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IMF approves terms for $5 billion loan to Mongolia

Staff 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.
Mongolian government
Asia   The IMF would provide $440 million over three years
The deal is subject to approval by the IMF’s executive board, which is expected to consider Mongolia’s request in March.

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.