Minister for Finance S.Bayartsogt, David Dollar, World Bank Mongolia Director, Rashid Sayed, World Bank Resident Representative made press conference.

Oct 31 • Economy, Finance, Government, Interview, News, Politics • 545 Views • No Comments on Minister for Finance S.Bayartsogt, David Dollar, World Bank Mongolia Director, Rashid Sayed, World Bank Resident Representative made press conference.

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D.Dollar: Strict measurement made on increasing money supply and I think monetary policy is on the correct path. We should work on bringing the inflation into the single digit. If right monetary policy is pursued, it can be reached shortly. I am happy with the conference and I can say that this conference reached its target. As for the question of whether Mongolian Government shall own 51%, I would like to quote word of Mr. E.Gaidar, former Prime Minister of Russian Federation, saying “It is the issue of Mongolians, Mongolians should decide it, but if Russians had such a question, I would say it was very dangerous intention”. I would like to repeat it. Mongolians shall cooperate with the capable companies in mining industry with enough experience. But if government is persistent with its ownership with 51%, then major companies will not be interested in. When dealing with foreign investors, the agreement must be precise enough and mutually beneficial. Basically, I believe that the agreement must be signed and concluded in recent days urgently.

Q: Can the election promises be implemented?
D.Dollar: After realizing major mining projects and receiving income from these projects, it can be implemented. Other countries had an experience of establishing fund and distributed the grant through bank and directly. As for Mongolia, it should decide in which sector it should spend its reserve and capital. Mongolia should consider this balance when it has capital in the future.

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