Mongolia

Since the start of the IMF-supported program in early 2017, the economy has recovered significantly and is now more resilient due to a stronger policy framework, significant official financing, and a rebound in external demand. Nonetheless, fiscal, financial, and external buffers remain insufficient, particularly given Mongolia’s vulnerability to shocks. Moreover, the IMF-supported program is currently delayed. The near-term priority is addressing outstanding prior actions under the program and passing a 2020 budget consistent with continued debt reduction.