Mongolia: 2011 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Mongolia

IMF Staff Country Reports, March 30, 2011

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Canonical URL: Mongolia: 2011 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Mongolia

The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies.
The ex post evaluation (EPE) of Mongolia’s experience is reviewed, with a focus on program design and implementation.
Progress toward strengthening financial oversight and implementation of a financial sector assessment program are discussed.
Deposit insurance was established to replace the blanket deposit guarantee.
Structural reforms have improved.
The authorities' intention to remain engaged with the IMF under post-program monitoring is outlined.

Program design and implementation were the focal points of the ex post evaluation (EPE).
Mongolia’s vulnerability was driven by dependence on mineral exports and past procyclical macroeconomic policies.
Financial oversight has been strengthened and a financial sector assessment program has been implemented.
Deposit insurance replaced the previous blanket deposit guarantee.
Structural reforms showed improvement during the reviewed period.
Authorities intend to remain engaged with the IMF under post-program monitoring.

Continued engagement with the IMF is planned under post-program monitoring by the authorities.
Structural reforms are ongoing and have shown improvement, suggesting further policy follow-through is implied.