The International Monetary Fund said today that Mongolia has requested financial support, after a plunge in commodity prices deeply cut into the foundations of its economy.
No details were given on the size of the request.
"The Mongolian authorities have made a request for financial assistance from the IMF to support their economic program, which is intended to address balance of payments pressures and stabilise the economy," said spokesman Gerry Rice.
Rice said IMF and Mongolia officials will open discussions on the program during the annual IMF-World Bank meetings in Washington next week.
In August, Mongolia's finance minister called for an action plan to deal with the government's cash crunch, saying the country is "in a state of economic crisis," according to Bloomberg.
The country has been hit particularly hard by a more than 50 per cent fall over the past five years in the price of copper, its main export.
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