“The total external financing package will thus be around $5.5 billion and will support the authorities’ “Economic Stabilization Program,” which intends to restore economic stability and debt sustainability as well as to create the conditions for strong, sustainable, and inclusive growth, while protecting the most vulnerable citizens. Other international partners also plan to support the government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partners including Japan and Korea are together expected to provide up to $3 billion in budget and project support; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with the Bank of Mongolia for at least another three years. Asia Development Bank, World Bank and bilateral partners, including Japan and South Korea, will provide up to $3 billion, while People's Bank of China will expand a swap line worth 15 billion yuan ($2.19 billion), the IMF said. The deal is subject to approval by the IMF's executive board, which is expected to consider Mongolia's request in March.
An agreement is reached between Mongolian government representatives and the International Monetary Fund and other international partners on a three-year, $5.5 billion economic stabilization package.