IMF warns Bank of Mongolia against fiscal financing
Latest round of funding contingent on central bank making changes, mission chief says
The International Monetary Fund has warned the Bank of Mongolia to stop pursuing programmes that should be part of the government's budget.
In a statement confirming the fund would support the Asian nation with a three-year extended fund facility (EFF) for $440 million, IMF mission chief Koshy Mathai stressed the central bank must not engage in "additional quasi-fiscal activity", but did not elaborate on what this entailed.
In previous IMF reviews, the fund was critical of schemes launched by
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