IMF forecasts solid economic growth for Mongolia

Oyundelger 2017-03-16 06:03

Economy

Mongolia can likely look forward to 7-8 percent economic growth once it rebounds from its economic troubles, the International Monetary Fund's (IMF) country head to Mongolia said, reports Reuters.

IMF forecasts solid economic growth for Mongolia. Mongolia can likely look forward to 7-8 percent economic growth once it rebounds from its economic troubles, the International Monetary Fund's (IMF) country head to Mongolia said, reports Reuters. "I see 7-8 percent (economic growth), which I think is achievable and sustainable," IMF Resident Representative for Mongolia Neil Saker said at a recent panel discussion.That would still be far slower than the boom days when the resource-rich country grew 17.3 percent in 2011. The IMF and other partners bailed Mongolia out with a $5.5 billion economic stabilization package in February, after the landlocked nation was hit hard by an economic crisis in 2016 due to government overspending and declining revenues from commodity exports. This rescue package boosted investor confidence and helped in a successful debt swap of the $580 million bond due 2017 issued by the state-owned Development Bank of Mongolia (DBM).