Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release: Staff Report; and Statement by the Executive Director for Mongolia
IMF Staff Country Reports, May 31, 2017
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- Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release: Staff Report; and Statement by the Executive Director for Mongolia
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Bibliographic details
- Published: May 31, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484302354.002
Executive summary and outlook
- Highlights Mongolia’s promising longer-term prospects given its abundant natural resources.
- In recent years, the economy has faced substantial challenges, as external shocks and expansionary fiscal and monetary policies have compounded structural weaknesses.
- Mongolia remains heavily exposed to external shocks, given its export profile.
- A key challenge will be to avoid the boom-bust cycles of the past.
- Discussions with authorities have focused on:
- improving the fiscal framework and strengthening policy discipline;
- complementing these with structural reforms to boost diversification and competitiveness; and
- efforts to strengthen and better target the social safety net.
Major findings and vulnerabilities
- External shocks and expansionary fiscal and monetary policies have compounded structural weaknesses.
- Heavy exposure to external shocks is driven by Mongolia’s export profile.
- Risk of repeating past boom-bust cycles is a central concern for macroeconomic stability.
Policy recommendations and reform priorities
- Improve the fiscal framework.
- Strengthen policy discipline (fiscal and monetary).
- Pursue structural reforms to:
- boost diversification; and
- enhance competitiveness.
- Strengthen and better target the social safety net.
Thematic coverage (as listed)
- Banking
- Economic and financial statistics
- Environment
- External debt
- External sector statistics
- Government debt management
- Non-renewable resources
- Public debt
- Revenue administration
Keywords (as listed)
- Asia and Pacific
- CR
- debt service
- expansionary fiscal policy
- External sector statistics
- FDI foreign-exchange transaction
- financing
- General government debt data
- Global
- government
- ISCR
- Mongolia
- mortgage spending
- Non-renewable resources
- U.S. dollar
Source: Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release: Staff Report; and Statement by the Executive Director for Mongolia
Content in this bundle
- Country Report