Further Reading
In recent years, due to the crash of commodity prices and the sharp decrease of foreign direct investment, the economy of mongolia, with rich mineral resources, suffered a heavy blow. However, according to the Associated Press reports on February 20, 2017, International Monetary Fund (IMF) announced that IMF have come to an agreement on providing $5.5 billion package loan program to mongolia with other partners, China also have joined to $5.5 billion relief program for mongolia, People's Bank of China will renew 15 billion yuan ($2.2 billion) currency swap agreement with Bank of mongolia, the valid for at least three years.
The relief program aims to helping mongolian’s economy back on track, IMF stated, loan agreement means that mongolia must strengthen the banking system and adopt fiscal reform, ensuring rules and regulations that related to budget implemented. Therefore, the future of mongolian mining will be a recovery with good market anticipation.