ULAN BATOR, April 3 (Xinhua) -- The Bank of Mongolia said Tuesday it received the third tranche of funding from the International Monetary Fund (IMF) equal to 30.55 million U.S. dollars.
"Having received this tranche, Mongolia will be able to increase the country's currency reserves," Mongolia's central bank said in a statement.
The tranche is a part of the three-year Extended Funding Facility (EFF) of the IMF for Mongolia totaling about 434.3 million U.S. dollars, it was approved at the meeting of the Executive Board of the IMF on May 24, 2017.
The arrangement is part of 5.5 billion U.S. dollars from donor countries and international financial organizations, including Japan, South Korea and World Bank, to support stabilizing the economy and lay the basis for sustainable, inclusive growth.
Within the EFF, Mongolia has received a total of 152.8 million U.S. dollars from the IMF.
At the same time, Mongolia received 728 million U.S. dollars from international banking and financial organizations and donor countries in 2017.
With the help of the IMF's program, Mongolia's GDP grew 5.1 percent year on year in 2017, compared to 1 percent for the previous year. The figure was higher than the 3.3 percent forecast by the IMF.
The IMF has predicted that Mongolia's GDP growth will reach 5 percent this year and 6.3 percent next year.