{
  "title": "IMF Continues Discussions on the Sixth Review of Mongolia’s Extended Fund Facility",
  "publication": "IMF News, January 31, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff",
  "canonical": "https://www.imf.org/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff",
  "overlayPath": "/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/index.md",
  "summary": "An IMF staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar during January 28–30, 2019 to continue discussions on the sixth review of the three-year Extended Fund Facility (EFF) arrangement.",
  "publishDate": "2019-01-31",
  "sections": [
    {
      "heading": "Mission visit and program context",
      "content": "- An IMF staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar during January 28–30, 2019 to continue discussions on the sixth review of the three-year Extended Fund Facility (EFF) arrangement.\n- The EFF arrangement was approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million.\n- Follow-up discussions with the authorities will continue from IMF headquarters over the coming weeks."
    },
    {
      "heading": "Macroeconomic performance and policy stance",
      "content": "- Growth exceeded 6 percent in 2018.\n- The authorities’ commitment to discipline on public spending resulted in large over-performance on fiscal targets under the program.\n- To address signs of overheating and limit excessive domestic demand (which is a headwind on further international reserve accumulation), the Bank of Mongolia has:\n  - raised the policy interest rate, and\n  - introduced macro-prudential measures to rein in excessive credit growth.\n- The authorities stand ready to tighten further if necessary."
    },
    {
      "heading": "Banking system rehabilitation",
      "content": "- Rehabilitation of the banking system is described as a core part of the program.\n- IMF staff continue to work with the Bank of Mongolia on follow-up to the Asset Quality Review completed in 2017.\n- The authorities have committed to taking decisive actions regarding the recapitalization or resolution of under-capitalized banks before the next IMF Executive Board meeting on the sixth review."
    },
    {
      "heading": "Statements and acknowledgments",
      "content": "- At the conclusion of the visit, Mr. Gottlieb stated:\n  - “The economy continues its recovery, with growth exceeding 6 percent in 2018, amid supportive external conditions and sharply rising domestic demand.”\n  - “The rehabilitation of the banking system is a core part of the program.”\n  - “The team thanks the authorities for their cooperation, constructive dialogue, and hospitality during its stay in Mongolia.”"
    },
    {
      "heading": "Contact (IMF Communications Department)",
      "content": "- MEDIA RELATIONS\n- PRESS OFFICER: Ting Yan\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org"
    },
    {
      "heading": "Key numeric details",
      "content": "- Mission dates: January 28–30, 2019\n- Press Release No.: 19/16\n- EFF amount: SDR314.5054 million\n- EFF equivalent: about US$434.3 million\n- Footnote conversion detail: the dollar amount is calculated based on the SDR-dollar rate of May 24, 2017, equivalent to $425mn at SDR-dollar rate of 1.35274 as of February 27, 2017\n- Growth in 2018: exceeding 6 percent\n\nPress Release No. 19/16, January 31, 2019 — International Monetary Fund\n\n---\n\n Content in this bundle\n\n- Pr1916m (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Mongolia and the IMF\n- Press Releases\n- PRESS CENTER\n- sixth review\n- Press Release No. 17/193\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/index.md)",
    "[Structured JSON version](/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/index.json)",
    "[Bundle manifest](/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/bundle-manifest.json)",
    "Published: January 31, 2019",
    "An IMF staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar during January 28–30, 2019 to continue discussions on the sixth review of the three-year Extended Fund Facility (EFF) arrangement.",
    "The EFF arrangement was approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million.",
    "Follow-up discussions with the authorities will continue from IMF headquarters over the coming weeks.",
    "Growth exceeded 6 percent in 2018.",
    "The authorities’ commitment to discipline on public spending resulted in large over-performance on fiscal targets under the program.",
    "To address signs of overheating and limit excessive domestic demand (which is a headwind on further international reserve accumulation), the Bank of Mongolia has:",
    "The authorities stand ready to tighten further if necessary.",
    "Rehabilitation of the banking system is described as a core part of the program.",
    "IMF staff continue to work with the Bank of Mongolia on follow-up to the Asset Quality Review completed in 2017.",
    "The authorities have committed to taking decisive actions regarding the recapitalization or resolution of under-capitalized banks before the next IMF Executive Board meeting on the sixth review.",
    "At the conclusion of the visit, Mr. Gottlieb stated:",
    "MEDIA RELATIONS",
    "PRESS OFFICER: Ting Yan",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "Mission dates: January 28–30, 2019",
    "Press Release No.: 19/16",
    "EFF amount: SDR314.5054 million",
    "EFF equivalent: about US$434.3 million",
    "Footnote conversion detail: the dollar amount is calculated based on the SDR-dollar rate of May 24, 2017, equivalent to $425mn at SDR-dollar rate of 1.35274 as of February 27, 2017",
    "Growth in 2018: exceeding 6 percent",
    "[Pr1916m (PDF)](/external/lang/mongolian/np/sec/pr/2019/pr1916m.pdf){rel=\"external\" type=\"application/pdf\"}",
    "[Mongolia and the IMF](http://www.imf.org/external/country/MNG/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[sixth review](https://www.imf.org/en/News/Articles/2018/11/21/pr18436-imf-reaches-staff-level-agreement-on-the-sixth-review-of-mongolias-extended-fund-facility)",
    "[Press Release No. 17/193](https://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)"
  ],
  "related": [
    {
      "title": "Pr1916m",
      "role": "document",
      "sourceUrl": "http://www.imf.org/external/lang/mongolian/np/sec/pr/2019/pr1916m.pdf",
      "binary": {
        "path": "/external/lang/mongolian/np/sec/pr/2019/pr1916m.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/index.md",
    "json": "/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/index.json",
    "bundleManifest": "/en/news/articles/2019/01/31/pr1916-imf-continues-discussions-on-6th-review-of-mongolia-eff/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-25T22:29:45.129Z"
}