<table><tr><th>From:</th><th>Lawrence H. Summers &lt;Ihs@lawrencesummers.com&gt;</th></tr><tr><td>Sent:</td><td>Sunday, October 4, 2015 3:46 AM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Ihsoffice</td></tr><tr><td>Subject:</td><td>Re: Mongolia</td></tr></table>

Doesn't pay the bills.

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Please direct all scheduling inquiries to my office at: Ihsoffice@lawrencesummers.com

Follow me on=twitter @Ihsummers
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.

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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: <lhsoffice@lawrencesummers.com <mailto:lhsoffice@lawrencesummers.com> >
Subject: Re: Mongolia

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:lhs@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: Ihsoffice <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

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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

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