Mongolian government approves plan to revive economyStaff 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.
Asia Negotiations with other countries
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. ■