Cabinet Secretariat speaks to UB residents about IMF negotiations

Cabinet Secretariat J.Munkhbat speaks to Bayangol District residents

Cabinet Secretariat J.Munkhbat met with Bayangol District residents on March 17, to introduce the implementation of the government’s action plan and the country’s overall economic situation.

He emphasized that after negotiating with the International Monetary Fund (IMF), the Government of Mongolia and the IMF reached an agreement to implement a three-year extended fund facility program. He noted that following the implementation of the program, Mongolia will enhance its budget and financial environment and strengthen fiscal discipline.

The Cabinet Secretariat stressed that after resolving Development Bank of Mongolia’s 580 million USD Euro bond debt without pressuring the government, the Government of Mongolia issued a bond of 100 million USD, the Khuraldai bond.

Foreign investors offered over three billion USD for the bond, indicating that foreign investors trust investing in Mongolia again. He added that the government is working to carry out budget cuts for heads of government, as well as bringing people to justice for abusing state power in determining how government bond funds were spent.

In response to questions concerning Parliament’s vote to transfer Erdenet’s privately held stake to state ownership, the Cabinet Secretariat said that the parliamentary resolution to claim the stake was not a move to seize private property, but an action taken to enforce the law.