PARLIAMENT RATIFIES USD 120 MILLION FINANCING AGREEMENT

Ulaanbaatar /MONTSAME/ On December 7, Parliament discussed and adopted bill on a USD 120 million Financing Agreement between the Government of Mongolia and the World Bank’s International Development Association. The World Bank’s Board of Executive Directors approved the USD 120 million fund for its Economic Management Support Operation: First Development Policy Financing program on November 30. The Government of Mongolia is working with the World Bank on the three-year program, within the framework of its Economic Recovery Program and the International Monetary Fund’s Extended Fund Facility Program. The sides agreed to carry out 29 policy measures. The program aims to restore debt sustainability, strengthen the social protection system, and enhance the competitiveness of the Mongolian economy. Following presentation of the bill by Minister of Finance Ch.Khurelbaatar, MPs M.Oyunchimeg, M.Bilegt and L.Bold put forward questions and expressed their stances. The Parliament voted up the bill by 80 percent. Kh.Aminaa