IMF Reaches Staff-Level Agreement on the First Review of Mongolia’s Extended Fund Facility

August 2, 2017
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
An International Monetary Fund (IMF) staff team led by Mr. Koshy Mathai visited Ulaanbaatar from July 19 to August 2 to conduct discussions on the first review of the three-year Extended Fund Facility (EFF) arrangement approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million, or about US$434.3 million (see Press Release No. 17/193 ).
At the conclusion of the visit, Mr. Mathai made the following statement:
“The economy is rebounding, with GDP growth likely to reach 2 percent this year on the back of strong coal production and exports, high private investment, and a return of confidence following the approval of the $5.5 billion IMF-led package.
Performance under the program has been good, with all quantitative targets on track. Fiscal results have been better than expected, supported by strong revenues and tight expenditure control. About half of the revenue overperformance will be saved, thus helping to reduce borrowing and control debt, while the remainder will be used to fund productive spending in line with the government action plan. Net international reserves have improved, reflecting strong export performance and capital inflows into the government securities market.
The authorities have moved ahead with their ambitious structural reform agenda, which will help to sustain growth over the medium term. The strengthening of the banking system is underway: the Asset Quality Review will soon be launched, important legal reforms are being drafted, and improvements to the regulatory and supervisory framework are being implemented. On the fiscal side, steady progress is being made in strengthening tax administration, tax policy, and budgetary controls, including through the establishment of a Fiscal Council. To strengthen the social safety net and target expenditures toward the most vulnerable, the government is fine-tuning the Child Money Program, with a commitment to target the program to less affluent families from 2018 and use the savings to increase food stamps for the poor.
The authorities and the team have reached staff-level agreement on the completion of the first review under the EFF arrangement, which is subject to review by the management and Executive Board of the IMF. The Board is expected to consider the first review in late September, and this could lead to a disbursement of SDR 27.9560 million, or about $37.82 million.
The team thanks the authorities for their cooperation, constructive dialogue, and hospitality during its stay in Mongolia.”


Facebook page

Powered by Blogger.


Advertising in Mongolia An Asian Development Bank Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia Adventure Mongolia agriculture Mongolia analysis Mongolia and Armenia Mongolia and Asian Development Bank Mongolia and Australia Mongolia and Azerbaijan Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and Czech Mongolia and donors Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and IMF Mongolia and India Mongolia and Indonesia Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Qatar Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and Thailand Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia blind Mongolia civic society Mongolia Corruption Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia environment Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia investment Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Nuclear Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia slums Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia trade Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian and Cuba Mongolian Archeology Mongolian Climate Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Kazakh Mongolian Meat Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Sumo Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive