The IMF Stand-By Arrangement provides Mongolia with an 18-month loan of SDR 153.3 million (US$243 million) to help address its economic crisis caused by falling copper prices and the global recession. In exchange for IMF financing, Mongolia agreed to an economic program involving fiscal austerity, exchange rate flexibility, monetary tightening, and banking reforms. Initial results are positive, with reserves and inflation improving while policies are implemented, but growth is slower than expected. Continued commitment to reforms and a recovery in copper prices could help Mongolia restore confidence and stability.