The press release stated, “The Mongolian and Polish Government’s experts have had six discussions and meetings since 2001 and now they have reached an agreement which is bilaterally beneficial.”

T. Gantulga, Officer of the State Budget policy coordination department of the Ministry said, “90.4 percent of the debt is being released and now all that is left is US $2.87 million.”

It is stated on the press release that US $2.87 million is the remaining percentage and 70 percent of the amount will be dedicated for financing Mongolian students to study in Poland and 30 percent is for financing the expenditure of Polish geologists and engineers to do exploration and research work in Mongolia.

The scientific research program will last for 5 years starting in 2007 and scientists will conduct their research within Mongolia, said a Ministry official.

“The balance debt of the loan issued from the former Polish Peoples Republic to the Mongolian People’s Republic in 1976, 1981 and 1986 and the balance debt deletion fund have now been resolved by the bilateral negotiation under the approval of the Polish Prime Minister,” N. Bayartsaikhan, Minister of Finance said in press release aired on National Public Radio Thursday evening. 

“It has been a very supportive action for two countries multilateral partnerships in economics, finance and investment,” he added.