Member of Parliament and Minister of Economy J.Erdenebat presented a draft law regarding amendments to be made to the general agreement with the International Monetary Fund (IMF) to Speaker of Parliament Z.Enkhbold today.

The new draft law seeks to improve the governance of IMF funding in response to the IMF's call to increase the participation of developing countries in policy implementation through innovations in governance and changes to its quota for borrowing. 

As introduced by the Minister of Finance J.Erdenebat, structural changes to the board of directors of the IMF will be made with the transfer of two seats now belonging to highly developed countries to developing countries. A shift to a classic system for its board of directors, with the participation of all member countries, will increase countries quotas within the IMF. 

During the periods of economic crisis the borrowing quota for Mongolia and countries with similar economies will be increased. Analysts say the change will bring about a more stable and flexible policy for the IMF and Mongolia will be able to strengthen its position in the global economy and implement its long term objectives.