CABINET: STAND-BY PROGRAM IS REALIZED

Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Finance S.Bayartsogt introduced Wednesday to cabinet members an appraisal made by the International Monetary Fund (IMF) on a stabilization project co-implemented by Mongolia's government and the IMF.
As a result of several talks between the government of Mongolia and the IMF, the Stand-By program of stabilizing economics was approved April 1, 2009, by the IMF's Board of Directors.
In last times of the bilateral cooperation, budgetary and financial situations in Mongolia have been stabilized, the budgetary deficit has been reduced. The balance of payment has been stabilized as well.
Thanks to measures taken in frames of the Stand-By program, the size of foreign exchange reserves has increased, and the growth of inflation rates has been neutralized bringing an economic stability. The Mongolian government has managed to perform its tasks to donor countries and international financial organizations by tackling problems of overdue foreign debts. Furthermore, matters on debts between the government and the IMF have been solved.
The cabinet members underlined a successful realization of the project co-implemented by the coalition government of Mongolia and the IMF.
B.Khuder