Mongolia: Staff Report for the Third Review Under the Extended Fund Facility — Press Release; Staff Report; and Statement by the Executive Director for Mongolia

IMF Staff Country Reports, April 4, 2018

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Mongolia: Staff Report for the Third Review Under the Extended Fund Facility — Press Release; Staff Report; and Statement by the Executive Director for Mongolia

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Bibliographic details

• Published: April 4, 2018
• Series: IMF Staff Country Reports

Program performance and overall assessment

• Mongolia’s performance under the Extended Fund Facility program thus far has been strong.
• The authorities over-performed on all end-December 2017 quantitative targets.
• Performance on structural reforms has been mixed:
  • Some delays on structural benchmarks under the program.
  • Reversals of three fiscal measures considered during previous reviews.
• Given strong performance to date, continued improvement in the macro outlook, and still high public debt, the authorities committed to tightening the fiscal and reserve targets.

Macroeconomic outcomes and outlook

• Real GDP growth of 5.1 percent in 2017.
• The economy is recovering better than expected.
• The combination of strong policy implementation and a supportive external environment contributed to the outturn.

Fiscal policy, public debt, and reserves

• Authorities committed to tightening fiscal targets.
• Authorities committed to tightening reserve targets.
• Public debt remains characterized as still high (no numeric value provided in source text).

Structural reforms and implementation issues

• Mixed record on structural reforms:
  • Some structural benchmarks experienced delays.
  • Three fiscal measures that had been considered during previous reviews were reversed.

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• Country Report
  • Country Report (Markdown version)
  • Country Report (PDF)