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Mongolia: Staff Report for the 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Falicility—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
May 2017
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Fund Relations

(As of March 31, 2017)

Membership Status: Joined: February 14, 1991; Article VIII

General Resources Account:SDR MillionPercent Quota
Quota72.30100.00
Fund Holdings of Currency66.8792.49
Reserve Position in Fund5.447.52
SDR Department:SDR MillionPercent Allocation
Net cumulative allocation48.76100.00
Holdings42.9188.01
Outstanding Purchases and Loans:SDR MillionPercent Quota
None

Latest Financial Arrangements:

TypeApproval DateExpiration DateAmount Approved (SDR Million)Amount Drawn (SDR Million)
Stand-by04/01/200910/01/2010153.30122.64
ECF 109/28/200107/31/200528.4912.21
ECF 107/30/199707/29/200033.3917.44

Overdue Obligations and Projected Payments to Fund (SDR Million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20172018201920202021
Principal
Charges/interest0.020.030.030.030.03
Total0.020.030.030.030.03

Safeguards assessment: Safeguards assessments of the BOM were conducted in 2002, 2003, and 2009. The 2009 assessment found that the BOM financial reporting and audit practices generally complied with international standards. Recommendations were made to improve the external audit mechanism to grant auditors full access to central bank vaults, strengthen the central bank law, and strengthen the role of the supervisory board. An updated safeguards assessment of the BOM is in progress and is expected to be completed by the first review. A safeguards mission was conducted in late March / early April. The BOM continues to be audited by reputable firms, and its financial statements are published. The updated assessment will evaluate the central bank’s control, governance, and legal framework against leading practices and safeguards requirements.

Exchange Arrangement:

On March 24, 2009, the BOM instituted a foreign exchange auction allowing the determination of the exchange rate mainly by market forces. The de facto and de jure exchange rate arrangements are currently both classified as floating.

Mongolia accepted the obligations of Article VIII, Sections 2, 3, and 4 on February 1, 1996. Mongolia maintains two multiple currency practices (MCPs) subject to Fund jurisdiction. First, the modalities of the multi-price auction system give rise to an MCP since there is no mechanism in place that ensures that exchange rates of accepted bids at the multi-price auction do not deviate by more than 2 percent. The Executive Board approved the multi-price auction MCP until June 22, 2010 (Decision No. 14365 of June 23, 2009), and its further extension until March 15, 2012 or the next Article IV consultation whichever is earlier (Decision No. 14669 of June 23, 2010 and Decision No. 14365 of March 16, 2011). The MCP, however, could not be resolved by March 15, 2012, and would be continued as long as the multiple price foreign exchange auction mechanism remains in place. Therefore, the MCP is unapproved, and since the criteria for approval of this MCP are not in place, staff do not recommend Executive Board approval of said measure. In addition, Mongolia has an official exchange rate (reference rate) that is mandatorily used for government transactions (as opposed to the commercial market rate). Therefore, by way of official action, the authorities have created market segmentation. While Order #699 of the BOM issued on December 3, 2010, sets forth that the reference rate is determined based on the weighted average of market rates used from 4 PM of the previous day to 4 PM of the current day, staff are of the view that this Order does not eliminate the market segmentation and the multiplicity of effective rates arising from it. Accordingly, in the absence of a mechanism to ensure that the commercial rates and the reference rate do not deviate by more than 2 percent, the way the reference rate is used in government transactions gives rise to an MCP subject to Fund approval. Since the criteria for approval of this MCP are not in place, it remains unapproved. Mongolia imposes exchange restrictions for security reasons in accordance with United Nations Security Council Resolution No. 92/757 concerning certain transactions with the Federal Republic of Yugoslavia (Serbia and Montenegro) that have been notified to the Fund under Decision 144 (11/4/94).

The BOM notes that hitherto there have been no cases where exchange rates of accepted bids at the multi-price auction deviate by more than 2 percent, and plans to introduce a mechanism to ensure the deviation would never exceed 2 percent. The BOM is also working on the development of an indicative spot exchange rate.

