On Thursday night (13^th of April), the Mongolian State Great Khural (parliament) approved amendments to the 2017 state budget these  include increased taxes on income and imports. The approved amendments set a budget income at 6.1 billion MNT or 23.2% of GDP, and spending at 8.7 billion MNT or 33.6% of GPD, with a deficit of 2.7 billion MNT or 10.4% of GDP. It decreased the budget by MNT 59.7 billion or 0.2% from the original version submitted by Cabinet.

The amendments are designed to meet the IMF requirements for further reducing the $440 million loan. A meeting of the IMF board will take place on 15^th of April. If the request is approved by the IMF, Mongolia will borrow $440 million as part of the $5.5 billion bailout package. The Asian Development Bank, the World Bank and bilateral partners including Japan and Korea are expected to provide up to another $3 billion in the budget support package.

Mongolia is expected to receive USD 900 million credit for 3 years; USD 600 million will used for financing the budget deficit and USD 300 million for funding social projects. The country is also expected to receive USD 600 million from the World Bank of which USD 440 million will go to plug the budget deficit and USD 160 million for various projects and funding a range of programmes. Ulaanbaatar is currently negotiating with Japan for USD 850 million credit. Under the IMF programme, South Korea has agreed to provide USD 200 million aid. Mongolia is also hoping to receive an additional USD 500 million loan from Seoul which will be used for financing investment of budget.