Today, the debt of the Development Bank "Samurai" bond has been paid on time.
L.Oyun-Erdene, the Prime Minister of Mongolia:
We are announcing that Mongolia has fully paid off the debt of 30 billion yen (USD 200 million) of the "Samurai" bond with its own resources.
On October 23, the debt of Development Bank's "Euro" bond of USD 500 million was fully paid off with its own resources. It shows that Mongolia is capable of following its responsibility to international investors.
In order to bring the development bank's governance and expertise to the international level, the government is discussing comprehensive legal reform to make it a classic Exim bank and submitting it to the Parliament meeting this week.
B.Javkhlan, the Minister of Finance:
In the last 4 years, loans of MNT 13.3 trillion were repaid. And the international investors have been watching whether the Development Bank can repay the loan with its own resources. The Development Bank has paid a total loan of USD 700 million on time with its own resources, which increases the confidence level of foreign investors in Mongolia.
The credit scoring of countries that were at the same level as Mongolia has decreased due to pandemics and wars, but Mongolia has kept the level.
As the Prime Minister said, we will pay attention to the transformation of the Development Bank into Exim Bank. In the past, the Development Bank has worked only in the field of debt repayment. If this situation continues, it may go bankrupt in 2-3 years.
Today, the debt of the Development Bank "Samurai" bond has been paid on time.
L.Oyun-Erdene, the Prime Minister of Mongolia:
We are announcing that Mongolia has fully paid off the debt of 30 billion yen (USD 200 million) of the "Samurai" bond with its own resources.
On October 23, the debt of Development Bank's "Euro" bond of USD 500 million was fully paid off with its own resources. It shows that Mongolia is capable of following its responsibility to international investors.
In order to bring the development bank's governance and expertise to the international level, the government is discussing comprehensive legal reform to make it a classic Exim bank and submitting it to the Parliament meeting this week.
B.Javkhlan, the Minister of Finance:
In the last 4 years, loans of MNT 13.3 trillion were repaid. And the international investors have been watching whether the Development Bank can repay the loan with its own resources. The Development Bank has paid a total loan of USD 700 million on time with its own resources, which increases the confidence level of foreign investors in Mongolia.
The credit scoring of countries that were at the same level as Mongolia has decreased due to pandemics and wars, but Mongolia has kept the level.
As the Prime Minister said, we will pay attention to the transformation of the Development Bank into Exim Bank. In the past, the Development Bank has worked only in the field of debt repayment. If this situation continues, it may go bankrupt in 2-3 years.