Article IV Consultation:

The 2015 Article IV consultation (IMF Country Report No. 15/109) was concluded by the Executive Board on April 3, 2015. Mongolia is on a 12–month cycle.

ROSC Assessments:

The following ROSC assessments have been undertaken: Data Dissemination (May 2001), Fiscal Transparency Module (November 2001), Fiscal Update (May 2005), Data Dissemination (April 2008), Monetary and Fiscal Policy Transparency (September 2008), Banking Supervision (September 2008).

Recent Financial Arrangements:

An 18-month Stand-by Arrangement in an amount of equivalent to SDR 153.3 million (300 percent of quota) was approved on April 1, 2009. The Executive Board successfully completed the final review on September 8, 2010.

FSAP Participation:

Mongolia participates in the Financial Sector Assessment Program (FSAP). The first, second, and third FSAP missions took place in May 2007, September 2007 and November 2010 respectively. The latest report (IMF Country Report No. 11/107) was published in May 2011.

Technical Assistance in 2015–2017:

Missions:

  • Medium-Term Budget Framework (MTBF), (FAD), January 2015
  • Systemic Oversight and Crisis Preparedness (MCM), January – February 2015
  • Banking supervision (MCM), January – February 2015
  • External Sector Statistics (STA), February 2015
  • National Accounts (STA), March 2015
  • Government Finance Statistics (FAD), March 2015
  • Medium-Term Budget Framework (MTBF), (FAD), March-April 2015
  • Natural Resource Revenue Pilot Study (FAD), March 2015
  • Tax Administration (FAD), March 2015
  • AML/CFT (LEG), September 2015
  • Government Bond Secondary Market Development (MCM), September – October 2015
  • Establishing Sovereign Wealth (MCM), September – October 2015
  • Bank Supervision & Regulations (MCM), September – October 2015
  • Government Finance Statistics (FAD/STA), October-November 2015
  • External Sector Statistics (STA), November 2015
  • Macro-Fiscal Issues (FAD), November- December, 2015
  • National Accounts (STA), December 2015
  • Macro-Fiscal Issues (FAD), March-April, 2016
  • Strengthening Government Accounting and Financial Reporting (STA, FAD), April 2016
  • Tax Administration (FAD), April 2016
  • AML/CFT (LEG), April 2016
  • National Accounts (STA), September 2016
  • Public Accounting (STA), November – December 2016
  • Mission on PIMA (FAD), November – December 2016
  • Macro-fiscal issues (FAD), November – December 2016
  • Monetary and Forex Operations (MCM), February, 2017
  • VAT Gap Exercise as part of RMTF Project Development Activities (FAD), February 2017
  • RMTF Project Development Activities (FAD), February 2017
  • VAT Gap Exercise as part of RMTF Project Development Activities (FAD), February 2017
  • Selected Issues and VAT Implementation (FAD), March 2017
  • Compilation of Financial Soundness Indicators (FSIs) (STA), March 2017

Resident Representative:

Since April 2015, Mr. Neil Saker has been the resident representative based in Ulaanbaatar.

World Bank-Imf Collaboration

1. World Bank and IMF country teams maintain a close working relationship. The teams, led by Mr. John Litwack (Lead Economist, GMFDR) and Mr. Koshy Mathai (Mission Chief, APD) collaborate on a range of macroeconomic and structural issues.

2. Cooperation and coordination is exemplary. It pertains to the following:

  • IMF surveillance. World Bank staff comment on Fund documents and also participate in selected meetings of the Article IV and program mission team with the authorities. This facilitates the discussions, especially as regards policies in areas of mutual interest, such as bank restructuring, social welfare reform, and fiscal policy.
  • Development Policy Credits (DPC) and Country Partnership Strategy (CPS). In turn, Fund staff participated in the design and review of the Bank’s DPCs and were kept informed about the development of the Bank’s new CPS for FY13–17.
  • Banking system issues. Both country teams have been active in this area, including by fielding technical assistance missions. The teams coordinate closely to provide the authorities with consistent advice while avoiding unnecessary duplication of efforts. The two teams also continue to educate the public and parliamentarians on banking sector issues in an effort to build support for reforms.
  • Structural reforms. Staff of the IMF and the World Bank have worked together successfully to provide technical assistance in expenditure management, the Fiscal Stability Law, the Integrated Budget Law, the Social Welfare Law, the Investment Law, and taxation of the mineral sector, and on the Future Heritage Fund Law. Staff also actively collaborated on a series of assessment of Mongolia’s PFM system, including the Public Expenditure and Financial Accountability (PEFA) framework and the PIMA report.

