This might yurt: The IMF bails Mongolia out—again

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The IMF bails Mongolia out—again

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This might yurt

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Mongolia’s finances

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WHEN Jim Anderson first lived in Mongolia in 1993, there was one local word foreigners could not help but learn: baikhgui, which translates as “absent” or “unavailable”. Bread? Rice? Electricity? Often as not, they were baikhgui, he recounts in a blog post for the World Bank, for which he has returned to Mongolia as country director. Even those lucky enough to have American currency to spend in “dollar shops” received sticks of chewing gum as change.
Mongolia thought it had left those days far behind. A mining boom (copper, coal, gold) has transformed the country, filling the shops with goods and the cities with cranes. From 2009 to 2014, the economy grew by 70%. In 2012 …

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