Mongolia: 2026 Article IV Consultation Discussions-Press Release; and Staff Report

International Monetary Fund

No 2026/219, IMF Staff Country Reports from International Monetary Fund

Abstract: Mongolia has benefited from a multi-year mining boom, strong growth, and decreasing external and fiscal vulnerabilities. Yet the economy remains exposed to commodity price shocks. Lower coal prices since early 2025 have already led to revenue shortfalls, and political pressures to raise expenditure are intense. The fiscal position is projected to deteriorate, given large public wage and pension increases, and non-mining tax cuts, reversing recent gains in reducing vulnerabilities. Political uncertainty and risks of policy slippages will likely increase ahead of the 2027–28 presidential and parliamentary elections.

Pages: 108
Date: 2026-08-06
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