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International Monetary Fund. Asia and Pacific Dept
This letter updates the assessment of Mongolia’s economic conditions since the conclusion of the IMF’s 2023 Article IV consultation on September 14, 2023. The assessment has been requested in relation to the program loan under the Asian Development Bank’s Policy Based Lending modality.
International Monetary Fund. Asia and Pacific Dept
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.
Mr. Udaibir S Das, Mr. Vassili Prokopenko, Mr. Florian Gimbel, Altynai Aidarova, Marianne Nessen, and John Power
This paper presents High-Level Summary Technical Assistance (TA) report on Mongolia Central Bank Communications. The TA report reviews the existing communication framework of Bank of Mongolia (BOM). The analysis focuses on the assessment of the monetary and financial policy communications as well as the evaluation of the internal organization of the BOM’s communication function. The organizational arrangements are reviewed in terms of structure, resources, and procedures. The report also highlights the importance of establishing several pre-conditions for effective central bank communications, which include the presence of sound legal and normative frameworks particularly in relation to the mandate and independence of the central bank. The report identifies several areas where BOM could enhance the effectiveness of its communications. Creating a dedicated well-staffed department in charge of communications and integrating this department into major BOM’s policy actions and flagship reports would significantly strengthen the BOM’s internal organization of communications.