Global institutions strike Mongolia bailout deal
Institutions strike deal to provide funding and other support to the slumping economy
A group of global institutions, countries and one central bank have come together with a package to prop up the Mongolian economy while the country’s government implements reforms.
The International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB), Japan, Korea and the People’s Bank of China (PBoC) launched the rescue effort on May 24.
The IMF agreed to disburse around $434 million in funding as part of a three-year programme, while the World Bank, ADB, Japan and Korea also
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