3. Based on this close collaboration, the World Bank and the IMF share a common view about Mongolia’s macroeconomic and structural reform priorities. These include strengthening macroeconomic policies to stabilize the economy and avoid boom-bust cycles, pursuing structural reforms to diversify the economy and allow for sustainable medium-term growth, protecting the poor through improvements in the social welfare system, and strengthening the banking sector.

4. The teams agreed to continue the close cooperation going forward. Table 1 details the specific activities planned by the two country teams along with their expected delivery dates. It was also agreed that further details on collaboration, as necessary, would be agreed at the technical level as work progresses.

Table 1.Mongolia: Bank and Fund Planned Activities in Macro-Critical Structural Reform Areas
ProductsExpected Delivery Date
Bank Work ProgramAnalytical and Advisory Services
  • Semi-Annual Economic Update
  • Policy notes on selected economic topics
  • Financial Sector Monitoring and Policy Dialogue (banking supervision, deposit insurance, housing finance, payment system, financial capability and consumer protection, AML/ATF)
  • Ongoing
  • Ongoing
  • Ongoing
  • Capital Markets Strengthening and Development TA
  • Public Expenditure Review
  • TA on improving debt management system
  • Ongoing
  • August 2017
  • Ongoing
Operational
  • Supervision missions, multi-sectoral TA Credit (fiscal policy and public expenditure system, banking, social welfare)
  • Ongoing
  • Preparation of Development Policy Credit Operation
  • Ongoing
  • Preparation of the second phase of multi-sectoral TA loan.
  • Ongoing
Fund Work Program
  • Article IV-Board Meetings
  • November 2013, April 2015
  • Missions
  • 2014: April, June, September, December; 2015: February, June, October; 2016: August, October; 2017: February

Relations with the Asian Development Bank2

Mongolia became a member of the Asian Development Bank (ADB) in February 1991. The ADB has been Mongolia’s largest source of multilateral development finance for more than two decades, and since Mongolia joined ADB, the country has received US$1.7 billion in loans for sovereign and nonsovereign operations, and US$177 million in grants, including from the Japan Fund for Poverty Reduction (JFPR), among other trust funds. Technical Assistance (TA) in the amount of US$147.7 million has been implemented during the same period. The ADB has supported trade through its Trade Finance Program, with a total value of US$185 million support trade transaction of small-and medium-enterprises (SMEs). In addition, non-sovereign operations in the amount of about $100 million have been provided to support on-lending to SMEs.

In 2011, Mongolia gained access to ADB’s ordinary capital resources (OCR), alongside ADB’s concessional lending (COL). However, Mongolia no longer has access to Asian Development Fund (ADF) grant financing. Access to OCR funding has allowed for a substantial scale-up of ADB’s operations in Mongolia to better support its development needs in various areas, including financial sector reforms, technical, and policy support in urban infrastructure, agriculture, rural development, energy, financial sector reform, education, health, public finance, social protection, transport, regional cooperation, and climate change and environmental protection.

The Mongolia Country Partnership Strategy (CPS) 2012–2016 was approved by the ADB’s Board of Directors in April 2012. The CPS prioritized transport, energy, and water supply infrastructure; access to education and health; and regional economic cooperation to support sustainable and inclusive growth. In 2014, reflecting changed government priorities two strategic adjustments was made through the Interim CPS 2014–2016: (i) the inclusion of two additional sectors (agriculture, natural resources and rural development; and finance); and (ii) scaling up OCR resource allocations to meet pressing development needs, from $50m annually to $200m. The Mongolia Country Partnership Strategy 2017–2020 is under preparation. Closely aligned with the government’s priorities and ADB’s corporate strategy, the overarching goal of the CPS will be to help Mongolia sustain inclusive growth in a period of economic difficulties. To that end, ADB’s operations will promote economic and social stability; develop infrastructure to support economic diversification; and strengthen environmental sustainability.

