ULAN BATOR, July 31 (Xinhua) -- The World Bank approved 100 million U.S. dollars in financing to help Mongolia further stabilize its economy and move it towards a more sustainable development path, the bank said in a statement Wednesday.

The money will be earmarked for the implementation of the Second Economic Management Support Operation (EMSO 2) which follows on EMSO 1 approved in November 2017, and supports policy reforms aimed at restoring debt sustainability, strengthening the social protection system and enhancing competitiveness, the bank said.

Mongolia's economy has recovered strongly from the brink of a macroeconomic crisis in 2016, but underlying vulnerabilities remain.

The EMSO series is part of a broader, coordinated effort by development partners to support the Mongolian government's medium-term economic recovery program.