China to expand economic aid to Mongolia

Beijing will expand economic aid as ties 'ready for another start'
China extended its support to Mongolia on Monday for overcoming economic difficulties, as Foreign Minister Wang Yi announced a number of measures to help the debt-ridden neighbor.
Observers said that since the bilateral ties are emerging from a time of political frustration, Beijing's latest help is a sincere move to assist the landlocked neighbor to diversify its economy.
The measures include providing assistance and favorable loan terms to Mongolia and extending a bilateral currency swap deal that is vital to Mongolia's foreign trade and currency stability, according to a joint news conference after Wang's talks with his visiting Mongolian counterpart Tsend Munkh-Orgil on Monday.
The International Monetary Fund said on Sunday that the country has agreed to implement an economic rescue package proposed by the IMF and refinance bond loans, easing concerns that Mongolia might default on a loan in March.
China supports the aid by international financial institutions to Mongolia, and it will also consider Mongolia's hope to expand exports of mineral, agriculture and husbandry products to China, Wang said.
Since Mongolia is trying to avoid missing a $580 million sovereign-guaranteed debt repayment due in March, the IMF said in its statement on Sunday that the Asian Development Bank, World Bank and bilateral partners, including Japan and South Korea, will provide up to $3 billion in aid.
People's Bank of China, the central Bank of China, will extend a currency swap line to Mongolia worth 15 billion yuan ($2.18 billion), while the IMF said it will offer three-year loans worth about $440 million, Agence France-Presse reported.
Mongolia angered China in November by allowing a visit by the 14th Dalai Lama, who has pushed for separating Tibet from China.
In January, during a phone call between Wang and his Mongolian counterpart, Mongolia said it had reflected deeply on the visit and promised to not allow the Dalai Lama to visit again.
On Monday, Wang said the bilateral relationship "is ready for another start".
Munkh-Orgil, the Mongolian foreign minister, said his country remains true to the one-China policy and Tibet is part of China. Additionally, Mongolia appreciates China's help in addressing economic problems, he said.
He added that Mongolia's prime minister expects to visit China in May to attend the Belt and Road Forum for International Cooperation.
Xing Guangcheng, a senior researcher on Russian and Central Asian studies at the Chinese Academy of Social Sciences, said the helping hand was offered at a time when Mongolia has fixed the trouble brought by allowing the Dalai Lama's entry, which "pushed on China's bottom line".
Zhang Jingquan, a professor on Northeast Asian studies at Jilin University in Changchun, said the measures announced by Wang on Monday "are meeting the desperate need" of Mongolia.
The country could take the improvement in bilateral ties as an opportunity to diversify its conomy and change its inefficient development pattern, Zhang noted.



Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive