Mongolia: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Mongolia

June 16, 2020

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Format: Chicago

Mongolia: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Mongolia, (USA: International Monetary Fund, 2020) accessed November 21, 2024

Summary

This paper discusses Mongolia’s Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 pandemic has taken a large toll on economic activity in Mongolia, giving rise to urgent budget and balance of payments needs. The authorities have already taken several measures to limit the economic contraction and help the most vulnerable. Recent revisions to the budget allow for higher health and social spending as well as tax relief to affected households and businesses. In addition, the Bank of Mongolia has eased monetary and financial policies to help prevent a disorderly contraction in bank lending to the private sector. Emergency financing under the IMF’s RFI will provide much needed support to respond to the urgent balance of payments and budgetary needs. Additional assistance from development partners will be required to support the authorities’ efforts and close the financing gap. The authorities’ commitment to high standards of transparency and governance in the management of financial assistance is welcome.

Subject: Capital spending, COVID-19, Expenditure, Exports, Fiscal policy, Fiscal stance, Health, Health care spending, International trade, Public debt, Revenue administration

Keywords: Authority, Capital spending, Containment measure, COVID-19, CR, Exports, Financing, Financing gap, Fiscal stance, Fund support, Global, ISCR, Mongolian authorities, Mongolia's request, Support

Publication Details

Pages:

38
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/205
Stock No:

1MNGEA2020001
ISBN:

9781513547893
ISSN:

1934-7685

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