MONGOLIA WILL STAY CURRENT ON ITS DEBT OBLIGATIONS

Published: 2017-01-20

MONGOLIA WILL STAY CURRENT ON ITS DEBT OBLIGATIONS

The Ministry of Finance of Mongolia (“MoF”) would like to clarify and respond to an interview made by Cabinet Secretariat J. Munkhbat, who was quoted and misinterpreted on the website of the UB Post today by saying that the “Government currently does not have enough capital to repay Euro Bond debt due in March 2017”. The MoF wishes to assure investors that the Government of Mongolia (“GoM”) will stay current on all its debt obligations and that the liquidity position of the GoM is strong enough to fully repay the US$580 million notes coming due on March 21st. The GoM has no intention to embark on any avenue that would be considered unfriendly by the international capital markets. Furthermore, the Ministry wishes to highlight that talks with the International Monetary Fund (”IMF”) are continuing positive and expected to be concluded soon. The MoF is confident that these discussions will yield constructive results, allowing Mongolia’s continued and opportunistic access to the international capital markets.

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