Mongolia's economy shows positive signs
The economy and tugrug exchange rate have stabilized, foreign capital and investment has increased, and the interest rate of bonds in the international market has decreased.
The International Monetary Fund's (IMF) Resident Representative Mr. Neil Saker noted “There have been several positive changes as part of the IMF Extended Fund Facility. The economy and tugrug exchange rate have stabilized, foreign capital and investment has increased, and the interest rate of bonds in the international market has decreased. Foreign currency reserves have reached 2.5 billion USD and is expected to increase further.” This statement was made regarding the recently approved 79.1 million USD EFF disbursement as the support for Mongolia`s current economic crises due to the increase of public debt and weak balance of payments. According to International Monetary Fund, Mongolia`s economy being largely dependent on mineral exports as up to 90 percent made Mongolia`s economy vulnerable because of the sharp drop in commodity prices from 2011.
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