IMF to preview Extended Fund Facility’s implementation in Mongolia
The EFF or Mongolia's economic reform program aims to stabilize the economy, restore confidence, and pave the way to economic recovery.
The International Monetary Fund’s (IMF) staff team will arrive in Mongolia in two weeks for working trip. During the team's working visit in Ulaanbaatar, the government plans to touch upon an issue regarding tax raises according to the agreement of the Extended Fund Facility (EFF) of the IMF. IMF approved financial arrangement of EFF for Mongolia past May. The EFF or Mongolia's economic reform program aims to stabilize the economy, restore confidence, and pave the way to economic recovery. The total financing package amounts to about $5.5 billion, including support from the Asian Development Bank, the World Bank, Japan, Korea and China for the next two years. The program also lays the foundation for sustainable, inclusive growth in the future, and end the boom-bust cycles of the past. International Monetary Fund's staff team leader for Mongolia, Geoff Gottlieb pointed out in the previous review of the implementation that two main achievements have been seen in Mongolia since the implementation of the EFF. The first notable achievement is Mongolia’s prompt action to protect the economy to qualify for program enrollment. The second notable achievement is Mongolia's fulfilment of the program's macroeconomy requirements, as well as the growth seen by local industries in 2017. Moreover, Mongolia’s economy is recovering and GDP growth is now projected at 4.2 percent, reflecting buoyant external conditions and improving confidence.
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