Front Matter

Front Matter

Padej Sukachevin, John Leimone, F. Rozwadowski, and Elizabeth Milne
Published Date:
March 1991
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    The Mongolian People’s Republic: Toward a Market Economy

    by Elizabeth Milne, John Leimone, Franek Rozwadowski, and Padej Sukachevin


    Washington, D.C.

    April 1991

    © 1991 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    The Mongolian People’s Republic: toward a market economy / by Elizabeth Milne … [et al.].

    p. cm. — (Occasional paper / International Monetary Fund, ISSN 0251-6365; no. 79)

    “April 1991”

    ISBN 1-55775-207-9: $10.00

    1. Mongolia—Economic conditions. 2. Mongolia—Economic policy. 3. Mixed economy—Mongolia. I. Milne, Elizabeth. II. Series: Occasional paper (International Monetary Fund); no. 79.

    HC430.25.M65 1991




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    Appendix I

    Appendix II

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1990–91 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1990/91) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This paper is based on an internal staff report prepared in connection with the application of the Mongolian People’s Republic (Mongolia) for membership in the International Monetary Fund. Mongolia became a member of the IMF on February 14, 1991. The descriptions of the economic and financial systems, recent developments, and reform proposals are based on data gathered during a staff visit (which included, in addition to the authors, Kunio Saito, head of mission; Simon Nocera; Jai Keun Oh; Sarah Tenney; and Amparo Rosario, Staff Assistant) to Ulaanbaatar in August 1990 and on subsequent discussions with the Mongolian authorities held in Washington. Additional information was obtained following a technical assistance visit by the Fiscal Affairs Department held in November. Events, however, may have already overtaken some of the information in this paper, reflecting the rapid changes taking place both within Mongolia and in the global economic environment, as well as the usual time lags between preparation and publication.

    The authors would like to acknowledge the assistance and warm hospitality extended to them by the officials of Mongolia. They wish to express their gratitude for the contributions of Jacques Baldet and Kunio Saito. The authors would also like to record their appreciation to Noy Siackhachanh for research assistance, to David M. Cheney, Margaret A. Casey, and Elisa M. Diehl of the External Relations Department for editorial comments and advice, and to Sylvia Aida, Lan Nguyen, and Belinda Ruch for secretarial support. Any opinions expressed are those of the authors alone and do not reflect the views of the Mongolian authorities, Executive Directors of the IMF, or other IMF staff members. The authors bear sole responsibility for any factual errors.

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