Mongolia’s total foreign debt has reached 24 billion MNT and the Cabinet’s debt currently stands at 23.8 billion MNT.
The majority of the state’s debt is for bonds sold on the international market, such as the Chinggis and Mazaalai bonds. Cabinet reports that it repaid 500 million USD in Chinggis Bond debt on January 5, with 61.56 million USD paid in interest.
The next payment will be made in 2022, which will be one billion USD and 51.25 million USD in interest. Payment for Chinggis Bond debt is being financed by sales of the Gerege Bond, which was issued in November 2017. Mongolia has avoided default risk through 2021 by issuing a 580 million USD bond through Development Bank of Mongolia, renegotiating a currency swap deal with China’s central bank, and repayment of its Chinggis and Dim Sum bond debt.