Minister of Finance S. Bayartsogt and Ms. Coralie Gevers, the new Country
Manager of the World Bank for Mongolia, signed today 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.

“Great
opportunities lie ahead for Mongolia and it is critical that the Government put
in place, as it is doing now, a sound fiscal framework to ensure that future
mining revenues advance development opportunities for all” Ms. Gevers said. “We
are pleased to support them in this effort.”

The signing of the Financing Agreement
was also the opportunity for Mr. Klaus Rohland, World Bank Country Director for
China, Mongolia and Korea, to introduce Ms. Gevers, who was recently appointed
as the World Bank Country Manager and Resident Representative for Mongolia, to
the Government. 

Ms. Gevers, a Belgian national, joined the World Bank in 1996. An
economist by training, she has held a number of positions, including Senior
Economist in the Chief Economist’s office, Assistant to the President and most
recently, Adviser in the office of the Vice President in the East Asia and
Pacific Region.