Morning Plenary session of the State Great Khural discussed the amendments draft to the IMF negotiation documents.
Current special drawing rights from IMF is at USD 51.1 million and the amendments to the documents propose the increase to USD 72.3 million. 80 percent of the total member 170 countires of IMF have increased their quotes in the similar manner. As of Mongolia it has proposed the changed back in 2010 with no positive result up to date.
Kh.Gantsogt, Secretary of State at the Ministry of Finance reported that raising the quote is beneficial to receive the support from IMF in times of economic difficulties, as 80 percent of the member countries have paid to raise their quotes. For Mongolia we are expected to pay USD 8 million for the raise and these funds need to be included in the State budget.
Currently Mongolia haven't received any support from IMF yet and in case the support is to be received there are certain criteria to be met.
According to the procedure the majority (79.3 percent) of MPs have voted to approve the amendments to the IMF negotiation documents.
Morning Plenary session of the State Great Khural discussed the amendments draft to the IMF negotiation documents.
Current special drawing rights from IMF is at USD 51.1 million and the amendments to the documents propose the increase to USD 72.3 million. 80 percent of the total member 170 countires of IMF have increased their quotes in the similar manner. As of Mongolia it has proposed the changed back in 2010 with no positive result up to date.
Kh.Gantsogt, Secretary of State at the Ministry of Finance reported that raising the quote is beneficial to receive the support from IMF in times of economic difficulties, as 80 percent of the member countries have paid to raise their quotes. For Mongolia we are expected to pay USD 8 million for the raise and these funds need to be included in the State budget.
Currently Mongolia haven't received any support from IMF yet and in case the support is to be received there are certain criteria to be met.
According to the procedure the majority (79.3 percent) of MPs have voted to approve the amendments to the IMF negotiation documents.