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Mongolian government approves plan to revive economy

Staff Writer | December 29, 2016
The Mongolian government on Wednesday approved a detailed plan to revive the country's economy, which has been mired in a severe downturn.
Mongolian government
Asia   Negotiations with other countries
Under the plan approved during a cabinet meeting, the Mongolian government is expected to start negotiations with other countries, especially neighboring ones, on long-term loans with low interest rates to reduce its debt burden and refinance its current loans.

Also, the Mongolian government and the Bank of Mongolia, the country's central bank, will determine terms to extend or refinance a 580 million U.S.-dollar loan taken out by the Development Bank of Mongolia, which is due in March, and international bonds due in January 2018.

Now, Mongolia is facing a severe economic crisis due to the downturn of the global commodity market and its heavy debt repayment starting in March.