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IMF 'rescue' team returning to Mongolia
11:23, 06 January 2017, 2093

AKIPRESS.COM - The team of experts from the International Monetary Fund (IMF) will return to Ulaanbaatar on January 20, reports news.mn.

During the visit, they will continue discussions with the Mongolian finance minister and other government officials.

The IMF 'rescue' team first arrived in Mongolia in October. This time they will focus on the reform programme which is so urgently needed by the Mongolian economy.

Mongolia has been struggling to control its budget deficit, honour its international payments and curb the severe depreciation of its national currency, the Tugrik, following the global commodity price rout.

Mongolian authorities requested a rescue loan from the IMF as it faces an escalating battle to plug the gap in its public finances.

This year, the Mongolian budget deficit plummeted to 20 per cent of GDP and currently faces around $2 billion in public and private debt in 2017.

Analysts have suggested various ways of to reducing the budget deficit and the need to stop long-term lending.

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