Mr. Takatoshi Kato, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement on Mongolia on November 20, 2009.

Mongolia is the new hot spot for investment as it has the resources that China needs, said Mandar Jayawant, managing director at Frontier Investment Partners.

Hong Kong-based Fitch Ratings, an international credit rating agency, has affirmed on November 19 that Mongolia’s Khan Bank, and XacBank foreign currency Long-term Issuer Default Ratings (IDR) at ‘B’, foreign currency Short-term IDRs at ‘B’, and local currency Long-term IDRs at ‘B’.

Mongolia approved its first ever sovereign wealth fund, Human Development Fund, to pool all revenues generated from mining sector and distribute social transfers to each eligible citizens.