IMF approves Financial Arrangement for Mongolia
On May 24, the Executive Board of the International Monetary Fund approved a three-year extended arrangement under Extended Fund Facility (EFF) for Mongolia in a total amount of about USD434.3 million to support the country’s economic reform program. Other financing partners, including the Asian Development Bank, the World Bank, Japan, and Korea, have also committed to provide budgetary and project support, and the People’s Bank of China has agreed to extend its swap line with the Bank of Mongolia. In sum, the total financing package amounts to about USD5.5 billion. The Board’s approval of the arrangement enables the immediate disbursement of an amount equivalent to about USD38.6 million.
The Executive Board had postponed its meeting on April 28 due to a parliamentary resolution clause on currency transmission of large-scale projects through Mongolian banks. Therefore on May 05, the parliament cancelled the resolution clause.
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