ULAN BATOR, June 28 (Xinhua) -- Deputy Managing Director of the International Monetary Fund (IMF) Tao Zhang said Wednesday that Mongolia is making good progress under the Fund-supported program.
"All end-March 2018 quantitative targets under the program were met. Fiscal accounts showed robust performance posting a primary surplus, mainly reflecting a sharp increase in revenue. Meanwhile, international reserves have more than doubled since the start of the program," he said.
The IMF Executive Board completed the fourth review of Mongolia's performance under the program supported by a three-year extended arrangement under the Extended Fund Facility (EFF).
In this regard, the IMF will soon allocate Mongolia the fourth tranche in the amount of 36.91 million U.S. dollars.
The executive board approved the three-year bailout program for Mongolia in May 2017 to help the Mongolian government's economic recovery plan and focus on building foreign exchange reserves, putting debt on a sustainable path, strengthening the banking sector, and securing stable, inclusive growth over the long run.
Under the cooperation program, the landlocked East Asian country has received 184.55 million dollars from the global lender, which helped its economy avoid collapse during the crisis.
