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  • ULAN BATOR Tyus Bowser Ravens 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 Marlon Humphrey Ravens Jersey , 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, 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 Lamar Jackson Ravens Jersey , 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, 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 Hayden Hurst Ravens Jersey , 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, the mining sector will continue to be the central linchpin of the Mongolian economy," Munkh-Orgil said Rush Maxx Williams Jersey , "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, (put) more industries in play Rush Kamalei Correa Jersey ," 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."

     

    Kazakh version of "Xi Jinping: the Governance of China" released in Astana

     

    Over 600 students take special train to attend Gaokao on June 7

     

    Three giant pandas return to Chengdu from Japan to start new life

     

    Elephants receive medical care at rescue centre in SW China

     

    Scenery of Dongchuan Red Land in SW China's Yunnan

     

    Macaques attract tourists at scenic spot in SW China's Chongqing

     

    Monk runs on 135-meter-long thin plywood in water in SE China's Fujian

     

    Chinese submersible Jiaolong dives in Yap Trench

     

    UNITED NATIONS, Jan. 10 (Xinhua) -- The UN Security Council on Wednesday welcomed the latest interactions on the Korean Peninsula, but remained adamant in upholding sanctions against the Democratic People's Republic of Korea (DPRK).

     

    "Members of the (Security) Council welcomed the latest steps and communications that have occurred between the DPRK and the Republic of Korea Rush Ronnie Stanley Jersey ," Kazakh ambassador to the United Nations Kairat Umarov, who serves as the rotating president of the Security Council for this month, told reporters after closed-door consultations of the council.

     

    "Members of the council noted that such initial dialogue between the two Korean states can open possibilities for confidence and trust building on the Korean Peninsula, to reduce tensions and drive toward de-nuclearization," he said.

     

    They expressed the hope that such interactions will indeed lead to the de-nuclearization of the Korean Peninsula Rush Nico Siragusa Jersey , he said.

     

    Despite the positive development, the Security Council would not budge on sanctions against the DPRK for its nuclear weapon and ballistic missile programs.

     

    "The members of the Security Council reiterated that the DPRK and all other member states should comprehensively and strictly implement all relevant resolutions of the Security Council," said Umarov.

     

    The DPRK and South Korea on Tuesday started high-level talks, the first in about two years, at the truce village of Panmunjom that straddles the heavily guarded border between the two neighbors.

     

    A joint press release issued after the dialogue said the DPRK had agreed to send a delegation to the 2018 Winter Olympics to kick off in February in South Korea's eastern county of Pyeongchang Rush Tim Williams Jersey , and the 2018 Paralympics in March.

     

    Seoul and Pyongyang also agreed to hold a separate dialogue between their military authorities after agreeing that they should make joint efforts to ease military tensions and create a peaceful environment on the Korean Peninsula, among others.

     

    The DPRK also reopened a military hotline with South Korea across the western border Tuesday during the inter-Korean high-level talks.

     

    The Security Council has adopted 10 resolutions containing sanctions against the DPRK since 2006.

     

     

     

    Novak Djokovic will take part in two exhibition tournaments next week before deciding whether to play at the Australian Open.

     

    The 30-year-old former world number one has been out for the last six months with an elbow injury.

     

    The problem forced him to pull out of recent events in Abu Dhabi and Qatar.

     

    World number 22 Kei Nishikori, a three-time quarter-finalist in Melbourne, will definitely miss the Australian Open however with a wrist injury.

     

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