IMF Agrees to Lend Mongolia USD224 Million

If approved by the International Monetary Fund board, Mongolia,

reported, will receive USD224 million in loan to help the country cope with the impact of the financial crisis. The crisis, according to IMF Managing Director Dominique Strauss-Kahn has severely hit the country's copper industry, which is one of the main export revenue sources of Mongolia. "With more than one-third of the population living below the poverty line, it is imperative that steps are urgently taken to address the economic downturn and protect Mongolia's most vulnerable citizens," Strauss-Kahn remarked.