The IMF Executive Board completed the fifth review under the Extended fund facility for Mongolia and approved disbursement.

Completion of the review enables Mongolia to draw the equivalent of SDR 26.2088 million or about USD 36.22
million bringing the total disbursements under the arrangement to SDR 157.2454 million or about USD 217.33
million.

The IMF advised Mongolia to continue midterm policies, strengthen fiscal policies, work to increase foreign reserves, tighten monetary policies and urge banks to cover shortfalls. The government’s Economic Recovery Program, supported by the IMF, aims to stabilize the economy, reduce the fiscal deficit and debt, rebuild foreign exchange reserves, introduce measures to mitigate the boom-bust cycle and promote sustainable and inclusive growth.

Mongolia’s three-year extended arrangement was approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million, or about USD 434.3 million at the time of approval.

Source: Montsame.mn