IMF team in Mongolia to monitor implementation of EFF program
A monitoring team from the International Monetary Fund arrived in Mongolia to get familiarised with the implementation of the Extended Fund Facility Program.
IMF team is in Mongolia to monitor implementation of EFF program. A monitoring team from the International Monetary Fund arrived in Mongolia to get familiarised with the implementation of the Extended Fund Facility Program, which was authorised by the IMF Board on May 25. Since the day of the Board’s approval, initial funding has been allocated to Mongolia. Total funding for the three-year EFF program is USD 434.3 million. The initial funding of USD 38.6 million was transferred to the foreign exchange reserve of the central bank of Mongolia, in addition to financing from World Bank and the Asian Development Bank. Loan agreements with bilateral partners such as Japan and South Korea are on final stage. It has been agreed that a monitoring team will visit Mongolia at least once in every three months to look through the mobilisation of EFF program. IMF wanted to clarify that it will allocate partial funding on each of the three phases of implementation after careful consideration for the level of EFF program realisation. During the three-year period of EFF implementation, every budget administrator is tasked to monitor budget revenue and expenditure. It is expected to help reducing a budget deficit. It has also been agreed to set up a Budget Council to evaluate the current grounds of taxation in Mongolia. In order to ensure financial stability, the Bank of Mongolia (central bank) is being audited.
Views: 1066
Tweet