On 27 June 2018, the Executive Board of the International Monetary Fund (IMF) completed the fourth review of Mongolia’s performance under the programme supported by a three-year extended arrangement under the Extended Fund Facility (EFF). Completion of the review enables Mongolia to draw the equivalent of SDR 26.2088 million (about USD 36.91 million), bringing total disbursements under the arrangement to SDR 131.0366 million (about USD 184.55 million).

Mongolia’s performance under the programme remains strong. The combination of strong policy implementation and a supportive external environment has helped the authorities over-perform on all end-March 2018 quantitative targets under the programme. Progress has also been made on structural reforms, albeit with some delays.

Mongolia’s three-year extended arrangement was approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million, or about USD 434.3 million at the time of approval of the arrangement The government’s Economic Recovery Programme, supported by the IMF, aims to stabilize the economy, reduce the fiscal deficit and debt, rebuild foreign exchange reserves, introduce measures to mitigate the boom-bust cycle and promote sustainable and inclusive growth.

Following the Executive Board’s discussion of the review, Mr. Tao Zhang, Acting Chair and Deputy Managing Director, said: ‘All end-March 2018 quantitative targets under the programme were met. Fiscal accounts showed robust performance posting a primary surplus, mainly reflecting a sharp increase in revenue. Meanwhile, international reserves have more than doubled since the start of the programme’. (IMF)