PRESIDENT KH.BATTULGA MEETS GOVERNOR OF MONGOL BANK

Ulaanbaatar /MONTSAME/ President Kh.Battulga discussed IMF program and its progress with Governor of the Bank of Mongolia N.Bayartsaikhan. During their meeting on August 1, Tuesday, Governor N.Bayartsaikhan informed the head of state of the last meeting of the IMF staff team which is held today, Wednesday. Under the IMF-led Extended Fund Facility program, the Bank of Mongolia will restructure the banking sector. Governor N.Bayartsaikhan also talked about the IMF’s disapproving stance on redistribution of child benefits. He also touched upon an issue concerning credit collateral, saying that livestock is a main asset for Mongolians. However, the IMF and main financing partner of the program Asian Development Bank see that commercial banks shouldn’t accept livestock as credit collateral. “If credit analysis is conducted so, it could leave a visible negative impact on commercial banks”, he said. President Kh.Battulga put some inquiries to the Bank of Mongolia about salary, pension and student loans and other issues. Kh.Aminaa