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International Monetary Fund. External Relations Dept.

Asia’s economies endured a tough year in 1998, as growth rates in many previously dynamic economies barely remained positive or became negative, according to the Asian Development Outlook 1999. Inflation rose in Southeast Asia, largely due to steep currency devaluations, and current account balances in Asia’s developing economies improved as a result of reduced imports rather than increased exports. The Asian financial crisis hurt many of Asia’s most dynamic economies and raised questions about the role of openness in promoting sustainable growth, the report continues. Nevertheless, it concludes, the Asian developing economies’ best route for ensuring economic growth and prosperity is through economic openness and liberal economic policies.

Ms. Stefania Fabrizio
As part of its work to help low-income countries manage volatility, the IMF has developed an analytical framework for assessing vulnerabilities and emerging risks that arise from changes in the external environment. This paper draws on the results of the first vulnerability exercise for low-income countries conducted by the IMF staff using this new framework. It focuses on the risks of a downturn in global growth and of further global commodity price shocks and discusses related policy challenges. Chapters review recent macroeconomic developments, including the spike in global commodity prices in early 2012; assess current risks and vulnerabilities, including how a sharp downturn in global growth and further commodity price shocks would affect low-income countries; and discuss policy challenges in the face of these risks and vulnerabilities.
Torsten Sløk

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund

The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies. In this study, the ex post evaluation (EPE) of Mongolia’s experience is reviewed. The EPE focused on program design and implementation. Progress toward strengthening financial oversight and implementation of a financial sector assessment program are discussed. Deposit insurance was established to replace the blanket deposit guarantee. Structural reforms have improved. Finally, the authorities' intention to remain engaged with the IMF under post-program monitoring is outlined.

International Monetary Fund. Asia and Pacific Dept
This paper discusses Mongolia’s First and Second Reviews Under the Extended Fund Facility. Performance under the program thus far has been strong. Growth in 2017 is projected to reach 3.3 percent, considerably better than forecasted at the time of program approval. The combination of strong policy implementation and a supportive external environment has helped the authorities over-perform on all of the quantitative targets under the program. Performance on structural reforms has also been strong, notwithstanding the delays owing to the change in government in September 2017.
International Monetary Fund
The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies. In this study, the ex post evaluation (EPE) of Mongolia’s experience is reviewed. The EPE focused on program design and implementation. Progress toward strengthening financial oversight and implementation of a financial sector assessment program are discussed. Deposit insurance was established to replace the blanket deposit guarantee. Structural reforms have improved. Finally, the authorities' intention to remain engaged with the IMF under post-program monitoring is outlined.
International Monetary Fund
Mongolia has made impressive progress in developing its economy over the past ten years. Medium-term prospects are promising as mining output is projected to expand by more than 20 percent per annum, on average, over the next five years. However, the prospects for sustained, rapid and inclusive non-mineral growth depend on the implementation of the stability-oriented fiscal framework that has been adopted in the aftermath of the 2008/09 balance of payments (BOP) crisis. This framework was designed to dampen volatility, mitigate risks to economic and financial stability, and strengthen long-term natural resource management. The expansionary fiscal policy of the past year is causing double-digit inflation and BOP pressures. Public spending needs to be reined in, in order not to risk undermining stability and growth prospects, and in view of Mongolia’s vulnerability to a downturn in commodities exports.
International Monetary Fund
Despite the negative impact of the severe winter on agriculture, other indicators are pointing to a strong recovery. Exports are growing rapidly, fueled by the rebound in copper prices and a rapid growth in coal exports. Rephasing of purchases by combining the fifth and sixth reviews is requested owing to the delay in completing the fifth review, and earlier-than-planned Board discussion of the sixth review. The sixth review is the final review. The fiscal responsibility law will help secure a lasting fiscal discipline.
International Monetary Fund
The staff report for the 2010 Article IV Consultation underlies that in recent years, Mongolia’s economy has performed quite well. The inflation pressures reflected a relaxation of monetary and fiscal policies and large increases in prices for food and fuel. The debt service burden and international reserves are expected to remain at comfortable levels. Executive Directors welcomed the authorities’ purpose to review plans for the establishment of a development bank, taking account of the know-how elsewhere so as to avoid creating unfair competition in the financial sector.