ULAN BATOR, July 2 (Xinhua) -- Mongolia's central bank said Monday it has received the fourth tranche of funding from the International Monetary Fund (IMF), worth 36.91 million U.S. dollars.
With the tranche, Mongolia will be able to increase its currency reserves, the Bank of Mongolia said.
The tranche is a part of a three-year IMF extended funding facility (EFF) totaling about 434.3 million dollars. Approved in 2017, it is part of 5.5-billion-dollar funding from donor countries and international financial organizations, including Japan, South Korea and the World Bank, to stabilize the economy and lay the basis for sustainable and inclusive growth.
Within the EFF, Mongolia received 728 million dollars from international banking and financial organizations and donor countries in 2017.
This year, it will receive a total of 836 million dollars.
Saying the IMF has lauded the 'good progress' under the fund-supported program, the central bank said fiscal accounts showed robust performance posting a primary surplus, reflecting a sharp increase in revenue.
International reserves have more than doubled since the start of the program, the bank said.
Mongolia's GDP grew 5.1 percent year on year in 2017, compared to 1 percent in the previous year. The figure was higher than the 3.3 percent forecast by the IMF.
The IMF has predicted that Mongolia's GDP growth will be 5 percent this year, rising to 6.3 percent next year.