A working group from the International Monetary Fund (IMF) held an online meeting with Mongolian government officials on 11-13 May. During the discussion, Mongolia requested emergency financial assistance under the Rapid Financing Instrument (RFI) to meet urgent payments of the budget balance needs stemming from the outbreak of the COVID-19 pandemic. The sides agreed that Mongolia should receive USD 99 million of assistance from the IMF. The decision will be further discussed by a meeting of the IMF Executive Board which is expected to be held in early-June.

In 2017, the IMF approved a total financial package worth around USD 5.5 billion to help support cash-strapped Mongolia’s efforts to diversify its small and resource-dependent economy.