IMF to conduct its fifth review of Extended fund facility
The sides touched matters regarding global trade, business, economic and political situation and Mongolia’s main partner countries'.
The Finance Minister Khurelbaatar.Ch and other relevant officials met with IMF Staff Team that arrived to conduct the fifth review of the Extended Fund Facility arrangement, being realized in Mongolia. During the meeting, the sides exchanged detailed views on the country’s present economic situation, the outlook of nearest future and pressing issues. Moreover, they touched matters regarding global trade, business, economic and political situation and Mongolia’s main partner countries'. The three-year Extended Fund Facility arrangement approved in mid-2017, in an amount equivalent to about US$434.3 million aims to stabilize the economy, restore confidence, and pave the way to economic recovery. A critical pillar of the program is fiscal consolidation, to reduce the pressure on domestic financial markets, stabilize the external position, and restore debt sustainability. The program includes important safeguards to protect the most vulnerable during this period of adjustment as well as institutional reforms to make sure the fiscal adjustment is durable. Another pillar of the program is a comprehensive effort to rehabilitate the banking system and strengthen the Bank of Mongolia. A broad set of structural reforms is designed to support private-sector led growth.
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