Economic council meets

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs L.Purevsuren last Saturday gave a report on outcomes of the President's state visit to China at a regular meeting of the Economic Council, created at the Prime Minister. This visit was fruitful, and 11 documents were signed on the economic cooperation, he said. He also said the President will pay a visit to France and will attend a meeting of the Mongolia-Russia intergovernmental commission meeting which will run November 23-24 in Russian Chita. After this, a matter was touched upon on granting a loan of USD one billion to Mongolia and reflected in a Mongolia-India joint statement, released during a state visit of India’s PM Narendra Modi to Mongolia this year's May 15-16. The Ministry of Finance spoke about exploitation areas of the loan to be given by the Export-Import Bank of India, and involvement of the private sector. The loan has eight-year period and an interest of LIBOR+0.5%. Some of the Economic Council proposed using the loan in water supplying of industries, energy, establishing processing factories of rare minerals, and investing the agricultural sector, others said the money is needed for promoting export-oriented import substitution industrialization after the Indian hi tech is learned. Responsibilities and results of the loan could be more fruitful if the loan goes to the private sector, the Finance Ministry added. Then, the meeting was presented a new website (mongolforum.mn) which provides people with a chance to quickly consider draft documents to be made by the state.