KOREAN OFFICIALS TO SERVE HERE

Ulaanbaatar, MONTSAME/. Two top Korean public servants will work in Mongolia for a year as financial advisers to the country, a move intended to help create stronger ties between the nations, the Korea's Joongang daily reported.
According to the press, Koh Young-kwon, director of the Ministry of Strategy and Finance, left for Mongolia’s capital Ulaanbaatar on Monday to serve as adviser to Bayartsogt Sangajav, the country’s finance minister.
Lee Byung-rae, director at the Financial Services Commission, plans to advise Mongolia’s central bank governor, L. Purevdorj. He is due to arrive in Ulaanbaatar next month, pending final approval from the Mongolian government.
The two officials are being sent to Mongolia as World Bank consultants under a $500,000 program created by the global financial body to help the country modify and strengthen its financial systems. Mongolia has received financing from the International Monetary Fund, much as Korea did more than a decade ago.
Koh is an expert in financial policy, having worked in the finance ministry’s budget planning department and recently serving as an administrator for the senior secretary for state affairs planning at the Blue House.
Lee is a specialist on finance who led the restructuring of Korea’s financial industry. He is expected to provide advice and guidance on how to restructure the Mongolian banking industry and reorganize insolvent bonds.
Mongolia has a fledgling financial industry that includes 16 banks. However, due to the global economic crisis, many of its financial companies are hanging by a thread, similar to the situation Korea faced during the Asian financial crisis in 1997 and 1998.
“If the opportunity presents itself, I will contribute to Mongolia’s economic recovery by using advice learned from our past experience,” Lee said.
S.Batbayar
18.18