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|Geplaatst: 10-08-2018 08:14:28 Onderwerp: Just two days before the
|ULAN BATOR Brandon Montour Salute to Service Jersey , June 6 (Xinhua) -- Mongolian Foreign Minister Tsend Munkh-Orgil said on Monday that Mongolia would be able to implement the structural reforms it has agreed to undergo with the International Monetary Fund (IMF), according to Nikkei Asian Review website.
"I am confident that the resources and money that will be lent to the Mongolian government will be used effectively to overcome the temporary economic problems," Munkh-Orgil said on the sidelines of the International Conference on The Future of Asia in Tokyo.
The resource-rich country has benefited from a commodities boom over the last 15 years or so. But a subsequent commodity price slump, investment outflows and slowing demand in key export markets have hit Mongolia's economy hard.
Last month, the IMF approved a three-year, 434-million-U.S. dollar loan for Mongolia as part of a wider 5.5 billion-dollar aid package which is also supported by Japan Ondrej Kase Salute to Service Jersey , South Korea, China, the Asian Development Bank and the World Bank.
The agreement was reached after the IMF admitted that Mongolia had met some of its demands, including raising taxes and cutting spending.
Some observers, however, questioned the ability of the Mongolian government to carry through the painful structural reforms needed to put the economy back on track.
But Munkh-Orgil said the reforms were inevitable. "With or without the IMF Chris Wagner Salute to Service Jersey , we know that we must undertake these reforms. We have expanded fiscally -- a lot. We have stretched ourselves on [the] budget. We have reached unsustainable levels of government debt," he said.
The government is trying to respond through fiscal consolidation, and by bringing the budget under control, the minister said.
Mongolia aims to reduce the budget deficit, currently equivalent to 17 percent of the gross domestic product (GDP), to 10.2 percent by the end of this year. It aims to have a budget deficit equal to around 2 percent of the GDP by 2022.
"For the next several decades Cheap Rickard Rakell Jersey , the mining sector will continue to be the central linchpin of the Mongolian economy," Munkh-Orgil said, "But at the same time, mining is a very capricious animal. (The) fortunes and misfortunes of the mining sector can go up and down unexpectedly."
Mongolia is ready to diversify its economy, which currently relies on minerals for 90 percent of its export revenue, he said.
"We need to bring in more products Cheap Antoine Vermette Jersey , (put) more industries in play," the foreign minister said, "We need to engage the public and businesses in other areas that employ more people and bring more export revenues, like agriculture and tourism."
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BRUSSELS, July 17 (Xinhua) -- Britain and the European Union (EU) launch a new round of Brexit negotiations here on Monday as conflicting views on "divorce" terms cast shadow on the resumption of talks and a feasible deal seems rather difficult to reach for now.
About a month after their first meeting, Brexit Secretary David Davis and EU's chief negotiator Michel Barnier meet for four days of talks to settle exit terms Cheap Josh Manson Jersey , intending to push forward with a detailed plan that could minimize economic and social damage to both Britain and the EU after Brexit.
"We made a good start last month, and this week we'll be getting into the real substance," Davis was quoted by Reuters as saying ahead of the meeting. How much substantial progress could be made during the talks remains to be seen.
EXIT BILL "EXTORTIONATE"?
Negotiators will focus their talks on key issues, with Britain's exit bill as the core. The EU has demanded Britain to pay some 60 billion euros (70 billion U.S. dollars) as exit fee.
Negotiation on the exit bill might be tough as British Foreign Minister Boris Johnson made the remark last week that the EU could "go whistle" over its "extortionate" bill demand, which means the EU has little chance of getting it.
Barnier, however Cheap Derek Grant Jersey , responded that he was not hearing any whistling, just the "clock ticking". Earlier in March, British Prime Minister Theresa May had set a two-year timetable for leaving the EU.
Johnson's remark also draw criticism from his homeland, as opposition Labor leader Jeremy Corbyn was quoted by Sky News as saying that it's "ridiculous" for the minister to use such "silly", "arrogant" language.
Conservative Philip Hollobone echoed with Johnson, saying that since Britain joined the EU in 1973 until the date it leaves Cheap John Gibson Jersey , the country will have given the EU and its predecessors, in today's money in real terms, a total of 209 billion pounds (270 billion U.S. dollars).
"BREXIT MUST BE STOPPED"
Just two days before the start of the new round of talks, former British Prime Minister Tony Blair said, in his biggest intervention yet against Brexit, that Britain could remain in the EU despite its Brexit referendum vote.
According to media reports Cheap Jakob Silfverberg Jersey , Blair said EU leaders would be willing to change their rules on immigration and free movement to enable Britain to stay in the 28-nation bloc. He declined to identify the sources who had indicated which leaders he was referring to.
Blair noted that Brexit is damaging Britain economically and politically with "fresh evidence" came to light every day.
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