Mongolia Seeking IMF Help

Mongolia has sought financial assistance from the International Monetary Fund, as it grapples with balance of payments woes and looks to stabilize its economy, the IMF said. Mongolia’s government has been plunged into turmoil after years of collapsing foreign investment, unsustainable fiscal expansion and a decline in demand for commodities like coal and copper. Mongolia raised its benchmark interest rates by 450 basis points to a record 15% in August in an attempt to stabilize a currency that had been in free-fall. Discussions about financial assistance from the IMF will begin next week when Mongolian officials visit Washington DC to attend the annual meetings of the IMF.