After the signing of a staff-level International Monetary Fund (IMF) agreement to enroll Mongolian in an extended fund facility (EFF) program, there were reports that the IMF Executive Board would meet on March 6 to finalize and approve the program.
The IMF team that visited Mongolia stated that the EFF was subject to the completion of prior actions by authorities and the approval of the IMF Executive Board, neither of which have taken place. Cabinet supported the budget amendments that were required as part of the EFF, but Parliament has yet to approve them and their reviews have been postponed several times.
Parliament has stated that they will vote on the budget amendments when Cabinet officially presents them with drafts for review. Cabinet has explained that the date for discussion of the amendments has not been set due to parliament members not attending regular sessions, and noted that most MPs are not currently in Ulaanbaatar.
According to the IMF Executive Board’s calendar, the board’s upcoming meetings will be on March 13 regarding Kosovo and Belgium, and on March 15 regarding Malaysia and South Sudan. According to their public calendar, on March 6, the IMF Executive Board discussed “Approaches to Macro financial Surveillance”.