Under the new CPS, ADB will help the government to diversify the country’s economic structure and foster growth and job creation to facilitate economic and social stability. ADB will provide assistance to develop skills and encourage labor-intensive growth outside the mining sector, especially by SMEs engaged in agribusiness and tourism. To safeguard hard-won gains in poverty reduction and progress in human development from cyclical economic downturns and rapid internal migration, ADB will strengthen access to and government capacity to design and administer a broad range of essential social services. This will include efforts to improve social service delivery and coverage to strengthen the social safety net. Support will also be provided to increase the pace and impact of structural reforms with a particular focus on ensuring the stability of the financial sector to support private sector development.

In addition, ADB operations will support deeper regional cooperation and integration through improved physical connectivity to strengthening Mongolia’s competitiveness and diversify economic activity. The broader aim of ADB’s support will be to secure Mongolia’s place on northeast Asia’s transport and trade routes. A more holistic approach to urbanization will increase living standards and boost the development of local economies fostering economic diversification and job creation.

To make economic growth more environmentally sustainable, ADB will seek to strengthen natural resource management, including by promoting environmental protection and sustainable resource use; foster climate change adaptation and mitigation by supporting Mongolia in attaining its national commitments to the Paris Agreement through provision of TA and capacity building of responsible agencies as well as through selected infrastructure investments. Efforts will be stepped up to strengthen disaster risk management in light of Mongolia’s vulnerability to natural disasters.

Statistical Issues

(As of March 29, 2017)

