Mongolia must reform banks to receive IMF aid

The Bank of Mongolia

International Monetary Fund officials said that they will go back to providing Mongolia with bailout funds so long as there are major reforms of the country’s banking system.

The authorities needed to take two major steps to start receiving aid again, said the IMF Mongolia team leader Geoff Gottlieb in a statement issued on June 28.

Gottlieb said the authorities must carry out “a forensic audit of all capital raised related to the Asset Quality Review”, to ensure that banks’ capital “is

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