IMF approves terms for $5 billion loan to MongoliaStaff Writer | February 20, 2017
The International Monetary Fund said that it and other partners have agreed on terms for a more than $5 billion loan package to the Mongolian government.
Asia The IMF would provide $440 million over three years
According to the terms agreed by the Mongolian government and IMF envoys, the IMF would provide $440 million over three years.
The Asian Development Bank, World Bank, Japan and South Korea are together expected to provide up to $3 billion, and the People’s Bank of China is expected to extend its 15 billion RMB ($2 billion) swap line with the Bank of Mongolia for at least another three years, the IMF statement said.
Mongolia’s national debt now stands around $23 billion, or twice the annual economic output, and a $580 million payment to foreign bondholders is due March 21. ■