Bush, Mongol leader sign pact

WASHINGTON, Oct. 22 (UPI) -- U.S. President George Bush and Mongolian leader Nambaryn Enkhbayar traded praise during a White House signing ceremony Monday.

The United States and Mongolia signed an agreement codifying the Millennium Challenge Corporation Compact, which provides funds to the governments of developing countries that respond to the needs of their people.

"The Millennium Challenge Account is an important part of our foreign policy," Bush said. "It's an opportunity for the United States and our taxpayers to help countries that fight corruption, that support market-based economies, and that invest in the health and education of their people."

Enkhbayar described the agreement as "a new and important partnership between Mongolia and the United States."

"The idea of rewarding the successful democracies through supporting their goals inspire the Mongolians from the beginning of this initiative," Enkhbayar said. "We welcome the concept for -- we sense that the initiative will eventually contribute to the betterment of the life of ordinary people."