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Mongolia agrees economic bailout plan with IMF www3.nhk.or.jp
The International Monetary Fund has agreed to extend emergency loans to Mongolia.
Officials from the IMF and Mongolia say they have agreed on a 5.5-billion-dollar package.
This includes 440 million dollars in 3-year loans from the IMF. Japan, China, the Asian Development Bank and other entities will also give assistance.
In return, Mongolia is to rebuild its finances by adopting austerity measures and reviewing its tax system.
The country relies heavily on exports of coal, copper and other commodities.
Its economy is believed to have plunged to near-zero growth last year. Fears were rising that Mongolia could default without assistance.
Published Date:2017-02-20
