Finance Minister S.Bayartsogt has
said the Government will soon be ready with a time frame and phases of funding
for several major projects. Two priorities have to be coordinated. The first
relates to exploitation of resources and the other to use of the revenue from
these resources to set up other major projects. If financing is to be kept
independent of the State budget, so that projects may proceed quickly and match
the development policy, there must be careful planning.

Laws have to be amended to allow this financing mechanism to operate smoothly.
The Government will need be given the legal authority to pledge future revenue
against present loans for certain infrastructure projects. Also, the proper
conditions and regulations governing the operation of the Development Bank have
to be enacted. “Now that the stand-by program approved jointly with the IMF has
expired, we have no further restrictions on how we can use our revenues, and we
shall use this total independence to formulate and pursue our own economic
policy. We shall then go ahead with plans to issue Government bonds in
international markets to raise money for certain projects. Many reputable
investment banks have offered their services to help us with the bonds,” Bayartsogt
has said.