Mongolia’s external liquidity is gradually benefiting from the multi-billion financial package agreed in February which includes the start of an IMF programme that was approved last May. Moreover, Mongolia sees coal production and exports strengthen while it benefits at the same time of rebounded mining prices, particularly copper, i.e. Mongolia’s top export. All those factors contribute to raise GDP growth (to an expected 2% in 2017) and to alleviate the country’s liquidity position, thereby justifying the country’s upgrade to a lower political risk category (5/7).