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Mongolia: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Mongolia

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  • International Monetary Fund

Abstract

The 2025 Article IV Consultation with Mongolia explains that a booming mining sector in 2023-24 significantly bolstered exports and fiscal revenues, underpinning robust economic growth and lower external and fiscal vulnerabilities. The resource boom is weakening and downside risks to the outlook are rising. In 2023-24, record-high coal exports and robust household and government spending led to buoyant economic activity which, along with fiscal surpluses and successful external debt rollovers, helped reduce vulnerabilities. Fiscal prudence will be essential to restoring external and internal balances and will require adherence to fiscal rules. The policy priority is to restore both external and internal balances, manage emerging fiscal, external and credit risks, and be ready to adjust policies swiftly should near-term risks materialize. Macroprudential frameworks and financial oversight should be strengthened to mitigate financial stability risks arising from the rapid credit growth, including from nonbank financial institutions. Improving business climate and governance is critical for achieving diversified, strong and sustainable growth.

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  • International Monetary Fund, 2025. "Mongolia: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Mongolia," IMF Staff Country Reports 2025/265, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/265
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