www.unuudur.com: The latest news of Mongolia in the World

A year after coming to the brink of default, Mongolia is seeing the benefit of a good housekeeping seal of approval from the International Monetary Fund.

The International Monetary Fund approved a loan package of $434 million to Mongolia on Thursday to support an economy recovering from weak commodity prices and low foreign investment.

The International Monetary Fund (IMF) said on Thursday it approved a total financial package worth around $5.5 billion (4.2 billion pounds) to help support cash-strapped Mongolia’s efforts to diversify its small and resource-dependent economy.

Multinational mining companies are ready to return to Mongolia in a big way now that the country has opened up vast new lands for exploration and eased regulatory and tax burdens for foreign investors.

May 16 Mongolia’s economy, which grew only 1 percent in 2016, expanded 4.2 percent in the first quarter from a year earlier, buoyed by the coal sector’s turnaround, government data showed on Tuesday.

The International Monetary Fund (IMF) has postponed a $5.5 billion bailout for Mongolia because of a measure included in the country’s 2017 budget that forces foreign firms to bank with domestic institutions, the IMF’s country representative said.

Mongolia has fulfilled prerequisites from the International Monetary Fund to receive a $5.5-billion bailout and is expected to receive an initial tranche of cash at the end of this month.

Mongolia reached an initial agreement with the International Monetary Fund for a three-year program that includes an $440 million loan package as part of a $5.5 billion bailout to help the north Asian country with looming debt repayments.

Mongolia has agreed with the International Monetary Fund and other partners for a $5.5 billion economic stabilization package, according to a statement from the IMF on Sunday.

Private citizens in Mongolia are donating cash, jewellery, gold and even horses to help the government make a near $600 million payment to bondholders next month.

Mongolia is in the depths of an unusually harsh winter that is decimating livestock and sending temperatures to minus 56 degrees Celsius. But an economic winter has also hit people like factory owner Jargalsaikhan.

Mongolia is in the depths of an unusually harsh winter that is decimating livestock and sending temperatures to minus 56 degrees Celsius. But an economic winter has also hit people like factory owner Jargalsaikhan.

There is no doubt that China is the Saviour of the collapse of Mongolia.

A political snafu with the world’s second-largest economy is no light matter for any country but for troubled Mongolia, it could mean a potential sovereign default.

Only a few years ago, Mongolia was hailed as the world’s next economic dynamo.

Mongolia’s decision to seek India’s help in negating China’s trade blockade following Tibetan spiritual leader Dalai Lama’s visit to Ulaanbaatar is a “politically harebrained” move that will only complicate the situation, the Chinese state media said on Friday.

Moody’s says sharp deterioration in fiscal and external position underpin Mongolia’s Caa1 rating, despite strong medium-term growth potential

Moody’s Investors Service says that the operating environment for Mongolian banks remains challenging, despite some signs of stabilizing credit growth in their 3Q 2016 results.

Fitch Ratings has downgraded Mongolia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B-’ from ‘B’. The Outlooks are Stable. The issue ratings on Mongolia’s senior unsecured foreign-currency bonds have also been downgraded to ‘B-’ from ‘B’.

Moody’s downgrades development bank of mongolia’s rating to caa1 from b3; changes outlook to stable

Mongolia’s debt rating was downgraded by Moody’s Investors Service as there is “heightened uncertainty” over the government’s ability to meet its debt service obligations over the next two years and an expectation that the debt will increase.

Mongolia’s economy shrunk in the first nine months of the year, stoking concern annual growth could contract for the first time since the global financial crisis while it weighs bail-out options from agencies such as the IMF and partner countries.

In the face of the current crisis, Mongolia cut spending and requested support from the IMF. To turn the economy around, the new government aims to lure foreign money to pay for stalled infrastructure and mining projects.

With the currency hitting record lows and the budget deficit worsening, senior Mongolian officials said they support an assistance program from the International Monetary Fund.

An International Monetary Fund (IMF) mission led by Mr. Koshy Mathai visited Ulaanbaatar during October 24–November 4, 2016. Mr. Neil Saker, the IMF’s Resident Representative in Mongolia, issued the following statement at the conclusion of the visit:

The European Bank for Reconstruction and Development has warned of a potentially “scary” economic hit to its bloc of countries if Britain’s exit from the European Union goes badly and fuels a backlash against market economy reform.

The government turns to the IMF for the second time in seven years

The price of both thermal and coking coal gained again on Monday with the Australian export benchmark shrugging off news that Beijing will further relax restrictions on some domestic miners to meet winter demand.

At the end of September Mongolia’s Prime Minister Erdenebat Jargaltulga announced that his country would be seeking IMF assistance to help stem its continuing economic woes. This plea for help finally confirmed what many suspected: Mongolia has succumbed to the dreaded ‘resource curse’. On the surface level the idea of a resource curse seems to [...]

Mongolian Prime Minister Jargaltulga Erdenebat aims to slash his government’s budget deficit for fiscal 2017 in half, as a percentage of gross domestic product.