Mongolia and Japan ink extensive cooperation accord
Mongolia and Japan singed a bilateral medium-term action plan for 2017-2021, including cooperation in the political, security and economic fields.
Mongolia and Japan ink extensive cooperation accord. Mongolia and Japan singed a bilateral medium-term action plan for 2017-2021, including cooperation in the political, security and economic fields. The document was inked by Japanese Foreign Minister Fumio Kishida and visiting Mongolian Foreign Minister Tsend Munkh-Orgil on past Wednesday. The action plan is believed to promote the relations between the two countries in a mutually beneficial and strategic ways. The action plan states that Tokyo and Ulan Bator will demand that North Korea completely abandon its nuclear arms and missile programs and abide by U.N. Security Council resolutions. The plan also confirms Mongolia’s support for Japan’s aim of resolving the abduction issue. On the economic front, the plan calls for steady implementation of a bilateral economic partnership agreement for free trade that took effect in June last year, and improving the investment environment. Japan also has committed $850 million in loans to Mongolia to help rescue the nation’s struggling economy, Mongolia’s Finance Ministry said on Wednesday. The loan comes in addition to the three-year International Monetary Fund (IMF) Extended Credit Facility worth $440 million, as well as an extension to a 15 billion yuan ($2.18 billion) swap line Mongolia’s central bank has agreed with the People’s Bank of China (PBoC). Japan and South Korea, will provide up to $3 billion in aid, the IMF said in its February announcement. Lawmakers, however, must still act to ensure the bailout goes through when Mongolia’s Parliament reconvenes on April 5 after a recess. As part of the IMF deal, Parliament is expected to vote on legislation that will generate revenue and reduce spending, with hikes in taxes and cuts in social welfare expected.
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