Mongolian economic forum postponed pending IMF decision

2017 оны 5 сарын 11

Every year the Mongolian Economic Forum meets for two days to discuss the country’s politics, economy, and the development of the private sector. The discussions, which feature representatives from international and domestic organisations and representatives of every sector of the Mongolian economy, is open to the participation of the general public.

While the event is usually held in March, this year’s Forum will be held on 6th and 7th of July. The forum has been postponed at the request of, Mongolian Prime Minister J.Erdenebat.

Cabinet Secretary J.Munkhbat, provided the following explanation for the delay: ‘The Mongolian financial aid programme has been delayed because of a resolution of the Mongolian Parliament linked to approval of the 2017 State Budget. Parliament has removed the problematic Resolution 29 from the State Budget Amendment which states that major companies must transfer all their payments and transactions through banks operating only in Mongolia. The economic forum needs to be held after the IMF decision of Mongolian aid programme has been approved. The IMF board has delayed its meeting to  24th of May.’

As we reported, the IMF financial aid programme to Mongolia had seemed to be on track until some international mining sector investors flagged a complaint regarding the above amendment. The obstructive legislation was quickly removed with a majority of votes from the MP's in the State Great Khural.

International investors are awaiting the IMF decision on Mongolian aid programme with great interest.

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