I. Assessment of Data Adequacy for Surveillance
General: Data provision to the Fund is broadly adequate for surveillance, but some shortcomings exist in the estimation of GDP and treatment of missing observations in price indices. The priority areas for improvement are national accounts and price statistics, and also the migration of government finance statistics to a new methodology.
National Accounts: The National Statistics Office (NSO) currently publishes annual and quarterly GDP using the production and expenditure approaches. Annual supply-use tables are compiled and represent a significant quality improvement as part of Mongolia’s implementation of 2008 SNA. A recent mission (September 2016) recommended enhancements to source data used to compile natural resources in the national accounts.
Price Statistics: CPI estimates use a base year of 2010 using the 2010 household survey. The NSO publishes a producer price index (PPI and uses the imputation of missing prices. Also, NSO compiles Housing Price Index for Ulaanbaatar following a mix-adjustment by stratification methodology.
Government Finance Statistics: Currently, the concepts, classifications, and definitions used to compile sub-annual and annual fiscal statistics for the consolidated general government operations series used in APD generally follow the guidelines of the GFSM 1986. The authorities have indicated an intention to adopt a migration path to the GFSM 2001/2014 methodology. STA assists the authorities compile and disseminate monthly and annual (cash-based) general government series in the GFSM 2001/2014-based Statement of Sources and Uses of cash (Revenue, Expenditure, Transaction in Assets and Liabilities). A 2015 GFS TA mission compiled a complete annual balance sheet and integrated presentation of stock and flows for the consolidated general government sector using the accrual (IPSAS-based) accounts maintained by the Ministry of Finance. The mission also encouraged the reporting of public sector debt statistics (PSDS), as these were (and still are) not reported systematically to the World Bank for dissemination on the PSDS Website. In March 2017, STA conduct a GFS Workshop as well as provide additional TA to the authorities.
Monetary and Financial Statistics: BOM’s monetary and financial statistics (MFS) conform to the concepts and definitions of the Monetary and Financial Statistics Manual (MFSM) and its Compilation Guide, as the authorities implemented recommendations of latest MFS missions. In particular, the BOM improved monetary data through the proper classification of repurchase agreements, accrued interest, and financial derivatives. The coverage of monetary statistics was expanded beginning in February 2010 to include data of Savings and Credit Cooperatives (SCCs) that collect deposits; and since May 2010 data for some other financial corporations (OFCIs) have been disseminated in the BOM’s Monthly Statistical Bulletin. The July/August 2011 mission discussed the quality of data of the nonbank financial institutions (NBFIs), insurance companies, and securities companies that are reported to the Financial Regulatory Commission (FRC) and recommended compiling the other financial corporations (OFC) survey with data from these institutions. However, due to insufficient coordination among various agencies, this recommendation has not been implemented. The recommendation is particularly relevant in view of the introduction of the new Monetary and Financial Statistics Manual and Compilation Guide (2016).
Financial sector surveillance: With regard to financial soundness indicators (FSIs), Mongolia currently does not report data to the Fund for dissemination on the Fund website. The BoM is quite advanced in the compilation of their FSIs, but they still need to confirm their action plan commitment to submit their data and metadata to the IMF and allow for its posting in the http://fsi.imf.org website. STA conducted a technical assistance mission on FSIs for deposit takers in March 2017 that addressed the former.
External Sector Statistics: For compilation of external sector statistics (ESS), the Bank of Mongolia (BOM) follows the statistical framework of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) from 2016. Information till 2015 is based on the fifth edition of the Balance of Payment Manual (BPM5). The coverage of the balance of payments statistics has been broadened by extending the International Transaction Reporting System (ITRS) to nonbank financial institutions and by increasing the number of direct reporting private enterprises. Since May 2014, BOM has produced 2012-annual international investment position data for submission to STA. Priorities for improvement are to (1) submit quarterly external debt statistics to the World Bank’s Quarterly External Debt Statistics (QEDS) database in collaboration with the Ministry of Finance; and (2) assess the State Registry Office’s database on all enterprises registered in Mongolia to determine whether all relevant enterprises with direct investment are included in the BOM’s ESS surveys.
II. Data Standards and Quality
Mongolia participates in the General Data Dissemination System (GDDS).A data ROSC mission visited Mongolia in September 2007 to update the May 2000 assessment of the macroeconomic statistics. The report was published in April 2008.
Mongolia—Table 2.Common Indicators Required for Surveillance(As of March 29, 2017)
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of Reporting6Frequency of Publication6Memo Items::
Data Quality-Methodological soundness7Data Quality – Accuracy and Reliability8
Exchange rates02/28/1702/28/17DDD
International reserve assets and reserve liabilities of the Monetary Authorities102/21/1702/21/17WWW
Reserve/base money12/31/1612/31/16WWWO, LO, LO, LOO, O, O, O, LNO
Broad money12/31/1612/31/16WWW
Central bank balance sheet12/31/1612/31/16MMM
Consolidated balance sheet of the banking system12/31/1612/31/16MMM
Interest rates202/21/1702/21/17WWW
Consumer price index12/31/1712/31/17MMMO, LO, O, OLO, LO, LO, O, O
Revenue, expenditure, balance and composition of financing3 – general government412/31/161/16/17MMMLO, LNO, LO, OLO, O, LO, LO, LNO
Stocks of general government and general government-guaranteed debt512/31/1612/31/16QQQ
External current account balance02/28/1703/15/17MMMO, O, O, LOLO, O, LO, LO, LO
Exports and imports of goods02/28/1703/15/17MMM
GDP/GNI2016Q402/15/17QQQO, LNO, O, LOO, LO, LO, LO, LNO
Gross external debt2016Q401/31/17QQQ

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).

Reflects the assessment provided in the data ROSC or the Substantive Update (published in April 2008, and based on the findings of the mission that took place during September 1–28) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I), Not Available (NA).

