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Battered Mongolia faces make-or-break moment

Government reforms, commodity upswing set stage for an economic resurgence

Dawn breaks over a smog-shrouded Ulaanbaatar. (Photo by Shinya Sawai)

The roller-coaster ride that was the commodity supercycle sent Mongolia's resource-driven economy pinwheeling from 17% growth in 2011 to an external debt crisis just a few years later. But with commodity prices rebounding and the IMF swooping in for an imminent bailout, many feel the worst may be over. Can the country -- so ripe with potential -- transform this moment into the lasting stability its people and businesses have waited so long for? 

ULAANBAATAR -- At about 4 o'clock on a mid-January afternoon, the temperature in the Mongolian capital was lower than minus 30 C. In spite of the cold, people could be seen lugging containers of water from a roadside water station to their homes in one of the many ger districts on the outskirts of the city.

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