IMF's Mongolia Deal Comes With Plan to Avoid Boom-Bust-Bailout
- IMF $434 million bailout is part of a $5.5 billion package
- Sixth bailout since 1990 followed drop in commodity prices
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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 IMF contributions are part of a $5.5 billion deal that includes money from the Asian Development Bank and the World Bank, with Japan and South Korea as bilateral lenders. Also included is a three-year extension of a currency swap with China worth 15 billion yuan ($2.2 billion).