroded by unprecedented revenue losses (mainly driven by a large contraction in the trade flows) and spending increase (including health care costs and capex as well as fiscal relief measures). Between 2007 and 2013, the Rural Education and Development (READ) Project made learning materials available in rural Mongolia by establishing 3,560 classroom libraries in all 383 rural primary schools. The nation had international reserves of $1.3 billion at the end of June, a 23 percent decline from a year earlier. 0000843096 00000 n It also contributed to building capacity on core government functions. Take a look at the results the World Bank-supported projects have achieved in Mongolia. /Linearized 1 0000803470 00000 n 0000984308 00000 n A recent survey by the Mongolian Chamber of Commerce (MCC) indicated that about that about 8,000 jobs have been lost since the COVID-19 outbreak. In addition, mobile toy and book libraries have been established in 30 soums, giving parents the opportunity to borrow and use high-quality education materials with their children at home.

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