EFTA02374964

From: Lawrence H. Summers <Ihs@lawrencesummers.com> Sent: Sunday, October 4, 2015 3:46 AM To: jeffrey E. Cc: Ihsoffice Subject: Re: Mongolia Doesn't pay the bills. Sent from my iPhone Please direct all scheduling inquiries to my office at: Ihsoffice@lawrencesummers.com Follow me on=twitter @lhsummers www.larrysummers.com<=a> <http://www.larrysummers.com/> On Oct 3, 2015, at 11:34 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com> wrote: great. only half facetiously, what=if mongoloia offered a true digital currency to replace bitcoin.&nbs=; as a soverign they could do it On Sat, Oct 3, 2015 at 11:33 PM, Lawrence H. Sum=ers <Ihs@lawren=esummers.com <mailto:Ihs@lawrencesummers.com» wrote: I'm good to go. Sent from my iPhone Please direct all scheduling inquiries to my office at: Ihsoffice@lawrencesummers.com Follow me on twit=er @lhsummers www.larrysummer=.com <http://www.larrysummers.com/> Begin forwarded message: From: <Nathan.Sheets@treasury.gov <mailto:Nathan.Sheets@treasury.gov» Date: October 3, 2015 at 11:31:08 PM EDT To: «mailto:Ihs@lawrencesummers.com», <caroline_m_atkinson@who.eop.gov <mailto:caroline_m_atkinson=who.eop.gov» Cc: <Ihsoffice@lawrencesummers.com <mailto:Ihsoffice@lawrencesummers.com» Subject: Re: Mongolia EFTA_R1_01382438 EFTA02374964 The following is a summary of where we are.=.. Mongolia is certainly not in bad graces with us -- it's an example of democ=acy in the region and has had made military contributions in Afghanistan. =CC has selected Mongolia for a second compact, and USTR is working on a bi=ateral Transparency Agreement. We have had regular engagement with them on macroeconomic issues. Mongolia's economic outlook over the medium-term is favorable due to =bundant natural resources, but it is highly vulnerable to commodity price =olatility--particularly for copper—and they have had trouble =eveloping an investment environment for FOI. The IMF recently concluded that Mongolia is at high risk of debt distress. =ongolia might already have had a Fund program but for significant short-te=m borrowing from its swap line with the PBOC. As things stand, however, Mo=golia is not pursuing a Fund program. The authorities have reached a deal with Rio Tinto on the underground porti=n of the Oyu Tolgoi copper mine. But until that money flows, Mongolia will=need macro tightening and better financial sector oversight. At any rate, if you end up helping them out, I'm sure they'll be well-serve= by your advice. Best regards, Nathan From: Lawrence H. Summers [mailto:lhs@lawrencesummers.com <mailto:Ihs@lawrenc=summers.com> ] Sent: Saturday, October 03, 2015 09:16 AM To: Caroline Atkinson <Caroline_M_Atkinson@who.eop.gov <mailto:Caroline_M_Atkinson@who.=op.gov> >; Sheets,=Nathan Cc: lhsoffice <Ihsoffice@lawrencesummers.com <mailto:Ihsoffice@lawrencesummers.com» Subject: Mongolia Someone approached me on their behalf looking for advice. They a=e apparently in financial trouble, squeezed by China etc. No idea if I can or want to help them but wondered whether they are in=good or bad or I suspect neutral graces of USA. Thx Sent from my iPad Please direct all=scheduling inquiries to my office at:Ihsoffice@lawrencesummers.com <mailto:Ihsoffice@lawrences=mmers.com> 617-495-9322 <tel:61=-495-9322> </=pan> Follow me on twitter @lhsummers 2 EFTA_R1_01382439 EFTA02374965 www.larrysum=ers.com <http://www.larrysummers.com> please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 3 EFTA_R1_01382440 EFTA02374966