Imf: Growth in Mongolia Exceeded 6% in 2018, Economy Continues Its Recovery

AKIPRESS.COM - An International Monetary Fund (IMF) staff team led by Mr.

Geoff Gottlieb visited Ulaanbaatar during January 28ndas0, 2019 to continue discussions on the sixth review of the three-year Extended Fund Facility (EFF) arrangement approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million. At the conclusion of the visit, Mr.

Gottlieb made the following statement: "The economy continues its recovery, with growth exceeding 6 percent in 2018, amid supportive external conditions and sharply rising domestic demand. Both the strong growth and the authorities' commitment to discipline on public spending have resulted in large over-performance on fiscal targets under the program.

"To tackle signs of overheating pressures that are a headwind on further international reserve accumulation, the Bank of Mongolia has raised the policy interest rate and introduced macro-prudential measures to rein in excessive credit growth. The authorities stand ready to tighten further if necessary.

"The rehabilitation of the banking system is a core part of the program. The IMF staff team...