## Mongolia: 2011 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Mongolia

_IMF Staff Country Reports, March 30, 2011_

## Source details

**Canonical URL:** [Mongolia: 2011 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Mongolia](https://www.imf.org/en/publications/cr/issues/2016/12/31/mongolia-2011-article-iv-consultation-staff-report-staff-supplement-public-information-24755)

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## Bibliographic details
- Published: March 30, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455230136.002

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### Executive summary
- The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies.
- The ex post evaluation (EPE) of Mongolia’s experience is reviewed, with a focus on program design and implementation.
- Progress toward strengthening financial oversight and implementation of a financial sector assessment program are discussed.
- Deposit insurance was established to replace the blanket deposit guarantee.
- Structural reforms have improved.
- The authorities' intention to remain engaged with the IMF under post-program monitoring is outlined.

### Main findings (EPE focus)
- Program design and implementation were the focal points of the ex post evaluation (EPE).
- Mongolia’s vulnerability was driven by dependence on mineral exports and past procyclical macroeconomic policies.
- Financial oversight has been strengthened and a financial sector assessment program has been implemented.
- Deposit insurance replaced the previous blanket deposit guarantee.
- Structural reforms showed improvement during the reviewed period.
- Authorities intend to remain engaged with the IMF under post-program monitoring.

### Financial sector oversight and safeguards
- Progress toward strengthening financial oversight was reported.
- Implementation of a financial sector assessment program was undertaken.
- Deposit insurance was established to replace the blanket deposit guarantee.

### Policy implications and engagement
- Continued engagement with the IMF is planned under post-program monitoring by the authorities.
- Structural reforms are ongoing and have shown improvement, suggesting further policy follow-through is implied.

### Subjects and keywords
- Subjects:
  - Debt sustainability analysis
  - External debt
  - Inflation
  - PFM legal and regulatory frameworks
  - Prices
  - Public debt
  - Public financial management (PFM)
- Keywords:
  - CR
  - Debt sustainability analysis
  - GDP deflator
  - Global
  - IMF staff projection
  - Inflation
  - inflation data
  - inflation pressure
  - ISCR
  - PFM legal and regulatory frameworks
  - real GDP
  - U.S. dollar

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/mongolia-2011-article-iv-consultation-staff-report-staff-supplement-public-information-24755_