The IMF said Monday it had approved a three-year, 37-million-dollar support program for Mongolia to ease poverty and bolster economic growth.
The agreement would allow Mongolia to draw five million dollars immediately, the International Monetary Fund said in a statement.
Weak economic governance had led to stepped up losses in state-owned banks and other firms, tax arrears and an unsustainable increase in public debt, the Fund said.
"The losses in the animal husbandry sector, resulting from two consecutive harsh winters and from a recent outbreak of foot-and-mouth disease, have taken a heavy toll on Mongolia's output in 2000 and early 2001," it added.
The IMF program aimed to stabilize the economy and strengthen reforms so as to promote private sector-led growth and poverty reduction, the statement said. |
