IMF delays Mongolia`s request on Extended Fund Facility Program

B.Erdenechimeg

2017-05-01 09:58 GMT+8

The board of International Monetary Fund held a meeting on Apr 28th. However, IMF delayed Mongolia`s request on Extended Fund Facility Program. 

IMF office in Mongolia explained that it was delayed due to the Parliament`s resolution linked to the approval of state budget 2017 which states major companies such as Oyu Tolgoi LLC to transfer their all payments and transactions through banks only operating in Mongolia. 

IMF noted to consider Mongolia`s request after studying the resolution whether it violated the law on investment and harmful to investors. 

Delegations led by the Minister of Finance B.Choijilsuren, the President of Bank of Mongolia N.Bayartsaihan attended IMF`s spring meeting that was held in Washington DC, USA on Apr 18th. 

At the meeting, Mongolian delegations met Managing Director of IMF Ms. Christine Lagarde and World Bank Group President Jim Kim and introduced Mongolia's socio-economic situation as well as expressed Mongolia`s request on Extended Fund Facility Program. Meanwhile, they have given the recommendation to review the resolution approved by the Parliament. 

Delay of the IMF`s Extended Fund Facility Program may draw back the large loans that will be granted from the World Bank, Japanese Government and the Asian Development Bank. 

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