Mongolia receives 3rd tranche of funding from IMF
The Bank of Mongolia said it received the third tranche of funding from the International Monetary Fund (IMF) equal to 30 million U.S. dollars.
Mongolia receives 3rd tranche of funding from IMF. The Bank of Mongolia said it received the third tranche of funding from the International Monetary Fund (IMF) equal to 30 million U.S. dollars. "Having received this tranche, Mongolia will be able to increase the country's currency reserves," stated Mongolia's central bank. The tranche is a part of the three-year Extended Funding Facility (EFF) of the IMF for Mongolia totaling about 434 million U.S. dollars, and it was approved at the meeting of the Executive Board of the IMF on May 2017. The arrangement is part of 5.5 billion U.S. dollars from donor countries and international financial organizations, including Japan, South Korea and World Bank, to support stabilizing the economy and lay the basis for sustainable and inclusive growth. With the help of the IMF's program, Mongolia's GDP grew 5 percent year on year in 2017, compared to 1 percent for the previous year. The figure was higher than the 3 percent forecast by the IMF. The IMF has predicted that Mongolia's GDP growth will reach 5 percent this year and 6 percent next year.
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