{
  "title": "Mongolia: 2009 Article IV Consultation, Third Review Under Stand-by Arrangement, and Request for Modification of Performance Criteria: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Mongolia",
  "publication": "IMF Staff Country Reports, February 24, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/mongolia-2009-article-iv-consultation-third-review-under-stand-by-arrangement-and-request-23650",
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  "summary": "This 2009 Article IV Consultation highlights that the global economic crisis and collapse in copper prices in 2008 hit the Mongolian economy hard.",
  "sections": [
    {
      "heading": "Summary and Key Findings",
      "content": "- The global economic crisis and collapse in copper prices in 2008 hit the Mongolian economy hard.\n- Loose macropolicies and a tightly managed exchange rate pursued during the preceding boom years made the economy particularly vulnerable.\n- The situation deteriorated markedly in early 2009.\n- The authorities are making progress toward restoring health to public finances.\n- Executive Directors supported the authorities’ policy priorities to:\n  - restore health to public finances,\n  - rebuild international reserves while maintaining a flexible exchange rate,\n  - bolster confidence in the banking system,\n  - protect the poor."
    },
    {
      "heading": "Economic Impact and Vulnerabilities",
      "content": "- Major shock: collapse in copper prices in 2008.\n- Policy stance before the crisis: loose macroeconomic policies combined with a tightly managed exchange rate.\n- Timing of deterioration: early 2009."
    },
    {
      "heading": "Policy Priorities and Recommendations",
      "content": "- Restore health to public finances.\n- Rebuild international reserves while maintaining a flexible exchange rate.\n- Bolster confidence in the banking system.\n- Protect the poor.\n\n---\n\n Content in this bundle\n\n- cr1052\n  - cr1052 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1052 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 24, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451827019.002",
    "The global economic crisis and collapse in copper prices in 2008 hit the Mongolian economy hard.",
    "Loose macropolicies and a tightly managed exchange rate pursued during the preceding boom years made the economy particularly vulnerable.",
    "The situation deteriorated markedly in early 2009.",
    "The authorities are making progress toward restoring health to public finances.",
    "Executive Directors supported the authorities’ policy priorities to:",
    "Major shock: collapse in copper prices in 2008.",
    "Policy stance before the crisis: loose macroeconomic policies combined with a tightly managed exchange rate.",
    "Timing of deterioration: early 2009.",
    "Restore health to public finances.",
    "Rebuild international reserves while maintaining a flexible exchange rate.",
    "Bolster confidence in the banking system.",
    "Protect the poor.",
    "**_cr1052**"
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