Mongolia’s foreign debt until 2024 reaches $14.4 billion

AKIPRESS.COM - Director General of Research and Statistics Department of the Bank of Mongolia B.Batdavaa told the Montsame news agency about recent economic indicators of Mongolia. Mr. Batdavaa informed that net foreign direct investment inflows, as of the first ten months of 2019, reached MNT 1.56 billion, showing a decline by 6 percent compared to the same period of 2018.
Mentioning that the investment from Oyu Tolgoi mining project accounts for around 75-80 percent of the total direct investment to Mongolia, Batdavaa noted that the country's excessive dependency on the mining industry continues to make the economy weaker.
He further said the total debts of Mongolia in 2020-2024 amounts to USD 14.4 billion, including the public and private loans. "Considering the foreign exchange reserves of Mongolia which barely totals USD 4 billion and the country's exports that are heavily controlled by the mining industry, there is a lot of work for us to prevent from a possible risk of debt burden between 2020 and 2024". "The Bank of Mongolia has been reminding to attract more foreign investment, grow foreign exchange reserves and promote export diversification" he said.