Mongolia is facing a financial crisis caused by a collapse in commodity prices, mounting debt and years of off-budget spending. Since coming to power in June, the Mongolian People’s Party has announced an economic reform plan containing spending cuts; it has also asked the International Monetary Fund to help.
An IMF team will visit Ulaanbaatar next week to carry out discussions with the finance minister and the president of the Central Bank of Mongolia. Originally, they had planned to arrive on 20th of January, but, have delayed until next week, according to Ministry of Finance of Mongolia.
The IMF implements two different programmes, namely, a ‘Standby credit facility’ or emergency aid for poor countries and ‘Standby arrangement’ or normal credit for medium income countries.
