## Mongolia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mongolia

_IMF Staff Country Reports, November 29, 2021_

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## Bibliographic details
- Published: November 29, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781616355937.002

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### Summary findings and macroeconomic outlook
- A strong export-led recovery is underway.
- The export-led recovery began in mid-2020 and is gathering steam due to booming prices for Mongolia’s exports.
- Despite early actions and a successful vaccination campaign, the pandemic is lingering in Mongolia as positivity rates remain high and borders largely closed.
- Domestic demand, labor markets and the business sector remain weak.
- Policies were appropriately supportive during the pandemic.

### Fiscal, quasi-fiscal, and financial developments and vulnerabilities
- Large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures legislated by Parliament have heightened macrofinancial vulnerabilities.
- Public debt has sharply increased.
- Bank balance sheets have further weakened.
- The Bank of Mongolia’s (BOM) operational independence has been compromised.

### External position and buffers
- External and fiscal buffers have been built.
- The 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota) contributed to building buffers.
- The rollover of large external liabilities has increased policy space.

### Publication and metadata
- Pages: 115
- Volume: 2021
- Issue: 251
- Series: Country Report No. 2021/251
- DOI: https://doi.org/10.5089/9781616355937.002
- Stock No: 1MNGEA2021001
- ISBN: 9781616355937
- ISSN: 1934-7685
- Publication date shown: November 29, 2021
- Subjects: COVID-19, Economic and financial statistics, Exports, External sector statistics, Fiscal policy, Health, International organization, International trade, Monetary policy, Public debt
- Keywords: banking sector ownership, banking sector reform, Central Asia, COVID-19, Exports, External sector statistics, General government debt data, Global, IMF SDR allocation, policy support

*International Monetary Fund. Mongolia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mongolia, IMF Staff Country Reports 2021, 251 (2021).*

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_Source: https://www.imf.org/en/publications/cr/issues/2021/11/29/mongolia-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-510086_