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Politics

Mongolia to revise new law after IMF postpones bailout

Plan to force foreign companies to bank locally was met with objections

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The Oyu Tolgoi mine in Mongolia's South Gobi region   © Reuters

ULAANBAATAR -- Following last Friday's postponement of a much-needed bailout from the International Monetary Fund, the Mongolian government on Tuesday moved to assure the fund that it was ready to make adjustments to a controversial new regulation.

The IMF board decided to delay voting on the loan due to concerns over new rules in Mongolia's 2017 budget requiring foreign companies operating in the landlocked central Asian country to bank with local institutions.

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