According to the terms agreed by the Mongolian government and IMF envoys, the IMF would provide $440 million over three years.
The International Monetary Fund has agreed to $440 million loan to the government of Mongolia, part of a package totalling $5 billion which will aim to bail the country out of the mess caused by reliance upon commodity prices.
And when they didn`t they tried borrowing to fill the gap but that sort of Keynesianism doesn`t work in a commodity based economy.
The essential problem here is that Mongolia is very rich in mineral deposits but the prices of such minerals are highly variable.
The deal is subject to approval by the IMF`s executive board, which is expected to consider Mongolia`s request in March.
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