Parliament approves 2017 state budget

B.Erdenechimeg

2017-04-14 15:56 GMT+8

State Great Khural of Mongolia approved amendments to the 2017 State budget, with proposed tax increases yesterday. Thus, it becomes clear that Mongolia to implement the “Extended Fund Facility” program with the IMF.

IMF was urging the Government to make amendments to the 2017 State budget and the country needed to be guaranteed to receive loans from donor countries and other international organizations. 

South Korea granted 500 million loans to Mongolia as well as Japanese Prime Minister Shinzo Abe announced to issue 850 million loans to our country. Moreover, Asian Development Bank and World Bank to officially announce the loan amount and condition next month. 

Therefore, the agreement is subject to the approval of the IMF Executive Board. The Board is expected to consider Mongolia's request within this month. 

IMF`s extended fund facility program:

  • Period: 3 years
  • Total loan amount: US$ 440 million
  • Interest rate: 2 percent
  • Loan expenditure: To reduce budget deficit, increase currency reserves and support commercial banks 
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