ID :
147701
Wed, 10/27/2010 - 21:58
Auther :
Shortlink :
http://m.oananews.org//node/147701
The shortlink copeid
FINANCING AGREEMENT OF USD 30 MILLION INKED
Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Finance S.Bayartsogt and a new country manager of the World Bank for Mongolia Ms. Coralie Gevers signed Tuesday a financial agreement of USD 30 million. This agreement supports significant reforms implemented by the Government, which have been undertaken since the economic crisis of 2008.
The Second Phase of Development Policy Credit (DPC2), which complements the First Phase financing of USD 40 million that was approved in June 2009, aims to support the Government in its continued efforts to sustain the economic recovery and to develop a stable fiscal framework for the future. In particular, the DPC2 supports reforms in four areas--establishment of an improved fiscal policy and management; designing a social protection system that supports the poorest through economic downturns; preparation of a framework towards a sounder financial sector; and maintaining an attractive investments climate for mining.
"Great opportunities lie ahead for Mongolia and it is critical that the Government put in place, as it is doing now, a sound fiscal framework to ensure that future mining revenues advance development opportunities for all," Ms. Gevers said. “We are pleased to support them in this effort," she added.
The signing of the agreement was also the opportunity for Mr. Klaus Rohland, World Bank Country Director for China, Mongolia and Korea, to introduce Ms. Gevers, who was recently appointed the World Bank Country Manager and Resident Representative for Mongolia, to the Government.
Ms. Gevers, a citizen of the Kingdom of Belgium, joined the World Bank in 1996. An economist by training, she has held a number of positions, including Senior Economist in the Chief Economist's office, Assistant to the president and, most recently, adviser in the office of the vice president in the East Asia and Pacific Region.
B.Khuder
The Second Phase of Development Policy Credit (DPC2), which complements the First Phase financing of USD 40 million that was approved in June 2009, aims to support the Government in its continued efforts to sustain the economic recovery and to develop a stable fiscal framework for the future. In particular, the DPC2 supports reforms in four areas--establishment of an improved fiscal policy and management; designing a social protection system that supports the poorest through economic downturns; preparation of a framework towards a sounder financial sector; and maintaining an attractive investments climate for mining.
"Great opportunities lie ahead for Mongolia and it is critical that the Government put in place, as it is doing now, a sound fiscal framework to ensure that future mining revenues advance development opportunities for all," Ms. Gevers said. “We are pleased to support them in this effort," she added.
The signing of the agreement was also the opportunity for Mr. Klaus Rohland, World Bank Country Director for China, Mongolia and Korea, to introduce Ms. Gevers, who was recently appointed the World Bank Country Manager and Resident Representative for Mongolia, to the Government.
Ms. Gevers, a citizen of the Kingdom of Belgium, joined the World Bank in 1996. An economist by training, she has held a number of positions, including Senior Economist in the Chief Economist's office, Assistant to the president and, most recently, adviser in the office of the vice president in the East Asia and Pacific Region.
B.Khuder
