IMF Board delays discussing Mongolia`s issue


2017-09-14 10:50 GMT+8

ULAANBAATAR (GoGo Mongolia) - International Monetary Fund (IMF) announces to postpone discussing the Mongolia`s issue indefinitely due to the resignation of the Prime Minister J.Erdenebat and the government last week. 

Neil Saker, the IMF`s Resident Representative in Mongolia noted in his email that "IMF Board delayed the discussion of Mongolia`s issue indefinitely. After the establishment of the New Government, Board of Directors to discuss the economic opportunities and policy issues. IMF will be delighted to work with the new Prime Minister and the Government". 

According to the Law, the next Government must be appointed by the Parliament within 30 days. 

Meanwhile, the Central Bank of Mongolia has not provided an official statement regarding the issue.

The meeting of the IMF Board of Directors was scheduled in the last week of this month. At the meeting, BoDs were planned to evaluate the implementation of the Extended Fund Facility Program and to decide whether or not to provide the further funding.

Within the program, a total of $ 5.5 billion soft loan line has been extended while the Central Bank of Mongolia extended its $ 2.2 billion swap agreement with the People's Bank of China.

Moreover, The Asian Development Bank and the IMF transferred $ 100 million and $ 38.6 million respectively to the Central Bank of Mongolia`s account as a first quarter funding. 

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