IMF warns Bank of Mongolia against fiscal financing

bank-of-mongolia

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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