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International Monetary Fund. Asia and Pacific Dept
A strong export-led recovery is underway. Despite early actions and a successful vaccination campaign, the pandemic is lingering in Mongolia as positivity rates remain high and borders largely closed. An export-led recovery which began in mid-2020, is gathering steam due to booming prices for Mongolia’s exports. Nevertheless, domestic demand, labor markets and the business sector remain weak. Policies were appropriately supportive during the pandemic. However, large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures legislated by Parliament have heightened macrofinancial vulnerabilities: public debt has sharply increased, bank balance sheets have further weakened, and the Bank of Mongolia’s (BOM) operational independence has been compromised. On the plus side, external and fiscal buffers have been built, helped by the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota), and the rollover of large external liabilities has increased policy space.
International Monetary Fund. Western Hemisphere Dept.

forecast and information previously provided by the revenue agency. They also inquired about the budget allocation for education and health, support to women, arrears to the social security fund, and the use of the recent IMF SDR allocation. The authorities plan to provide technical responses to the Assembly and resubmit the budget without changes in the coming days. Regardless of the Assembly vote, the submitted bill will be enacted as is, as per Ecuadorian law. 7. The authorities submitted to the National Assembly a package of reforms (“Law for Creating Opportunities

International Monetary Fund. Asia and Pacific Dept

independence has been compromised. The government and BOM have appropriately managed Mongolia’s external vulnerabilities. Taking advantage of supportive global financial conditions, Eurobonds coming due in 2022–23 were successfully rolled over on better terms. The BOM has opportunistically built its gross international reserves, aided by import compression and disruptions, a favorable terms of trade and the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota). Even so, international reserves are assessed to be inadequate given large external liabilities

International Monetary Fund. Middle East and Central Asia Dept.
High frequency estimates suggest a V-shaped recovery with output now poised to return close to 2019 levels already this year, much earlier than expected. Recently COVID-19 case numbers have risen sharply to new highs while vaccinations have also accelerated significantly after a slow start. The recovery has improved the fiscal outlook and the authorities submitted to Parliament a supplementary budget, with GEL 1.2 billion in additional spending roughly equivalent to the expected increase in revenues. The National Bank of Georgia (NBG) has increased the policy rate by 200 basis points to deal with high inflation driven by lagging effects of depreciation, commodity and food price increases, and supply side constraints.
International Monetary Fund. African Dept.
Prior to the onset of the pandemic, The Gambia had shown strong macroeconomic performance in the few years following the remarkable political transition in 2016-17. Economic growth accelerated, debt vulnerabilities decreased, external stability strengthened, structural and legislative reforms advanced, and key social indicators improved. However, the COVID-19 pandemic halted some of the hard-won progress, stagnating economic activity and re-igniting extreme poverty. The Gambia experienced a third wave of the pandemic in mid-2021, which has receded recently. The COVID-19 vaccination rate currently stands at about 12 percent of the adult population. Presidential and parliamentary elections are planned for December 2021 and April 2022, respectively.
International Monetary Fund. External Relations Dept.

I n 1969, the IMF created the SDR as an international reserve asset to supplement members’ existing reserve assets–official holdings of gold, foreign exchange, and reserve positions in the IMF. The IMF allocates SDRs to its members in proportion to their IMF quotas. Members may use SDRs to obtain foreign exchange reserves from other members and to make payments to the IMF. SDR allocations are not loans; members may use them to meet a balance of payments financing need without undertaking economic policy measures or repayment obligations. However, a member