{
  "title": "IMF Executive Board Completes Third Review under the Extended Arrangement for Mongolia and Approves US$ 30.55 Million Disbursement",
  "publication": "IMF News, March 28, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/03/28/pr18113-imf-executive-board-completes-third-review-under-the-extended-arrangement-for-mongolia",
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  "summary": "The Executive Board completed the third review of Mongolia’s performance under a three-year extended arrangement under the Extended Fund Facility (EFF) on March 28, 2018.",
  "publishDate": "2018-03-28",
  "sections": [
    {
      "heading": "Key outcomes and disbursement",
      "content": "- The Executive Board completed the third review of Mongolia’s performance under a three-year extended arrangement under the Extended Fund Facility (EFF) on March 28, 2018.\n- Completion of the review enables Mongolia to draw the equivalent of SDR 20.9598 million (about US$ 30.55 million).\n- Total disbursements under the arrangement to date amount to SDR 104.8278 million (about US$ 152.79 million)."
    },
    {
      "heading": "Economic performance and fiscal developments",
      "content": "- Real GDP growth was 5.1 percent in 2017.\n- There was a significant improvement in the fiscal balance of 15 percentage points of GDP.\n- All end-December 2017 quantitative targets under the program were met.\n- Fiscal results outperformed expectations, driven by expenditure restraint and a strong recovery in mining-related revenues."
    },
    {
      "heading": "Reserves and external financing",
      "content": "- Official foreign exchange reserves more than doubled over 2017.\n- Reserve recovery reflected a jump in coal exports, capital inflows, and disbursements under the external financing package from donors and the IMF.\n- External financing costs continued to fall, with external bonds maturing in 2018 rolled over at lower interest rates."
    },
    {
      "heading": "Structural reforms and program implementation",
      "content": "- Performance on structural reforms has been mixed: some delays on structural benchmarks and reversals of three fiscal measures considered during previous reviews.\n- Authorities are pursuing ambitious structural reforms to:\n  - sustain medium-term growth,\n  - promote competitiveness and diversification,\n  - mitigate the boom-bust cycle.\n- Financial sector measures: rehabilitation and strengthening of the banking system underway, building on a recently completed comprehensive Asset Quality Review and several new laws passed by Parliament.\n- Fiscal measures: authorities remain committed to the strengthened path of adjustment with continued spending restraint and efforts to sustain strong revenue performance; focus on improving the quality of tax administration with IMF technical assistance."
    },
    {
      "heading": "Risks and policy recommendations (IMF statements)",
      "content": "- With debt still high and the economy exposed to global commodity developments, it is critical that the authorities maintain their strong commitment to the program.\n- Firm program implementation is needed to sustain the cycle of recovering growth, improving confidence, rising reserves, falling debt, and strong donor support.\n- Sustaining reform momentum in the financial sector and improving tax administration are highlighted as critical priorities."
    },
    {
      "heading": "Program size and background",
      "content": "- Mongolia’s three-year extended arrangement was approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million, or about US$434.3 million at the time of approval of the arrangement.\n- Note on valuation: the dollar amount is calculated based on the SDR-dollar rate of May 24, 2017; an alternate figure cited is $425mn at an SDR-dollar rate of 1.35274 as of February 27, 2017.\n\nIMF Press Release No. 18/113, March 28, 2018.\n\n---\n\n Content in this bundle\n\n- Pr18113m (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- Mongolia and the IMF\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- Press Release No. 17/193\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/03/28/pr18113-imf-executive-board-completes-third-review-under-the-extended-arrangement-for-mongolia"
    }
  ],
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    "Published: March 28, 2018",
    "The Executive Board completed the third review of Mongolia’s performance under a three-year extended arrangement under the Extended Fund Facility (EFF) on March 28, 2018.",
    "Completion of the review enables Mongolia to draw the equivalent of SDR 20.9598 million (about US$ 30.55 million).",
    "Total disbursements under the arrangement to date amount to SDR 104.8278 million (about US$ 152.79 million).",
    "Real GDP growth was 5.1 percent in 2017.",
    "There was a significant improvement in the fiscal balance of 15 percentage points of GDP.",
    "All end-December 2017 quantitative targets under the program were met.",
    "Fiscal results outperformed expectations, driven by expenditure restraint and a strong recovery in mining-related revenues.",
    "Official foreign exchange reserves more than doubled over 2017.",
    "Reserve recovery reflected a jump in coal exports, capital inflows, and disbursements under the external financing package from donors and the IMF.",
    "External financing costs continued to fall, with external bonds maturing in 2018 rolled over at lower interest rates.",
    "Performance on structural reforms has been mixed: some delays on structural benchmarks and reversals of three fiscal measures considered during previous reviews.",
    "Authorities are pursuing ambitious structural reforms to:",
    "Financial sector measures: rehabilitation and strengthening of the banking system underway, building on a recently completed comprehensive Asset Quality Review and several new laws passed by Parliament.",
    "Fiscal measures: authorities remain committed to the strengthened path of adjustment with continued spending restraint and efforts to sustain strong revenue performance; focus on improving the quality of tax administration with IMF technical assistance.",
    "With debt still high and the economy exposed to global commodity developments, it is critical that the authorities maintain their strong commitment to the program.",
    "Firm program implementation is needed to sustain the cycle of recovering growth, improving confidence, rising reserves, falling debt, and strong donor support.",
    "Sustaining reform momentum in the financial sector and improving tax administration are highlighted as critical priorities.",
    "Mongolia’s three-year extended arrangement was approved on May 24, 2017, in an amount equivalent to SDR 314.5054 million, or about US$434.3 million at the time of approval of the arrangement.",
    "Note on valuation: the dollar amount is calculated based on the SDR-dollar rate of May 24, 2017; an alternate figure cited is $425mn at an SDR-dollar rate of 1.35274 as of February 27, 2017.",
    "[Pr18113m (PDF)](/external/lang/mongolian/np/sec/pr/2018/pr18113m.pdf){rel=\"external\" type=\"application/pdf\"}",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Mongolia and the IMF](http://www.imf.org/external/country/MNG/index.htm)",
    "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 17/193](http://www.imf.org/en/News/Articles/2017/05/24/17193-imf-executive-board-approves-financial-arrangement-for-mongolia)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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