Our Mongolian authorities appreciate the continued engagement with the Fund as well as the candid and constructive discussions during the Article IV mission. Most structural reforms envisaged at the beginning of the EFF program have been implemented. These reforms are supporting the recovery of the economy and providing a strong basis for future economic reforms. Unfortunately, some of the implementation of the post asset quality review (AQR) actions in the banking sector raised some concerns and consequently delayed the EFF program. The authorities recognize the importance of the Fund’s EFF arrangement to reform the country’s economy and are strongly committed to the continuation of the EFF program.