ID :
492955
Mon, 05/21/2018 - 13:21
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IMF STAFF TEAM MAKES FOURTH REVIEW

Ulaanbaatar /MONTSAME/ The International Monetary Fund made its fourth review of the three-year Extended Fund Facility Program in Mongolia and reached staff level agreement. IMF’s staff team led by Geoff Gottlieb made a statement on preliminary findings after the team visit on May 2-17. The statement says that Mongolia’s economic recovery is keeping up depending on much demand of export of raw materials. Key targets of macro economy such as declining budget deficit and increasing offcial foreign exchange reserves have been successfully achieved. It is crucial to keeping attention on strengthening the banking system, maintaining prudent budget policy as well as building foreign exchange reserves and improving budget and financial management. Initially IMF agreed to grant a loan in amount equivalent to SDR 314.5054 million or about USD 434.3 million. "Macro-economic performance under the program has been positive, with all quantitative targets met. Budget results have been improved than expected in the first quarter of 2018, up by 21 percent in revenue and official foreign exchange reserves increased by USD 200 million. The authorities are carrying out works to strengthen the banking system. Combining proper macro-economic policy with the banking system reform will lead to reduction of interest rate gradually. The authorities and the team reached staff-level agreement on the completion of the fourth review and it will be approved by the IMF Executive Board," Mr.Geoff Gottlieb said. B.Batchimeg

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