Feb
19
IMF to Loan Mongolia $440 Million as Part of Bailout Package
By-
Facility will help Mongolia repay $580 million bond due March
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GDP growth slowed to 1% last year amid commodity price drops
Mongolia reached an initial agreement with the International Monetary Fund for a three-year program that includes a $440 million loan package as part of a $5.5 billion bailout to help the north Asian country with looming debt repayments.
“The Asian Development Bank, the World Bank and bilateral partners including Japan and Korea are expected to provide up to another $3 billion in budget and project support, while the People’s Bank of China is expected to extend its 15 yuan billion ($2.2 billion) swap line with the Bank of Mongolia for at least another three years,” the IMF said in a statement on Sunday. “The total external financing package will thus be around $5.5 billion.”…
IMF to Loan Mongolia $440 Million as Part of Bailout Package
