IMF Staff Country Reports

Mongolia has benefited from a multi-year mining boom, strong growth, and decreasing external and fiscal vulnerabilities. Yet the economy remains exposed to commodity price shocks. Lower coal prices since early 2025 have already led to revenue shortfalls, and political pressures to raise expenditure are intense. The fiscal position is projected to deteriorate, given large public wage and pension increases, and non-mining tax cuts, reversing recent gains in reducing vulnerabilities. Political uncertainty and risks of policy slippages will likely increase ahead of the 2027–28 presidential and parliamentary elections.