World Bank Releases Policy Notes to Guide Mongolia’s Sustainable Development and Economic Diversification

The Policy Notes are intended to guide Mongolia in achieving its development goals by addressing key challenges and providing strategic recommendations.

The World Bank Group has released a comprehensive collection of Policy Notes aimed at supporting Mongolia's new government, which was formed in July 2024. The Policy Notes address a range of critical policy issues, offering key insights and actionable recommendations to help Mongolia diversify and strengthen its national assets beyond the mining sector. This initiative aligns with Mongolia’s Vision 2050 and the New Recovery Policy objectives, which emphasize sustainable and green development.

The Policy Notes cover eight strategic areas:

Ensuring Sustainable, Equitable, and Stable Macroeconomic Management: This note focuses on maintaining economic stability and ensuring equitable growth while managing macroeconomic risks.

Strengthening Governance and Institutions: Recommendations in this area aim to enhance transparency, accountability, and institutional effectiveness to foster better governance.

Promoting Private Sector Growth, Financial Access, and Quality Non-mining Investments: This note emphasizes the importance of developing a robust private sector, improving financial access, and encouraging investments in non-mining sectors to diversify the economy.

Enhancing Connectivity, Logistics, and Digital Development: This section addresses the need to improve infrastructure, logistics, and digital capabilities to support economic growth and connectivity.

Advancing More Sustainable and Inclusive Housing and Urban Development: Recommendations here focus on promoting sustainable urban planning and development, ensuring that housing and urban growth are inclusive and environmentally friendly.

Developing a Technically and Financially Sustainable Energy Sector: This note outlines strategies for creating a sustainable energy sector, including investment in renewable energy and efficient energy use.

Building a Resilient Human Capital: This section focuses on developing a skilled and adaptable workforce to meet the evolving needs of the economy and ensure long-term economic resilience.

Promoting Agricultural and Forestry Sustainability while Ensuring Food and Water Security and Boosting Economic Opportunities: Recommendations in this area aim to enhance the sustainability of agriculture and forestry, ensure food and water security, and boost economic opportunities in these sectors.

The Policy Notes are intended to guide Mongolia in achieving its development goals by addressing key challenges and providing strategic recommendations. They reflect the World Bank Group's commitment to supporting Mongolia’s transition towards a diversified and sustainable economy.