IMF approves US$5.5b bailout package for Mongolia

Ulaanbaatar, Mongolia

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

The IMF has provided a three-year financial arrangement of about US$434.3 million to support Mongolia's economic reform programme, with other financial partners such as the Asian Development Bank, the World Bank, Japan and South Korea also providing back-up.