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The good news is that the Mongolian economy is experiencing sustained growth. In fact, the country has exceeded expectations of the International Monetary Fund (IMF). The IMF’s projection for Mongolian economic growth in 2017 is 3.3% up from initial estimates of 2%.
Due to positive signals and spending policies, the IMF has dispersed the next stage of funding to the country as part of efforts to stabilize the economy and relieve the debt burden.
The growth increase is significant as it comes in a year in which the government implemented budget cuts designed to reduce government fiscal deficit. The IMF is predicting further diversification of the economy and less reliance on coal in particular.
In other developments in Mongolia, the Constitutional Court has issued a ruling removing an article from the Mongolian Constitution which granted legal immunity to Members of Parliament. MPs may now be prosecuted for crimes just like any other citizen.
Finally, Mongolia is taking steps to join banking and financial transparency initiatives promoted by the European Union. This comes after the EU placed Mongolia on a “black list” of potential tax havens.