Source: The World Bank, Mongolia                Date: 01 November, 2010

Minister of Finance S. Bayartsogt and Ms. Coralie Gevers, the new Country Manager of the World Bank,  Mongolia, have signed a USD30 million Financing Agreement in support of the significant reforms that the Government has been undertaking since it was hit by the economic crisis in 2008. The Second Phase of Development Policy Credit (DPC2), which complements the First Phase financing of USD40 million that was approved in June 2009, aims to support the Government in its continued efforts to sustain the economic recovery and to develop a stable fiscal framework for the future.  In particular, the DPC2 supports reforms in four areas: (i) establishing an improved fiscal policy and management; (ii) designing a social protection system that supports the poorest people through economic downturns; (iii) preparing a framework towards a sounder financial sector; and (iv) maintaining an attractive investment climate for mining.