Wednesday, June 7, 2017

Mongolia to implement painful reforms

Xinhau net:

Mongolian Foreign Minister Tsend Munkh-Orgil said on Monday that Mongolia would be able to implement the structural reforms it has agreed to undergo with the International Monetary Fund (IMF), according to Nikkei Asian Review website.

"I am confident that the resources and money that will be lent to the Mongolian government will be used effectively to overcome the temporary economic problems," Munkh-Orgil said on the sidelines of the International Conference on The Future of Asia in Tokyo.

Well we shall see as we have heard similar sounding rhetoric out of previous Mongolian politicians. The economy has been down for several years so it was inevitable that it would eventually bounce back. However, with commodity prices down it will take more of an effort by the government to enact the necessary reforms to get things moving economically.

It is interesting speculation for the risk adverse because if the country gets it right there is just so much wealth in the ground that can be exploited.

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