{
  "title": "Mongolia: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mongolia",
  "publication": "IMF Staff Country Reports, September 17, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/09/17/mongolia-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-48680",
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  "summary": "This 2019 Article IV Consultation with Mongolia discusses that economy growth accelerated to 8.6 percent in the first quarter of 2019, over fiscal balance turned into surplus in 2018, and gross international reserves have increased by $2 1/2 billion since 2016.",
  "sections": [
    {
      "heading": "Economic performance and recent developments",
      "content": "- Economy growth accelerated to 8.6 percent in the first quarter of 2019.\n- Overall fiscal balance turned into surplus in 2018.\n- Gross international reserves have increased by $2 1/2 billion since 2016.\n- The recovery stems from a stronger policy framework, significant official financing and a rebound in external demand."
    },
    {
      "heading": "Structural reforms and governance",
      "content": "- Structural reforms progressed in several key areas:\n  - The budget process is more resilient to political pressure.\n  - Quasi-fiscal activities were curtailed.\n- To achieve sustainable and inclusive growth, it is necessary to advance reform efforts by:\n  - Strengthening the rule-based fiscal policy framework.\n  - Ensuring financial sector soundness.\n  - Improving governance."
    },
    {
      "heading": "Vulnerabilities and financial sector concerns",
      "content": "- Mongolia remains vulnerable to external shocks given:\n  - High debt levels.\n  - The economy’s dependence on mineral exports.\n- Financial sector risks include:\n  - Still inadequate capital buffers at some banks.\n  - Overindebted households that could amplify a slowdown into financial instability."
    },
    {
      "heading": "Risks and downside scenarios",
      "content": "- Risks are tilted toward the downside in the near term.\n- Specific shock scenarios noted:\n  - Shocks to mineral demand can lead to sharp fall in exports, weakening growth outlook and fiscal accounts.\n  - A slowdown in growth could trigger financial instability given the identified banking and household vulnerabilities.\n\n---\n\n Content in this bundle\n\n- 1mngea2019001\n  - 1mngea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mngea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 17, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513514161.002",
    "Economy growth accelerated to 8.6 percent in the first quarter of 2019.",
    "Overall fiscal balance turned into surplus in 2018.",
    "Gross international reserves have increased by $2 1/2 billion since 2016.",
    "The recovery stems from a stronger policy framework, significant official financing and a rebound in external demand.",
    "Structural reforms progressed in several key areas:",
    "To achieve sustainable and inclusive growth, it is necessary to advance reform efforts by:",
    "Mongolia remains vulnerable to external shocks given:",
    "Financial sector risks include:",
    "Risks are tilted toward the downside in the near term.",
    "Specific shock scenarios noted:",
    "**1mngea2019001**"
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