ULAANBAATAR (GoGo Mongolia) - International Monetary Fund`s Extended Fund Facility Program is being implemented in Mongolia from April to overcome the economic crises.
IMF team for the first review of the EFF concluded that the program has made a very good start. Now the team of IMF to visit Ulaanbaatar, Mongolia next week for a second review of the program. During the visit, the IMF team will reassess the economy and decide whether the program to enter the next stage.
During the press conference on the IMF's Asia and Pacific Regional Economic Outlook Update, Mr. Markus RODLAUER, IMF`s Deputy Director, Asia and Pacific Department said:
"On Mongolia, the program started in April and has made a very good start. Actually, you've seen the growth numbers. Growth is up. The balance of payments has stabilized and the fiscal also. The budget is doing quite well, on the revenue side particularly.
Now, with the recent change of government, there has been some interruption in the reform process, obviously, as the new government was being formed. We understand that a new government is now in place. We have had initial discussions with the prime minister. That was very encouraging because he expressed strong support for the program. I think it also was a good restart of our engagement.
If there's one key message we would give to the new authorities is that a good start has been made, but by far the end is far down the road. Some of these improvements we have seen in the economy are because of external factors, strong global growth, exports are doing well, (inaudible) to China, prices of commodities. These can be temporary, but more importantly, the problems in Mongolia are deep
This is exactly why we have a three-year program, an EFF arrangement with Mongolia. So, there's no time now to be complacent. In the opposite, we need to get going again and keep implementing the program. The authorities are here this week. We will have discussions with them tomorrow and over the weakened, and we hope that on the basis of that we can very soon field a mission that will visit Ulaanbaatar and Mongolia to reassess the economy".
Under the program, USD 440 million from the IMF and 5.5 billion USD from member countries are being provided.
ULAANBAATAR (GoGo Mongolia) - International Monetary Fund`s Extended Fund Facility Program is being implemented in Mongolia from April to overcome the economic crises.
IMF team for the first review of the EFF concluded that the program has made a very good start. Now the team of IMF to visit Ulaanbaatar, Mongolia next week for a second review of the program. During the visit, the IMF team will reassess the economy and decide whether the program to enter the next stage.
During the press conference on the IMF's Asia and Pacific Regional Economic Outlook Update, Mr. Markus RODLAUER, IMF`s Deputy Director, Asia and Pacific Department said:
"On Mongolia, the program started in April and has made a very good start. Actually, you've seen the growth numbers. Growth is up. The balance of payments has stabilized and the fiscal also. The budget is doing quite well, on the revenue side particularly.
Now, with the recent change of government, there has been some interruption in the reform process, obviously, as the new government was being formed. We understand that a new government is now in place. We have had initial discussions with the prime minister. That was very encouraging because he expressed strong support for the program. I think it also was a good restart of our engagement.
If there's one key message we would give to the new authorities is that a good start has been made, but by far the end is far down the road. Some of these improvements we have seen in the economy are because of external factors, strong global growth, exports are doing well, (inaudible) to China, prices of commodities. These can be temporary, but more importantly, the problems in Mongolia are deep
This is exactly why we have a three-year program, an EFF arrangement with Mongolia. So, there's no time now to be complacent. In the opposite, we need to get going again and keep implementing the program. The authorities are here this week. We will have discussions with them tomorrow and over the weakened, and we hope that on the basis of that we can very soon field a mission that will visit Ulaanbaatar and Mongolia to reassess the economy".
Under the program, USD 440 million from the IMF and 5.5 billion USD from member countries are being provided.