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Mongolia - Banking and Enterprise Sector Adjustment Credit Project (English)

The Banking and Enterprise Sector Adjustment Credit (BESAC) is designed to support the banking and enterprise reform program of the Mongolian government. In addition, the Credit will help meet external financing requirements and support the budget burdened by reform costs. The adjustment program will tackle the main structural problems of the banking and enterprise sectors through an integrated approach that broadly aims to restore the banking system as an efficient and safe intermediator of resources, and to improve the economic and financial performance of select public and recently privatized enterprises. BESAC will support: the bank restructuring strategy including liquidation of the two insolvent banks, loan recovery efforts through the development of a debt workout unit (DWU) in the Trade and Development Bank, and halting the flow of loans to defaulting borrowers. In the enterprise sector, BESAC will assist the imposition of hard budget constraints, and passively restructure or liquidate six selected state-owned enterprises to jump-start more widespread restructuring in the rest of the economy.

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Mongolia - Banking and Enterprise Sector Adjustment Credit Project (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/287491468286799936/Mongolia-Banking-and-Enterprise-Sector-Adjustment-Credit-Project