Mongolia has agreed with the International Monetary Fund and other partners for a $5.5 billion economic stabilization package, according to a statement from the IMF on Sunday, Reuters reported. The landlocked nation saw a double-digit annual growth rate over 2011-2013 as foreign investors rushed in to take advantage of its vast untapped mineral deposits. To bailout the country, which is now scrambling to avoid missing a $580 million sovereign-guaranteed debt repayment due in March, the Asian Development Bank, World Bank and bilateral partners, including Japan and South Korea, will provide up to $3 billion in aid, the IMF said in its statement. People's Bank of China will expand a swap line worth 15 billion yuan ($2.19 billion), while the IMF will offer three-year loans worth about $440 million, the latter added. The bailout plan is pending formal approvals from the IMF board in March, according to the statement.
