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IMF approves 6th loan facility

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After the government of Mongolia has retracted the banking conditions the IMF Executive Board on May 24th approves Mongolia’s 6th loan facility. [1]

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IMF and Mongolia agree upon a 6th loan facility

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The IMF agrees with Mongolia on a USD 434 million three year Extended Fund Facility (EFF), which is part of the larger USD 5.5 billion bailout package. This loan substantially increases Mongolian external debt [1], now estimated at USD 26 billion and more than twice its GDP of USD 11.2 billion. [2] As a condition for the loan, the government is required to implement budget reforms that include austerity measures, such as a wage freeze and personal income tax increase.[3] Government debt has ballooned from 30% of GDP in 2007 to over 90% in 2017.[4]

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World Bank provides mining support

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The World Bank provides Mongolia with a Mining Infrastructure Investment Support Project worth USD 25 million.[1] Read more

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World Bank Policy Development Credit

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Mongolia receives Development Policy credit worth USD 40 million, as a response to the economic downturn and the dramatic fall of commodity prices.[1]

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World Bank Mining project approved

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The 4th World Bank project is formally approved, after an Economic Policy Conference that is jointly organised by the World Bank and the government of Mongolia, and attended by the World Bank chief economist. This project is aimed at providing the mining sector with technical assistance, worth USD 9.3 million.

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Mongolia joins WTO and IMF loan facility agreed

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The third IMF loan facility is agreed upon after Mongolia joins the World Trade Organisation (WTO)[1]. Read more