In the short-term, Mongolia urgently needs to restore macroeconomic stability to ensure social stability in collaboration with the International Monetary Fund (IMF) and the international community at large. In the longer term, it needs to develop a more resilient and diversified economy that can consistently deliver rapid, inclusive, and sustainable growth. Small and medium-sized enterprises (SMEs) must play a greater role to promote diversification and job creation, particularly in developing value chains for Mongolia’s unique agricultural resources. This, in turn, will require (i) structural reforms to broaden and deepen financial intermediation to enhance access to finance, and (ii) infrastructure investments and regional integration to improve connectivity and access to external markets. The country partnership strategy (CPS), 2017–2020 of the Asian Development Bank (ADB) for Mongolia will address these key challenges by supporting investments, policy reforms, capacity building, and knowledge sharing to sustain inclusive growth in a period of economic difficulty.