Fourth review of IMF’s extended fund facility program commences
The IMF’s staff held discussions with officials from the Ministry of Finance to discuss preparations for the fourth review of Mongolia’s enrollment in the extended fund facility program.
The International Monetary Fund’s staff led by Geoff Gottlieb held discussions with officials from the Ministry of Finance to discuss preparations for the fourth review of Mongolia’s enrollment in the extended fund facility program. Previously this year, the International Monetary Fund’s Executive Board discussed a report on the third review of the EFF program and issued financing of around 30 million USD to Mongolia. At the conclusion of the third review, Deputy Managing Director of the IMF Mitsuhiro Furusawa underscored, “Mongolia's economic indicators demonstrated more positive signs than previous estimates, owing to a high demand for raw materials in the international market. A substantial increase in budget revenue and improved budget control helped to reduce the budget deficit considerably.” If the extended fund facility program continues successfully, the Government of Mongolia will receive more than 430 million USD in financing from the International Monetary Fund over the course of three years. After three successful reviews, the IMF has provided about 153 million USD in financing to Mongolia since the program's inception.
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