Mongolia: 2015 Article IV Consultation—Staff Report; Press Release; and Statement by the Executive Director for Mongolia
IMF Staff Country Reports, April 30, 2015
Source details
- Canonical URL
- Mongolia: 2015 Article IV Consultation—Staff Report; Press Release; and Statement by the Executive Director for Mongolia
Other formats
Bibliographic details
- Published: April 30, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484346341.002
Summary
- Mongolia’s medium- to long-term prospects are promising given its large natural resources.
- In the near term, the country faces balance-of-payments (BOP) pressures due to low foreign direct investment, weak commodity prices, and expansionary macro policies.
- Imports have started to taper off.
- With the first phase of the Oyu Tolgoi copper and gold mine now in operation, exports have picked up.
- The trade balance has improved, but the overall BOP remains weak.
- Executive directors supported efforts to foster high, inclusive growth by improving the investment climate, enhancing competitiveness, and promoting economic diversification.
Key findings and indicators
- Balance-of-payments (BOP) pressures persist.
- Low foreign direct investment cited as a contributor to BOP weakness.
- Weak commodity prices cited as a contributor to BOP weakness.
- Expansionary macro policies cited as a contributor to BOP weakness.
- Imports: have started to taper off.
- Exports: have picked up following the first phase of the Oyu Tolgoi copper and gold mine becoming operational.
- Trade balance: improved.
- Overall BOP: remains weak.
Policy recommendations and executive directors’ stance
- Foster high, inclusive growth through:
- Improving the investment climate.
- Enhancing competitiveness.
- Promoting economic diversification.