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International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights Mongolia’s promising longer-term prospects given its abundant natural resources. In recent years, however, the economy has faced substantial challenges, as external shocks and expansionary fiscal and monetary policies have compounded structural weaknesses. Mongolia remains heavily exposed to external shocks, given its export profile, and a key challenge will be to avoid the boom-bust cycles of the past. The discussions with authorities have focused on improving the fiscal framework and strengthening policy discipline, complemented by structural reforms to boost diversification and competitiveness and by efforts to strengthen and better target the social safety net.
International Monetary Fund
This 2009 Article IV Consultation highlights that the global economic crisis and collapse in copper prices in 2008 hit the Mongolian economy hard. The loose macropolicies and tightly managed exchange rate pursued during the preceding boom years had made the economy particularly vulnerable, and the situation deteriorated markedly in early 2009. The authorities are making progress toward restoring health to public finances. Executive Directors have supported the authorities’ policy priorities to restore health to public finances, rebuild international reserves while maintaining a flexible exchange rate, bolster confidence in the banking system, and protect the poor.
International Monetary Fund
This paper presents the second postprogram monitoring discussions on Mongolia’s economic developments. The Mongolian economy is undergoing a rapid expansion underpinned by strong commodity prices. Macroeconomic policies have been too expansionary, and the economy is overheating. A steady erosion of fiscal discipline, set against a backdrop of heightened global economic risks, has raised the risk of macroeconomic instability. There is an urgent need to reorient policies to contain overheating and strengthen the economy’s ability to endure deterioration in the global environment.
International Monetary Fund
Mongolia meets many of the General Data Dissemination System (GDDS) recommendations for coverage, periodicity, and timeliness. The major exceptions include the following: the incomplete coverage of the international investment position; the nonavailability of a primary commodity, agricultural, or other relevant production index; the producer price index; wages and earnings; nonguaranteed private external debt; as well as the nondissemination of data on central government debt and government-guaranteed debt; public and publicly guaranteed external debt and debt service schedule; gross official reserves; and reserve-related liabilities.
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Mongolia discusses that economy growth accelerated to 8.6 percent in the first quarter of 2019, over fiscal balance turned into surplus in 2018, and gross international reserves have increased by $2 1/2 billion since 2016. The recovery stems from a stronger policy framework, significant official financing and a rebound in external demand. Notwithstanding the progress, Mongolia remains vulnerable to external shocks given its high debt levels and the economy’s dependence on mineral exports. Structural reforms progressed in several key areas: the budget process is more resilient to political pressure and quasi-fiscal activities were curtailed. In order to achieve sustainable and inclusive growth, it is necessary to advance the current reform efforts by strengthening the rule-based fiscal policy framework, ensuring financial sector soundness and improving governance. Risks are tilted toward the downside in the near term. Shocks to mineral demand can lead to sharp fall in exports, weakening growth outlook and fiscal accounts. A slowdown in growth could trigger financial instability given still inadequate capital buffers at some banks and overindebted households.
International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that Mongolia’s medium- to long-term prospects are promising given its large natural resources. In the near term, however, the country continues to face balance-of-payments (BOP) pressures on account of low foreign direct investment and weak commodity prices, as well as expansionary macro policies. Imports have now started to taper off and, with the first phase of the Oyu Tolgoi copper and gold mine now in operation, exports have picked up. The trade balance has thus improved, but the overall BOP remains weak. The executive directors have supported ongoing efforts to foster high, inclusive growth by improving the investment climate, enhancing competitiveness, and promoting economic diversification.
International Monetary Fund. Research Dept.
This is the first issue of IMF Staff Papers published under a special partnership between the IMF and Palgrave Macmillan. Very little will change with regard to the journal's visual appearance, though significant service quality enhancements (e.g., an on-line interactive edition) will rollout before the end of 2007. For more information and regular updates, please access http://www.palgrave-journals.com/imfsp/index.html.
Mr. Jesus R Gonzalez-Garcia and Mr. Gonzalo C Pastor Campos
This paper examines the usefulness of testing the conformity of macroeconomic data with Benford's law as indicator of data quality. Most of the macroeconomic data series tested conform with Benford's law. However, questions emerge on the reliability of such tests as indicators of data quality once conformity with Benford's law is contrasted with the data quality ratings included in the data module of the Reports on the Observance of Standards and Codes (data ROSCs). Furthermore, the analysis shows that rejection of Benford's law may be unrelated to the quality of statistics, and instead may result from marked structural shifts in the data series. Hence, nonconformity with Benford's law should not be interpreted as a reliable indication of poor quality in macroeconomic data.
International Monetary Fund

Mongolia meets many of the General Data Dissemination System (GDDS) recommendations for coverage, periodicity, and timeliness. The major exceptions include the following: the incomplete coverage of the international investment position; the nonavailability of a primary commodity, agricultural, or other relevant production index; the producer price index; wages and earnings; nonguaranteed private external debt; as well as the nondissemination of data on central government debt and government-guaranteed debt; public and publicly guaranteed external debt and debt service schedule; gross official reserves; and reserve-related liabilities.

International Monetary Fund

Mongolia meets many of the General Data Dissemination System (GDDS) recommendations for coverage, periodicity, and timeliness. The major exceptions include the following: the incomplete coverage of the international investment position; the nonavailability of a primary commodity, agricultural, or other relevant production index; the producer price index; wages and earnings; nonguaranteed private external debt; as well as the nondissemination of data on central government debt and government-guaranteed debt; public and publicly guaranteed external debt and debt service schedule; gross official reserves; and reserve-related liabilities.