Parliamentary committee briefing: So far Mongolian government did not apply for a single commercial loan

Enkhbold Zandaakhuu (MDP), Chairman of the Parliamentary standing committee on Security and Foreign Relationship and members of the committee, Ganbyamba Navaasamdan (MPRP), Narankhuu Khalzkhuu (MPRP), held a press conference in Government house yesterday afternoon.

Mr.Enkhbold, lawmaker from the Mongolian Democratic Party briefed the Mongolian
Press about the work of the committee. The committee's investigation on implementation of the "Stability Agreement" signed between Government of Mongolia and Canadian "Centerra Gold Inc" is ongoing, according to Enkhbold and so far Mongolia have not received single commercial loans from abroad.
Mongolia receives "development" or "soft" loans only from donors and other countries. The committee supports the government's policy to get only development loans with long term and with low interest rates (about 0.5%).During the 2009 spring parliamentary season, Mongolia received five development loans from abroad.
Four were from international donors such as World Bank, ADB, IMF and one was from Japanese Government, traditional ally of Mongolia. Russian Government offered $ 300 US commercial loan for Mongolian banks and wanted the Mongolian Government to act as guarantor of the loan. However, the Khural refused to act as guarantor of the loan and it is up to commercial banks of Mongolia to get the loan from the Russian Agricultural Bank.


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