Reflects the assessment provided in the data ROSC or the Substantive Update (published in April 2008, and based on the findings of the mission that took place during September 1–28) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Millennium Development Goals1/

200420142015
Goal 1: Eradicate extreme poverty and hunger 2/
Employment to population ratio, ages 15–24, total (%) (national estimate)
Employment to population ratio, 15+, total (%) (national estimate)56.50
GDP per person employed (constant 2011 PPP $)12,222.8622,450.35
Income share held by lowest 20%8.08
Prevalence of underweight, weight for age (% of children under 5)4.80
Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population)0.22
Poverty gap at $1.90 a day (2011 PPP) (%)0.03
Vulnerable employment, male (% of male employment)
Goal 2: Achieve universal primary education 3/
Literacy rate, youth female (% of females ages 15–24)98.98
Literacy rate, youth male (% of males ages 15–24)98.05
Survival rate to Grade 5 of primary education, both sexes (%)
Primary completion rate, total (% of relevant age group)97.78109.85
Adjusted net enrollment rate, primary, female (% of primary school age children)92.8694.99
Adjusted net enrollment rate, primary, male (% of primary school age children)92.8296.24
Goal 3: Promote gender equality and empower women 4/
Proportion of seats held by women in national parliaments (%)6.8014.9014.50
Share of women in wage employment in the nonagricultural sector (% of total nonagricultural employment)51.20
Ratio of female to male labor force participation rate (%) (national estimate)96.31
Goal 4: Reduce child mortality 5/
Immunization, measles (% of children ages 12–23 months)999898
Mortality rate, infant (per 1,000 live births)37.3019.9019.00
Mortality rate, under-5 (per 1,000 live births)46.8023.5022.40
Goal 5: Improve maternal health 6/
Adolescent fertility rate (births per 1,000 women ages 15–19)20.5416.3415.00
Births attended by skilled health staff (% of total)99.7098.90
Contraceptive prevalence, any methods (% of women ages 15–49)54.60
Maternal mortality ratio (modeled estimate, per 100,000 live births)1054644
Pregnant women receiving prenatal care (%)98.70
Unmet need for contraception (% of married women ages 15–49)
Goal 6: Combat HIV/AIDS, malaria, and other diseases 7/
Condom use, population ages 15–24, female (% of females ages 15–24)
Condom use, population ages 15–24, male (% of males ages 15–24)
Incidence of tuberculosis (per 100,000 people)428428428
Tuberculosis case detection rate (%, all forms)423637
Prevalence of HIV, total (% of population ages 15–49)0.100.100.10
Prevalence of HIV, female (% ages 15–24)0.100.100.10
Prevalence of HIV, male (% ages 15–24)0.100.100.10
Goal 7: Ensure environmental sustainability 8/
CO2 emissions (kg per 2011 PPP $ of GDP)0.60
CO2 emissions (metric tons per capita)3.43
Forest area (% of land area)7.338.148.08
Improved sanitation facilities (% of population with access)51.9059.1059.70
Improved water source (% of population with access)59.6064.2064.40
Net ODA received per capita (current US$)103.32108.13
Goal 8: Develop a global partnership for development 9/
Debt service (% of exports of goods, services and primary income)2.93
Mobile cellular subscriptions (per 100 people)17.17105.06104.96
Fixed telephone subscriptions (per 100 people)5.857.928.75
Internet users (per 100 people)19.9421.44
Other
Fertility rate, total (births per woman)2.122.66
GNI per capita, Atlas method (current US$)76042603870
GNI, Atlas method (current US$, billion)1.8912.3911.46
Gross capital formation (% of GDP)31.1835.1827.02
Life expectancy at birth, total (years)64.7369.46
Adult literacy rate, population 15+ years, both sexes (%)98.37
Population, total (millions)2.502.912.96
Trade (% of GDP)131.33109.3290.35
Source: World Bank, World Development Indicators 2014 (October 2015 version) and Indian Ministry of Statistics and Programme Implementation.

Years shown in table are those with data available for the most indicators.

Halve, between 1990 and 2015, the proportion of people whose income is less than the poverty line. Halve, between 1990 and 2015, the proportion of people who suffer from hunger.

Ensure that, by 2015, children everywhere, boys and girls alike, will be able to complete a full course of primary schooling.

Eliminate gender disparity in primary and secondary education preferably by 2005, and at all levels of education no later than 2015.

