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Mongolia looks for $60 million IMF loan PDF Print E-mail
Monday, 02 February 2009
ImageMongolia is seeking a loan of $60 to $70 million from the International Monetary Fund (IMF). 

"The (IMF) team is already in Mongolia, and they are now working with the Ministry of Finance and Mongolian National Bank to improve the budget indicators and maybe even to start concluding a program between the Mongolian government and the IMF," Mongolian President N.Enkhbayar said. 

President Enkhbayar made his comments on the sidelines of the annual meeting of the World Economic Forum which he is attending in Switzerland.  

Observers believe that Mongolia hopes an IMF loan would give other countries the confidence to lend it up to $3 billion in return for access to its mining sector.  

Mongolia has been negotiating with China, Russia, Japan and several Gulf states for $300 million to $3 billion in loans that would be linked to large mining projects 

The loans would be used to make up for a large budget deficit caused by falling commodity prices and a lowered world demand for natural resources.

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Akira KAMIMURA, lecturer, faculty of Mongolian studies, Tokyo University of Foreign Studies launched an innovative website on old Mongolian manuscripts maps in cooperation with the state archive of Mongolia. It contains 16 precious maps which are stored at the state archive for academic use. The oldest map was estimated being made in 1803-1805.