[ULAANBAATAR, Mongolia] The International Monetary Fund (IMF) Staff Team visited Ulaanbaatar to conduct the fifth review of Mongolia’s performance under a program supported by a $434 million three- year Extended Fund Facility (EFF). It is part of a quarterly review process designed to ensure Mongolia’s reforms remain on track. The delegation met Mr. Erdembileg Ochirkhuu, First Deputy Governor of Bank of Mongolia, and discussed about the program implementation, the short- term inflation, the results of the banking sector and further measures to be taken. The Staff Team will be in Mongolia for two weeks.

Mongolia agreed in 2017 to the arrangement, which is part of a $5.5 billion IMF- led bailout package that supports the country’s Economic Recovery Plan. The Economic Recovery Program aims to stabilize the economy, reduce the fiscal deficit and debt, rebuild foreign exchange reserves and promote sustainable and inclusive growth.

Last June, Mongolia has received the fourth tranche of funding from the IMF, worth $36.91 million. IMF concluded that Mongolia’s performance under the program remains strong. After growth of 5.1 percent in 2017, Mongolia’s economy accelerated further in the first quarter of 2018, rising 6.1 percent y.o.y., helped by a strong construction sector. IMF has predicted that Mongolia’s GDP growth will reach 6.3 percent next year.