Reduce by two-thirds, between 1990 and 2015, the under-five mortality rate.

Reduce by three-quarters, between 1990 and 2015, the maternal mortality ratio.

Have halted by 2015, and begun to reverse, the spread of HIV/AIDS. Have halted by 2015, and begun to reverse, the incidence of malaria and other major diseases.

Integrate the principles of sustainable development into country policies and programs and reverse the loss of environmental resources. Halve, by 2015, the proportion of people without sustainable access to safe drinking water. By 2020, to have achieved a significant improvement in the lives of at least 100 million slum dwellers.

Develop an open, rule-based, predictable, non-discriminatory trading and financial system. Address the Special Needs of Least Developed Countries and of landlocked countries and small island states. Deal with the debt problems of developing countries through national and international measures to make debt long term sustainable. In cooperation with developing countries, implement strategies for decent and productive work for youth. In cooperation with pharmaceutical companies, provide access to affordable, essential drugs in developing countries. In cooperation with the private sector, make available the benefits of technology.

Source: World Bank, World Development Indicators 2014 (October 2015 version) and Indian Ministry of Statistics and Programme Implementation.

Years shown in table are those with data available for the most indicators.

Halve, between 1990 and 2015, the proportion of people whose income is less than the poverty line. Halve, between 1990 and 2015, the proportion of people who suffer from hunger.

Ensure that, by 2015, children everywhere, boys and girls alike, will be able to complete a full course of primary schooling.

Eliminate gender disparity in primary and secondary education preferably by 2005, and at all levels of education no later than 2015.

Reduce by two-thirds, between 1990 and 2015, the under-five mortality rate.

Reduce by three-quarters, between 1990 and 2015, the maternal mortality ratio.

Have halted by 2015, and begun to reverse, the spread of HIV/AIDS. Have halted by 2015, and begun to reverse, the incidence of malaria and other major diseases.

Integrate the principles of sustainable development into country policies and programs and reverse the loss of environmental resources. Halve, by 2015, the proportion of people without sustainable access to safe drinking water. By 2020, to have achieved a significant improvement in the lives of at least 100 million slum dwellers.

Develop an open, rule-based, predictable, non-discriminatory trading and financial system. Address the Special Needs of Least Developed Countries and of landlocked countries and small island states. Deal with the debt problems of developing countries through national and international measures to make debt long term sustainable. In cooperation with developing countries, implement strategies for decent and productive work for youth. In cooperation with pharmaceutical companies, provide access to affordable, essential drugs in developing countries. In cooperation with the private sector, make available the benefits of technology.

Main Data Websites

National Statistics Office (www.nso.mn)

  • National Accounts
  • Consumer Price Inflation
  • Agricultural and Industrial Production
  • Petroleum Imports
  • Electricity Production and Consumption
  • Coal Production
  • Retail Prices
  • Employment
  • Exports and Imports

Bank of Mongolia (www.mongolbank.mn)

  • Monetary Survey
  • Consolidated Balance Sheet of Commercial Banks
  • Distribution of Bank Credit to the Nongovernment Sector
  • Net Credit to Government
  • Interest Rates
  • Balance of Payments
  • Services and Income Accounts
  • Official Reserves of the Bank of Mongolia
  • Selected Indicators of Commercial Bank Foreign Exchange Operations
  • Nominal and Real Exchange Rates
  • Securities Market Data
  • Government Budget Accounts

Ministry of Finance (www.mof.gov.mn)

  • Government Budgetary Operations

National Development and Innovation Committee (www.ndic.gov.mn)

  • Long- and medium-term development strategy
  • Economic and social policies
  • Investment policy coordination
  • Development Bank of Mongolia

Financial Regulatory Commission (www.frc.mn)

  • FRC decisions
  • Total assets of regulated entities (insurance companies, securities and broker firms, non-bank financial institutions, savings and credit unions)
  • Consolidated income statements of regulated entities (insurance companies, securities and broker firms, non-bank financial institutions, savings and credit unions)
1/

Formerly PRGF

2

Data provided by Asian Development Bank staff.

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