JASON ALLFORD: IMF AND WB ARE READY IF PARLIAMENT MAKES ITS DECISION CERTAIN

Ulaanbaatar /MONTSAME/ Today, May 04,Head of Cabinet Secretariat, Minister J.Munkhbat met with the World Bank representatives, headed by Jason Allford, the Executive Director of the World Bank Group representing Mongolia and some other countries. Minister J.Munkhbat noted that protecting investors’ rights in legal frame is one of the priorities of the Government and a council in charge of protecting investors’ rights was established by an order of Prime Minister. He expressed his thanks to the World Bank for granting financial support within the IMF program to Mongolia. Mr Jason Allford said “- We know that economic conditions were tough when you took power. We are also happy that the economy tends to revive. It would be a good example to other countries that the Government of Mongolia has established a certain structure for the protection of investors’ rights at a policy level. Mongolia needs to increase foreign investment to overcome its economic difficulties. However, restriction of the investors’ transaction, making it to pass only through Mongolian banks has much negative impact on the economy”. Asking whether parliament is reconsidering its decision concerning the matter he said that if parliament makes its decision certain, IMF and WB are ready to conclude their decision within a short period. “- The majority group in parliament has made its political decision to reconsider and change the parliamentary resolution, which regulates income from some big projects to pass through Mongolian banks. Within this week, the parliament will finalize it. After that, we believe the IMF will confirm its official decision on implementing its program in Mongolia” said Minister J.Munkhbat. He also emphasized Mongolia’s active collaboration with IMF and WB and high expectations, including positive effects to economy as a result of the cooperation this time too. B.Ooluun