ULAN BATOR, May 25 (Xinhua) -- The Executive Board of the International Monetary Fund (IMF) on Thursday approved a three-year extended arrangement of about 434.3 million U.S. dollars to support the crisis-hit country's economic reform program.
According to a press release on the IMF's website, other financing partners, including institutions such as the Asian Development Bank and the World Bank, as well as countries like Japan and South Korea, have also agreed to provide budgetary and project support.
In sum, the financing package amounts to about 5.5 billion dollars, the IMF said.
Mitsuhiro Furusawa, deputy director and acting chair of the IMF Executive Board, said in a statement following Thursday's discussion that Mongolia was hit hard by the sharp decline of commodity prices and the slowdown in key export markets, and that the government had introduced reforms to pave the way for economic recovery.
"Determined implementation will be critical to the success of Mongolia's economic reform program," Furusawa added.