New Recovery Policy is a mid-term economic policy launched by the government of Mongolia aimed at revitalising the countryâÂÂs economy following the outbreak of the global COVID-19 pandemic, as part of the country's Vision 2050. Introduced by Prime Minister L. Oyun-Erdene, the policy seeks to enhance Mongolia's economic independence, mitigate the adverse economic effects of the COVID-19 pandemic, and tackle development challenges over a 10 year period.
The New Recovery Policy focuses on six interrelated areas to promote MongoliaâÂÂs economic resilience and growth:
The New Recovery Policy is supported by a financial framework combining domestic resources and foreign investment. In 2022, the government secured commitments amounting to MNT 150 trillion for infrastructure and development projects. International organizations, including the United Nations, World Bank, European Bank for Reconstruction and Development and Asian Development Bank, have participated in consultations and provided technical assistance.