During the Ministry of Foreign Affairs’ regularly monthly press conference, Foreign Minister Ts.Munkh-Orgil has reported that Mongolia will be receiving two billion RMB in aid from the People’s Republic of China. The Minister also reported on the Belt and Road Forum for International Cooperation organized in Beijing, during which the Foreign Minister accompanied Prime Minister J.Erdenebat in meetings.
Speaking on Mongolia-China relations, Ts.Munkh-Orgil said, “There are no misunderstandings or issues in relations between the two countries. We hold common ground on trade, investment, and cooperation. The priorities for these issues include large infrastructure, mining, and energy projects.”
“As part of the state visit, more than 21 agreements were signed by the government, ministries, and private businesses. One large agreement was to intertwine Mongolia’s Development Road infrastructure project with China’s One Belt, One Road initiative,” noted Ts.Munkh-Orgil.
The Foreign Minister answered questions from the media after the press conference.
China will provide two billion RMB in aid. How will you spend the money?
From 2018 to 2020, China will provide Mongolia with two billion RMB in aid. The Chinese side has told us to inform of them which sectors we will be spending the money on.
In 2017, we will receive 350 million RMB in aid, and will use the money for the redevelopment of the ger districts in Ulaanbaatar. The 300 million RMB in aid we receive in 2016 will be used to improve conditions at border crossings. Cabinet has not made a final decision on how the two billion RMB will be used.
You met with the administration of the International Monetary Fund, specifically Managing Director Christine Lagarde. What was discussed during that meeting?
Our delegation did meet with the administration of the IMF. Both sides expressed their positions and exchanged views on the program. The meeting of the IMF Executive Board to discuss enrollment in the extended fund facility is on May 24. Madame Lagarde will be chairing the meeting herself. The IMF has expressed interest in working with Mongolia. They expressed their confidence that the economy and macro economy will stabilize and that debt pressure will decrease if we work together closely. We are hopeful that the extended fund facility will be approved by the Executive Board on May 24.