U.S. President George W. Bush committed USD285 million in financial assistance to Mongolia in exchange for the implementation of democratic reforms in the country. Washington’s latest move is in accordance with the Millennium Challenge Account, which Bush spearheaded in an effort to reduce global poverty by promoting economic freedom and a greater awareness of human rights. “The Millennium Challenge compact encourages countries to make a firm commitment to basic principles - principles that mean the government will listen to their people and respond to the needs of the people,” Bush said. Mongolia, a former communist state, is slated to receive the funds over the next five years if it meets all the requirements of the agreement.
Source: Bush awards Mongolia with $285M in aid (AP)