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Mongolia receives 5th tranche of IMF loan

ULAN BATOR, Nov. 6 (Xinhua) -- Mongolia has received the fifth tranche of funding from the International Monetary Fund (IMF), equivalent to around 36.22 million U.S. dollars, local media reported on Tuesday, citing the country's central bank.

The amount is part of the IMF's three-year Extended Fund Facility (EFF) for Mongolia totaling about 434.3 million dollars, which was approved at the meeting of the IMF Executive Board on May 24, 2017.

With the tranche, the country will be able to increase its currency reserves, the Bank of Mongolia said, adding that the tranche brought the total amount of disbursements since the beginning of the program to around 217.33 million dollars.

Under the EFF, Mongolia received 728 million dollars from international banking and financial organizations and donor countries last year. The country expects to receive a total of 836 million dollars this year.

The three-year IMF program aims to stabilize the economy and establish a basis for more sustainable and inclusive growth.

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