## Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, October 4, 2023_

## Source details

**Canonical URL:** [Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108)

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## Bibliographic details
- Published: October 4, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400255519.002

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### Growth and external position
- Growth rebounded to 5.0 percent in 2022.
- External position stabilized driven by:
  - China’s reopening,
  - the government’s determined efforts to boost exports,
  - private sector financing inflows.
- The procyclical fiscal stimulus from the supplementary budget will lift near term growth and inflation.
- The growth boost from the stimulus is expected to fade from 2024 onward as higher inflation and external pressures begin to weigh on the non-mining sector.

### Fiscal policy, risks, and the need for consolidation
- The supplementary budget’s procyclical stimulus increases macroeconomic stability risks.
- Fiscal consolidation and adherence to fiscal rules are critical to ensure macroeconomic stability.
- Recommended consolidation measures include:
  - contain the wage bill,
  - prioritize public investment,
  - increase progressivity in personal income taxes,
  - introduce means-tested social assistance targeting,
  - continued improvements in public investment management and tax and customs administration.

### External buffers and resilience
- External buffers should be strengthened to build resilience to external shocks.

### Medium-term development agenda
- A comprehensive development agenda is needed to reduce medium-term vulnerabilities.

### Publication and metadata highlights
- Publication date: October 4, 2023
- Pages: 109
- Issue: 348
- Series: Country Report No. 2023/348
- DOI: https://doi.org/10.5089/9798400255519.002
- ISBN: 9798400255519
- Subjects: Commercial banks; Environment; Financial institutions; Fiscal policy; Inflation; International organization; Monetary policy; Non-renewable resources; Prices; Public debt
- Keywords: Asia and Pacific; Commercial banks; fund staff; Global; IMF expert; IMF staff calculation; IMF TA; Inflation; market segmentation; Non-renewable resources; swap line

*International Monetary Fund. Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report (Country Report No. 2023/348), October 4, 2023.*

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_Source: https://www.imf.org/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108_