The team of experts from the International Monetary Fund (IMF) arrived in Ulaanbaatar on 19th of July. The group of six is conducting a financial examination of Mongolia’s ministries. 

In March, Mongolia requested a rescue loan from the IMF in March as it faced an escalating battle to plug the widening gap in its public finances. In May, the Executive Board of the IMF approved a three-year arrangement under its Extended Fund Facility (EFF) for Mongolia to support the country’s economic reform program. Under the IMF programme, Mongolia will receive a total of USD 5.5 billion. 

The agreement between Mongolia’s government and the IMF features several tax measures, including changes to employer and employee Social Health Insurance contributions and personal income tax rates.