Mongolia: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Mongolia
IMF Staff Country Reports, June 16, 2020
Source details
- Canonical URL
- Mongolia: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Mongolia
Other formats
Bibliographic details
- Published: June 16, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513547893.002
Context and purpose
- Publication date: June 16, 2020
- This paper discusses Mongolia’s Request for Purchase Under the Rapid Financing Instrument (RFI).
- The coronavirus disease 2019 pandemic has taken a large toll on economic activity in Mongolia, giving rise to urgent budget and balance of payments needs.
Measures taken by Mongolian authorities
- Recent revisions to the budget allow for higher health and social spending.
- Tax relief measures for affected households and businesses.
- The Bank of Mongolia has eased monetary and financial policies to help prevent a disorderly contraction in bank lending to the private sector.
Role of IMF RFI and financing implications
- Emergency financing under the IMF’s RFI will provide much needed support to respond to the urgent balance of payments and budgetary needs.
- Additional assistance from development partners will be required to support the authorities’ efforts and close the financing gap.
Governance and transparency
- The authorities’ commitment to high standards of transparency and governance in the management of financial assistance is welcome.
Subjects and keywords
- Subject: Capital spending, COVID-19, Expenditure, Exports, Fiscal policy, Fiscal stance, Health, Health care spending, International trade, Public debt, Revenue administration
- Keywords: authority, Capital spending, containment measure, COVID-19, CR, Exports, financing, financing gap, Fiscal stance, fund support, Global, ISCR, Mongolia's request, Mongolian authorities, support
Content in this bundle
- Executive Summary