Jul 17, 2018

JICA signed Capacity Development Project for Air Pollution Control in Ulaanbaatar City

JICA signed Capacity Development Project for Air Pollution Control in ...
May 29, 2018

Mongolian women in late of the 19th century

In scoop of International Women’s day we present Mongolian women’s pictures ...
Jun 4, 2018

Meet the woman creating jobs in Mongolia to beat plastic pollution

As we roamed through the “ger district” in Yaarmag, I noticed the unusual ...
May 22, 2018

HUMAN DEVELOPMENT ISSUES ADDRESSED AT ECONOMIC FORUM

Ulaanbaatar /MONTSAME/ The Mongolia Economic Forum 2018 (MEF) is being held for ...
Jun 15, 2018

Cabinet supports a loan agreement for a solid-waste recycling plant

On June 13, Cabinet approved the submission to Parliament of a bill on ...
May 29, 2018

369 STUDENTS STUDYING IN JAPAN

Ulaanbaatar /MONTSAME/ A ‘Higher Engineering Education Development Project’ ...
May 22, 2018

Musical Interactions between Humans, Animals, and Others in Mongolia

ACMS SPEAKER SERIES On Wooden Horses: Musical Interactions between ...
Jun 19, 2018

Ecosystem-based Adaptation Approach to Maintaining Water Security in Critical Water Catchments in Mongolia

Mongolia is highly vulnerable to climate change due to its geographical ...
Jul 9, 2018

One-stop information center to be set up for foreign-invested companies

On July 4, the Trade and Investment Cooperation Forum 2018 between Mongolia and ...
May 22, 2018

TURKISH EMBASSY ORGANIZING EVENT TO SUPPORT LOW-INCOME WOMEN

Ulaanbaatar /MONTSAME/ At the initiative of Turkish Ambassador to Mongolia ...
May 29, 2018

MP D.TERBISHDAGVA ASKS SUPPORT TO IMPLEMENT 'DILIGENT MONGOLIANS’ PROGRAM

Ulaanbaatar /MONTSAME/ On May 28, Chairman of Mongolian-German Parliamentary ...
Jul 3, 2018

Mongolia’s Sustainable Development Goals consultation to be held

On June 26, a national consultation on Mongolia’s Sustainable Development Goals ...
May 29, 2018

Parliament approves 2020-2021 Budget Assumption

At its regular session last Friday, the Parliament approved the 2019 Budget ...
May 22, 2018

Mongolian Innovation Week 2018 kicks off

The Ministry of Education, Culture, Science and Sports is hosting the fourth ...
May 29, 2018

Sharp Corporation to build a solar power plant in Mongolia

Japanese electronics giant Sharp Corporation plans to build a 20 MW solar power ...
Jul 13, 2018

MNB World Presents Naadam Festival

  MNB World Presents Naadam Festival
Jul 3, 2018

Oil refinery project construction launches in Dornogobi

An oil refinery project launched construction in Altanshiree soum of Dornogobi ...
May 22, 2018

Mongolia’s fruit production covers only 1.5 percent of domestic demand

After having commissioned the Elbeg Urgats greenhouse farm in 2012, Munkh ...
May 29, 2018

EBRD and EU improve waste management in Ulaanbaatar

The EBRD is providing a US$ 9.7 million loan (€7.9 million equivalent) to ...
May 22, 2018

GOVERNMENT TO SUPPORT COMPANIES FOR USING RECYCLED WATER

Ulaanbaatar /MONTSAME/. Minister of Environment, Green Development and Tourism ...
May 22, 2018

Statement of UN's Special Rapporteur John H. Knox

Today, I would like to share some preliminary observations from my mission to ...
Jul 9, 2018

“Culture Naadam” festival at Hui Doloon Hudag

For its 11th year, The Culture Naadam will bring new festive spirit to the ...
May 29, 2018

The future of Mongolian fine arts

By Lucy Thompson A joint exhibition by the graduates of the Mongolian School ...
May 22, 2018

President Battulga receives chairman of government of Russian Tuva republic

President of Mongolia Khaltmaagiin Battulga received today Mr. Sholban ...
Jul 17, 2018

Mongolia produces 170-200 tons of honey annually

On July 6, the Ministry of Food, Agriculture and Light Industry held an ...

IMF Reaches Staff‐Level Agreement on the Fourth Review

End‐of‐Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

  • Driven by strong external demand, Mongolia’s economy continues to recover; key macroeconomic goals, including to reduce the fiscal deficit and boost international reserves, have been achieved. 
  • This progress notwithstanding, risks to the program remain, including lower external demand for commodities, a slowdown in structural reforms, rising domestic spending pressures, and adverse changes to the investment climate. 
  • To safeguard the program’s continued success, the focus should remain on strengthening the banking system, ensuring a prudent fiscal policy, remaining vigilant against inflation, building foreign exchange buffers, and improving public financial management. 

An International Monetary Fund (IMF) staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar from May 2‐17, 2018 to conduct discussions on the fourth review of the threeyear Extended Fund Facility (EFF) arrangement approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million [1] (see Press Release No. 17/193 ). 

At the conclusion of the visit, Mr. Gottlieb made the following statement: 

“Macro‐economic performance under the program remains positive, with all quantitative targets met. Fiscal results in the first quarter of 2018 have been much better than expected with a 21‐percent improvement in revenues. Net international reserves improved by $200 million over the same period. 

“On fiscal policy, the authorities’ program for 2018 envisages continued budgetary restraint and strengthening tax administration. In addition, the authorities are taking concrete steps to improve public financial management particularly with respect to concessions, public investment projects, and the operations of the Development Bank of Mongolia. 

2

“In the financial sector, the authorities are moving ahead with the strengthening of the banking system as part of the follow‐up to the recently completed Asset Quality Review. Banks that are undercapitalized will have until end‐December to raise capital. A law that sets out, under appropriate conditions, when public funds can be used to stabilize banks is expected to be passed shortly. The authorities are also moving ahead with reforms that will allow for more rapid NPL resolution and strengthening banks’ balance sheets. 

“The authorities are committed to maintaining a monetary policy stance that is vigilant against inflation and supporting further strengthening in the balance of payments. It is critical to maintain progress in building reserves to help insulate the economy from external shocks. Sound macro‐economic policies accompanied with structural reforms of the banking system will help durably reduce interest rates. 

“The authorities and the mission have reached staff‐level agreement on the completion of the fourth review under the EFF arrangement, which is subject to the approval of the IMF Executive Board. 

“The team thanks the authorities for their cooperation, constructive dialogue, and hospitality during its stay in Mongolia.” 

[1] The dollar amount is calculated based on the SDR‐dollar rate of May 24, 2017, equivalent to $425mn at SDR‐dollar rate of 1.35274 as of February 27, 2017. 

Унаган байгалиа хамгаалъя ???️?️♻️✅ Saving environment - saving homes ШЭЙРЛЭЭРЭЙ ============================= Эх дэлхий байгалиа хамтдаа хамгаалцгаая ============================

Read 37 times
Login to post comments

Shop. Connect. Enjoy

Buy Your Vitamins

Photos

Top
We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…