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Asia Today ISSN 1861-4604 Tuesday, May 22, 2018

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Mongolia hopes to bring economy back on track with $5 billion loan approved by IMF

IMF said in a statemen

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BEIJING, China - In a bid to help the north Asian country bring its economy back on track, the International Monetary Fund and its other partners have said that they have agreed to the terms of a loan package. > BNN

The Mongolian government is now set to receive a more than $5 billion loan package as part of this agreement. 

IMF said in a statement that according to the terms agreed by the Mongolian government and IMF envoys, the IMF would provide $440 million over three years. 

The statement further elaborated that 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 further stated that the loan agreement would mean Mongolia has to strengthen its banking system and adopt fiscal reforms to ensure that budget discipline is maintained.
Now, the IMF’s executive board will consider Mongolia’s request in March and the deal is reportedly subject to approval by the executive board.
Mongolia’s economy has faced a sharp decline in recent years, as the country’s commodity prices faced a drop and the foreign direct investment collapsed.

Currently, Mongolia’s national debt stands at $23 billion, which is twice the annual economic output.

On March 21, a $580 million payment to foreign bondholders is due.

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