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IMF approves $30.55 million disbursement for Mongolia

Staff Writer | March 29, 2018
On March 28, 2018, the Executive Board of the International Monetary Fund (IMF) completed the third review of Mongolia’s performance under the program supported by a three-year extended arrangement under the Extended Fund Facility (EFF).
Asia   Completion of the review
Completion of the review enables Mongolia to draw the equivalent of SDR 20.9598 million ($30.55 million), bringing total disbursements under the arrangement to SDR 104.8278 million ($152.79 million).

Mongolia’s performance under the program thus far has been strong. The economy is recovering better than expected, with real GDP growth of 5.1 percent in 2017 and a significant improvement in the fiscal balance of 15 percentage points of GDP.

The combination of strong policy implementation and a supportive external environment has helped the authorities over-perform on all end-December 2017 quantitative targets.

However, the performance on structural reforms has been mixed with some delays on structural benchmarks under the program and reversals of three fiscal measures considered during previous reviews.

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

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.