Officials from the Mongolian Ministry of Finance have held an official meeting with the International Monetary Fund (IMF) to discuss preparations for the fourth review of Mongolia’s enrollment in the ‘Extended Fund Facility’ programme.

In March, the IMF’s executive board discussed the report on the third review of the EFF programme, and authorised financing of a further USD 30.55 million  to Mongolia.

If the EFF programme continues successfully, Mongolia will receive USD 434.3 million in financing from the IMF over the course of three years. Since the programme’s inception, the IMF has provided $152.8 million in financing to Mongolia.

After the third review of the EFF programme, IMF Deputy Managing Director Mitsuhiro Furusawa underscored, “Mongolia’s economic indicators demonstrated more positive signs than previous estimates, owing to a high demand for raw materials on the international market. A substantial increase in budget revenue and improved budget control helped to reduce the budget deficit considerably.”