Feb 10 Mongolia's parliament moved towards meeting the conditions of an International Monetary Fund (IMF) bailout of $3-5 billion on Friday, as lawmakers voted to grant greater independence to the Development Bank of Mongolia.
The country is scrambling to avoid missing a $580 million sovereign-guaranteed debt repayment, issued by the Development Bank, due in March. The economy has been badly hit by weak prices for its coal and dwindling foreign investment.
The Mongolian government is in talks with both the IMF and China to refinance billions of dollars of debt issued since 2012 by the March deadline.
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