IMF: US$ 440 million to be transferred to Bank of Mongolia


2017-03-10 11:53 GMT+8

Democratic Party (DP) group members in State Great Khural including Z.Narantuya, L.Bold, B.Purevdorj met with Neil Saker, the International Monetary Fund's (IMF) Resident Representative in Mongolia and discussed the Extended Fund Facility program. 

Mr. Neil Saker said that US$ 440 million to be transferred to Bank of Mongolia and is expected to increase the foreign exchange reserves. Also, the certain amount of the fund will be invested to budgeted projects. 

Support from other international partners will offer the lowest interest rates. The main purpose of the IMF`s program is to restore economic stability and reduce the budget deficit which now exceeded the amount stated in Budget Stability Law. 

Moreover he added IMF decided not to cut the social welfare costs, continuing to grant children`s benefit to 40 percent while offering food stamps for 20 percent of the children. Also, IMF discussed with the Government of Mongolia to suspend pay rise for civil servants for two years.

At the end of the meeting Mr. Neil Saker stated that State Great Khural of Mongolia must approve supplementary budget​ 5-10 days prior to Apr 10, 2017. We hope that Bank of Mongolia has started to perform outsourcing audit to commercial banks. Also, Bank of Mongolia must not perform quasi-fiscal​ activities. Following the Board of IMF will consider Mongolia's request. 

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