AKIPRESS.COM - In response to the recent economic instability of the country, the American Chamber of Commerce (AmCham) in Mongolia hosted the first formal engagement between the private sector and the Mongolian government’s key financial decision makers, Deputy Minister of Finance Khurelbaatar Bulgantuya and Deputy Governor of Bank of Mongolia Byadran Lkhagvasuren.

The meeting convened over 80 business leaders from AmCham members and other private sector representatives for a panel discussion to examine the current state of Mongolia’s fiscal and monetary challenges and ways forward.

The panel discussion thoroughly examined crucial topics, including the government’s ongoing efforts to stabilize the economy and regain investors’ confidence; development of sound fiscal and economic policies to overcome current economic challenges; the 2017 macroeconomic outlook; and efforts to promote development of the financial market in Mongolia.

Bulgantuya, the Deputy Minister of Finance, commented on the government’s plan to repay foreign debt during her remarks saying, “The government is exploring its options to repay the foreign debt. We could issue more bonds in 2017 to refinance the maturing bonds, or we could cooperate with IMF, in which case we will have to make necessary amendments to the 2017 public budget. The government is also planning to meet with all of the donor organizations in early-December to present the government’s action plan and economic stabilization plan.”

During his remarks, Lkhavasuren, the Deputy Governor of Bank of Mongolia said, “We will work toward getting Mongolia out of its economic and monetary crisis within a short period of time without making any policy missteps.”

“We appreciate the government’s ongoing efforts to stabilize the economy, promote the private sector, and regain investors’ confidence through implementation of prudent fiscal, tax and customs reforms,” said Jay Liotta, the Chairman of AmCham.