Mongolia Will ‘Walk the Walk’ to Revive Economy in Crisis
- Infrastructure is key to ending slump, foreign minister says
- Government cutting spending, is in talks with IMF for help
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In the face of the current crisis, Mongolia cut spending and requested support from the IMF. To turn the economy around, the new government aims to lure foreign money to pay for stalled infrastructure and mining projects.
“It’s important to not only talk the talk, but to walk the walk, and that’s what we intend to do,’’ Foreign Minister Munkh-Orgil Tsend, said last week in Ulaanbaatar. “By end of the first half of next year we will have brought in most of the investment projects that have been in the pipeline for many years, including Tavan Tolgoi,’’ he said, referring to Mongolia’s largest coking coal deposit.