Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report

Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report
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Volume/Issue: Volume 2023 Issue 348
Publication date: October 2023
ISBN: 9798400255519
$20.00
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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Natural Resources , IMF staff calculation , swap line , IMF expert , IMF TA , market segmentation , fund staff , Inflation , Non-renewable resources , Commercial banks , Global , Asia and Pacific

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Summary

Mongolia’s economic conditions stabilized by 2023H2, helped by China’s reopening. The economy was in a challenging position in 2022 with widening external and internal imbalances due to multiple global shocks, policy excesses and governance lapses. However, greater exchange rate (ER) flexibility; the government’s strenuous efforts to facilitate exports; an influx of new private external financing, and some moderation of global shocks helped lift economic activity, moderate inflation, and stabilize the external position by end-2022. Effective public debt management by the government mitigated rollover risks. A supplementary budget for 2023 introduced large and permanent expansions in wages, benefits, and pensions.