MPs reject proposed loan agreement with South Korea

Parliament on Friday rejected a proposed agreement for Mongolia to borrow money from South Korea’s Economic Development Cooperation Fund.

The loan would have helped fund a national center for diagnostics and treatment, a wholesale trade center, a coal-processing facility, and production of a state-of-the-art map of Mongolia.

L.Gundalai said state capital should not be spent on “useless things,” and loan agreements should focus on projects that are necessary for the country’s development.

He also mentioned that the wholesale trade center would sell Korean goods.

MPs Ya.Batsuuri and Su.Batbold noted that projects financed by South Korean loans have been of a poor quality and have used outdated technologies, such as the power plant in Umnugobi aimag that is always frozen.

The head of the working group that prepared the proposal noted that the

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