Mongolia has reached agreement with International Monetary Fund on $5.5 billion bailout package

Oyundelger 2017-02-21 06:02

Economy

The landlocked north Asian nation has been hit hard by a more than 50 percent fall over the past five years in the price of copper, its main export.

Mongolia has reached an agreement with the International Monetary Fund on a $5.5 billion bailout package, officials announced, as the debt-wracked country tries to stabilize its economy. The landlocked north Asian nation has been hit hard by a more than 50 percent fall over the past five years in the price of copper, its main export. Billions of dollars' worth of natural resources lie buried beneath Mongolia's vast steppes, but development has been delayed for years. Mongolia's economy grew 1.0 percent in 2016, while its budget deficit exploded to 3.7 trillion tugrik ($1.5 billion) according to Mongolia’s national statistics office.