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IMF demands Mongolia to cut budget
13:49, 11 February 2017, 5759

AKIPRESS.COM - The ‘rescue team’ from the International Monetary Fund (IMF) arrived in Mongolia last week for its second visit and has carried out discussions on the government bailout programme with officials.

However, the two sides could not agree on some tough decisions, reports news.mn.

Mongolian officials consider that demands by IMF are too harsh. The Finance Minister of Mongolia returned from his third visit in USA on February 9 to discuss the IMF Rescue Team's requirements.

According to sources, the IMF has demanded that Mongolia cuts its budget and further reduces the government structure.

A current government, which came to power last summer, is already implementing the IMF's austerity requirements by pledging to cut government salaries and slash welfare benefits.

There has been news that the IMF would give $1-1.5 million aid to Mongolia since October. If Mongolia secures the IMF aid, then first money will spent balancing the budget deficit.

Mongolia received a total of $195.7 million aid from the IMF in 1991 and 2009.

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