IMF staff team makes fourth review
The International Monetary Fund made its fourth review of the three-year Extended Fund Facility Program in Mongolia and reached a staff-level agreement
The International Monetary Fund made its fourth review of the three-year Extended Fund Facility Program in Mongolia and reached a staff-level agreement. IMF’s staff team led by Geoff Gottlieb made a statement on preliminary findings after the team visit between the May second and seventeenth. The statement says that Mongolia’s economic recovery is keeping up depending on, much demand for export of raw materials. Key targets of macroeconomy such as declining budget dэficit and increasing official foreign exchange reserves have been successfully achieved. It is crucial to keep an attention on strengthening the banking system, maintaining prudent budget policy as well as building a foreign exchange and improving budget and financial management. Initially, IMF agreed to grant a loan in an amount equivalent to over USD 434 million. "Macroeconomic performance under the program has been positive, with all quantitative targets met. Budget results have been improved than expected in the first quarter of twenty eighteen, up by twenty-one percent in revenue and official foreign exchange reserves increased by two hundred million United States dollars. The authorities are carrying out works to strengthen the banking system. Combining a proper macroeconomic policy with the banking system reform will lead to a reduction of interest rate gradually. The authorities and the team reached staff-level agreement on the completion of the fourth review and it will be approved by the IMF Executive Board," Mr.Geoff Gottlieb said.
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