Extended Fund facility's first funding deposited into central bank of Mongolia
Minister of Finance B.Choijilsuren and IMF Resident Representative Neil Saker made a briefing regarding the Executive Board’s approval of three-year extended arrangement under Extended Fund Facility
Extended Fund facility's first funding deposited into central bank of Mongolia. Minister of Finance B.Choijilsuren and IMF Resident Representative Neil Saker made a briefing regarding the Executive Board’s approval of three-year extended arrangement under Extended Fund Facility (EFF) for Mongolia. “Since the Government and Bank of Mongolia reached an agreement with IMF to implement EFF, the credit rate of Mongolia has improved and investors’ trusts have been raised. Economy of Mongolia has transferred from fall to growth and green light has been lit in the economy” said the Finance Minister. The funding will be considered as the biggest in IMF history of operation in terms of GDP relations, said Mr Neil Saker. “The program will aim to stop economic drastic fall, ensuring stable economic growth of 8 per cent. Mongolia has potential and resource to ensure such growth”, he noted. The program aims to stabilize Mongolia’s economy, restore confidence, and pave the way to economic recovery.
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