Debt-saddled Mongolia agrees $5.5 bn IMF bailout

Debt-saddled Mongolia agrees $  5.5 bn IMF bailoutMongolia has reached an agreement with the International Monetary Fund on a $ 5.5 billion bailout package, officials announced, as the debt-wracked country tries to stabilise its economy. The landlocked north Asian nation has been hit hard by a more than 50 percent fall over the past five years in the price of copper, its main export. Billions of dollars’ worth of natural resources lie buried beneath Mongolia’s sprawling steppes, but development has been delayed for years and slowing growth in its biggest customer China has hobbled the economy.



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