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IMF Board to again consider approving Mongolia US$5.5 billion Extended Fund Facility (EFF) on May 24 after repeal of mandatory FX deposit clause www.nambc.org
The 24-Member Executive Board of the International Monetary Fund has scheduled another review of Mongolia's request to implement the US$5.5 Extended Fund Facility (EFF) at its next meeting on May 24.The request was removed from the IMF board’s April 28 agenda because of concerns about the mandatory FX banking deposit requirement contained in an amendment to the revised banking provision, the so-called Resolution 29 or Subclause 11 requirement, which parliament subsequently repealed.
Finance Minister B. Choijilsuren recently told a journalist that the financing package within the EFF will be around US$5.5 billion, of which US$2.2 billion covers an extension of the swap line between the People's Bank of China with the Bank of Mongolia, plus an IMF loan of US$440 million with a 15 year term at less than 2% interest. In addition, the Asian Development Bank (ADB) will grant a loan of US$900 million, of which US$600 million will cover the state budget deficit and US$300 million to fund programs and projects. In addition, the World Bank pledged US$600 million with less than 2% interest for a 15 year term, of which Mongolia promised to apply US$440 million to the state budget deficit in 2017-2019, and Japan and South Korea are expected to together provide loans of US$1.3 billion, some of which may be in the form of Ex-Im Bank-style funding for purchasing Japanese and Korean goods and services.
Minister Choijilsuren said implementation of loan funds earmarked for programs and projects will await completion of already-started ministry project feasibility studies, slated to be finished by the second quarter of 2017, with disbursement anticipated during 2018-2019.
Published Date:2017-05-19
