Mongolia gets US$440mil bailout loan from IMF

ULAANBAATAR: Mongolia reached an initial agreement with the International Monetary Fund (IMF) for a three-year programme that includes a US$440mil loan package as part of a US$5.5bil bailout to help the north Asian country with looming debt repayments.

“The Asian Development Bank, the World Bank and bilateral partners including Japan and South Korea are expected to provide up to a further US$3bil in budget and project support, while the People’s Bank of China is expected to extend its 15 billion yuan (US$2.2bil) swap line with the Bank of Mongolia for at least another three years,” the IMF said in a statement yesterday. “The total external financing package will thus be around US$5.5bil.”