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EXTENDED FUND FACILITY PROGRAM FOR MONGOLIA

EXTENDED FUND FACILITY PROGRAM FOR MONGOLIA
26
May

EXTENDED FUND FACILITY PROGRAM FOR MONGOLIA

The International Monetary Fund approved the Extended Fund Facility program for Mongolia. The central bank of Mongolia reported that USD 38.6 million, an initial funding of the program, has been funded to Bank of M to increase foreign-exchange reserves. Within the framework of the program, a total of USD 5.5 billion will be financed by international organizations, including IMF, World Bank, Asian Development Bank and JICA, as well as some countries which have bilateral ties to Mongolia, such as Japan, China and the Republic of Korea. 

The program will provide positive results in the economy such as price stability, increased foreign-exchange reserves to about USD 4 billion, stabilized exchange rate of MNT against foreign currencies, proper foreign debt structures and debt sustainability.