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10:26, 20 March 2017

IMF says they will remain patient with Mongolia despite setbacks

AKIPRESS.COM - Through their Resident Representative Office in Ulaanbaatar, the International Monetary Fund (IMF) stated that they will remain patient despite the postponement of Parliament’s discussion of the budget amendments required for enrollment in its extended fund facility (EFF) program, reports The UB Post.

The foreign financiers of Mongolia’s overall relief package have not yet verified their commitments. Asian Development Bank (ADB), World Bank, and the governments of Japan and South Korea have committed to providing budget and project support as part of the IMF’s staff-level EFF agreement. This package, coupled with a currency swap agreement between the central banks of Mongolia and China, make up a $5.5 billion financial package.

Mongolia needs to have a minimum financial commitment of $3 billion in order to enroll in the EFF. Reports indicate that the ADB is already in the process of discussing the financial commitment at their headquarters in Manila.

Even though World Bank has committed to contributing to the financial package, it is not clear how much will be offered and under what terms it will be provided.


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