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Mongolia Clears Hurdles Needed for $5.5 Billion IMF-Led Bailout

  • Tax increases, salary cuts part of austerity measures
  • Mongolia’s tugrik ralied 2.5% following government action

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.

"All the prior conditions have been met" for Mongolia to receive an IMF-supported package, Neil Saker, resident representative for the fund said Wednesday in the capital, Ulaanbaatar. “It is their program and along the lines of their recovery plan. Strong country ownership will increase the chances of success.’’