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Economy

Mongolia signs agreement with IMF on $5.5bn aid package

Long-awaited loans come through despite worries about their effectiveness

Mongolian Minister of Finance Choijilsuren Battogtokh, center, and Neil Saker, right, IMF country representative, greet each other at a news conference on May 25 in Ulaanbaatar. (Photo by Odbayar Urkhensuren)

ULAANBAATAR/LONDON The International Monetary Fund has approved a much-needed $5.5 billion aid package for Mongolia, but experts question whether the government will be able to implement painful structural reforms to put the economy back on track.

The IMF board on May 24 approved a three-year loan of $434.3 million to Mongolia. The Asian Development Bank, the World Bank, Japan and South Korea also committed support, while the People's Bank of China agreed to extend a swap line with the Bank of Mongolia. About $38.6 million will be immediately disbursed.

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